In the enterprise search or intranet search world, the facets were mainly dates, content types or access controlled information that business users were looking for.Narrowing down the search results through facet filters reduces the level of frustration among the business users as they are now in control of the search results displayed to a certain extent through these filters.Here's a an overlay of the Dow and the S&P Composite from May of 1896, the month the Dow Jones Industrial Average index of 12 stocks was established.
For example, the Dow peak in 1929 and bottom in 1932 were slightly more extreme than the Composite.
You can also see some slight outperformance in the middle years of the Roaring Twenties and again with the outbreak in Europe of World War II.
will recognize the S&P Composite Stock Price Index as a regular feature in our long-term charts of market and economic happenings.
We're referring to the data series made popular in recent years by Yale Professor Robert Shiller, not to be confused with the S&P Composite 1500, an index that combines the S&P 500, the S&P Mid Cap 400, and the S&P Small Cap 600.
In order to make the two indexes overlay, we picked one data point, March 1957, the month when the S&P 500 was launched, to adjust both series to the same value, 100% (the March 1957 data point divided by the same data point expressed as a percent).
We then chained both series to their respective March data point by making it a constant divisor. As the chart above illustrates, the pre-1957 Composite mirrored the Dow very closely as far back as 1916, the year the Dow was expanded from 12 to 20 stocks (a two-thirds increase in the number of components).His magnum opus, the 2nd edition of his Common Stock Index was published in 1939 and is now available online in PDF format.The S&P Composite has been popularized by Yale Professor Robert Shiller, and an Excel copy of the data, updated monthly, is maintained at his Yale website.The early Dow 12 was too small and volatile to be a proxy for the broader US market, and the Dow of the past few decades also lacks sufficient diversification to be the best single gauge of the US equities market.Anyone who is interested in long-term trends, economic cycles, and the impact of history on the markets should be grateful to the work of Alfred Cowles and modern scholars, such as Robert Shiller, for popularizing this resource.Why the outperformance of the S&P 500 since the 1960s?