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It only means that the components were not updated enough in this period:

http://en.wikipedia.org/wiki/Historical_components_of_the_Dow_Jones_Industrial_Average

Updates in 1939, 56, 59, 76: it sucks...
Then 3 updates in the 80's, 3 in the 90's
And of course, already 5 updates in this decades, and counting...

In the 80-90, all stocks were free-riding the secular trend of retirement funds going for a gambit. But in most cases, their target benchmark was very broad, at least S&P500 or Russell2000

Pierre

by Pierre on Mon Aug 24th, 2009 at 10:42:19 AM EST
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