I'm not sure what he's tried to do there. These are my calculations: Dow 1/15 - 61 Dow 1/03 - 8300 Annualized % return: 5.66 CPI 1/15 - 10.1 (Base 100 -- 1984) CPI 1/03 - 181.7 Annualized: 3.33% 5.66 - 3.33 = 2.33% pa 1915-2003 Add 4% dividend yield = 6.33%