The Gemini team discusses the year-end global market synthesis of Bill Cara’s Navigator reports #50 and #51 to set the stage for 2026.
During the discussion, the speakers refer to Dow Jones Averages with dubious one and three-year records. In fact, not counting dividends, the DJIA (Industrials) have 20% losers over 3 years and 23.3% losers over 1 year. Had recent changes not been made to switch AMZN, NVDA, and SHW in for WBA (Walgreen Boots is now private), INTC, and DOW, the DJIA would be showing 26.7% losers.
In the DJTA (Transports), after UBER replaced JBLU, there have been 13% and 30% losers over 1 and 3 years respectively. Without that recent change, the DJTA would be showing 20% and 35% losers over 1 and 3 years respectively.
In the DJIU (Utilities), there has been 20% losers over 1 year and 40% losers over 3 years.
The point is well made that passive investing in funds masks a surprising number of losers.
