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The S&P 500 was launched in 1957, and for the first 30 years it was restricted to a certain portfolio. Bob Schiller: There was basically no price appreciation back in that first 70 years. He says stocks were basically very much like bonds in many ways; you didn't get much of the return from that. The real return basically just came from... there was no inflation back then either,. But it was essentially all the return was coming from dividends.
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