I'm not sure what he's tried to do there.
These are my calculations:
Dow 1/15 - 61
Dow 1/03 - 8300
Annualized % return: 5.66
CPI 1/15 - 10.1 (Base 100 -- 1984)
CPI 1/03 - 181.7
Annualized: 3.33%
5.66 - 3.33 =
2.33% pa 1915-2003
Add 4% dividend yield =
6.33%
