A Different View of the New Highs in the Dow

Pam Martens does not believe that the new highs in the Dow are real.   Reason 1:  when you adjust for inflation, the Dow is not even back to its level set in the year 2000.  Reason 2:  The stocks that make up the Dow are not the same as they were as recently as four years ago; weak companies have been replaced.  So, we don't have any sort of consistency to say whether the Dow is doing better or worse today than before the Great Recession.