Is the S&P 500 at All Time Highs?

If I asked you if US stocks were at all time highs, what would you say?  Yes?  No?

What if they are both right?

Lots of disinformation spilling around out there.  Below are four series.  

S&P 500 Price Return

S&P 500 Total Return (including dividends)

S&P 500 Price Return after inflation

S&P 500 Total Return (including dividends) after inflation

The two in bold are at all time highs, and the S&P total return net of inflation isn’t too far away…

The purple line, of course, is really the only series that matters…those are the returns you can eat…

1990-2013, March returns estimated.

chart 1c2