Maximizing Returns through Fundamental Analysis - Arabictrader.com

Commodities for the Long Run 35
of war, but during the 1929 stock market crash and the ensuing economic
weakness, they went down just as did stocks.
DATA ADDENDUM
Equity Returns
Equity prices and dividends are taken from the website of Robert Shiller.
The year-end prices used are averages for the month of December. From
2004 the data is updated with S&P 500 data.
Wheat
Wheat prices from 1501 through 1900 are taken from the website of Gregory
Clark (see Clark 2003). Wheat data since 1900 is taken from the CRB and
is annual averages. To provide continuity all wheat prices are converted to
US dollars, see officer (2006). Prior to 1791 the first entry in the Officer
series is used ($4.55/pound). To adjust to real prices the inflation indexes
from Officer and Williamson (2007) are used.