Subject: Re: Nasdaq 100 2002 until now
The Nasdaq 100 is a rather odd beast, being neither equally weighted nor capitalization weighted.

FWIW, the Nasdaq 100 equal weight total return since its low 2002-10-07 up July 1 has been a pretty remarkable 15.220%/year = inflation + 12.322%/year.

My figures suggest that, rather remarkably, roughly 2/3 of that was actual value generation and only 1/3 was multiple expansion. That's with value calculated simply as the slope of the (remarkably stable) long term trend of real earnings growth among the companies.

Jim