Yesterday, Fred emailed me after the market closed and asked if I was buying the Dow now that it had closed at an all-time high.

I said yes, but was buying calls. I sent Eric an email over at Blackstar for a chart of the Dow and he responded:

On a total return basis the Dow hit an all time high back in December of 2004. The income component counts!

Here is the chart he provided me. There is no better, more efficient man on the market than Eric. Thanks. He is the Yahoo answers of Trend Following.

Here are the total return charts for all the indexes. I have long agreed with Eric and Cole at Blackstar on the income component and is a major benefit of long-term trend following models.