TL_Trader, I am NOT discussing the real estate market, that's a totally different and more complicated analysis (for instance, there is/could be "value added" by the people in the real estate market becuase you might/should have imporoved the house while you live in it, e.g. added a sunroom, or a pool, or corian countertops, etc. etc. etc. which would of course affect the price of that house hence complicating the analysis), my argument is about the stock market, as one CANNOT add any value to the stock that he/she is holding - it's just a piece of paper that cannot (and actually shouldn't) be altered.