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In nominal terms, the Dow is up 70% from its peak in January 2000.

The Dow is up only 19% in real (inflation-adjusted) terms since 2000. 

A 19% increase in 17 years is underwhelming.

The national home price index that Case and I created is still 16% below its 2006 peak in real terms. 

But hardly anyone focuses on these inflation-corrected numbers.

Robert J. Shiller, Project Syndicate 18 Jnuary 2017

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