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To: Julius Wong who wrote (3253)	12/30/2000 9:39:10 PM
From: James F. Hopkins	Respond to of 4916

Thanx Julius; That's a handy link , I have some problem with what they claim as total returns as even the W5000, sweeps the de-listed stocks under the rug. --------------- I'm still convinced market cap weighted indexes have a built in error , as do price weighted ones.. at times one will not be as far off as the other. However People own shares not market cap,. and no index can be honest as to the amount gained/loss by people unless it's weighted by the amount of shares out. ( also it would have to subtract from it's total gains the ones that went belly up and were kicked out , & they never do taht. ) Message 15101800 Jim

To: Julius Wong who wrote (3253)	12/31/2000 1:43:45 AM
From: James F. Hopkins	Read Replies (2) \| Respond to of 4916

Julius; I found my oversight in the Share to Market cap anomaly. I was working backwards with the calculations from the point of Shares OUT now as my base however this put me owning more shares in the past than were actually out. The Companies ( many of them ) issue more shares with buy outs and so on, so for my share weighted index to work I'd have to account for all that.. -------------- At any rate the Dow is not down this year near as much as it would be if it were market cap weighted. Jim