The list of Dow components is a particularly compelling study. It firms up in the 1920s and 1930s, and is relatively stable through the 1950s, then starts turning over at an accelerating pace.
See also Deloitte's "Shift Index". A Forbes writer has covered this for years. A long-term secular decline dating to the mid-1960s. Measuring return on invested capital.
The list of Dow components is a particularly compelling study. It firms up in the 1920s and 1930s, and is relatively stable through the 1950s, then starts turning over at an accelerating pace.
See also Deloitte's "Shift Index". A Forbes writer has covered this for years. A long-term secular decline dating to the mid-1960s. Measuring return on invested capital.