However, I realised it's not correct to adjust the price of investments by using the consumer price index. The CPI is used to measure the price growth of goods and services. However, to adjust the price of investments, a different measure of inflation must be used. Therefore, I adjust the Dow by using a money-supply growth indicator. May favourite inflation index is the Money Zero Maturity aggregate, which measures the total sum of money that may be liquid within 24 hours.
So far, it has worked for me very well.
I wish I had this tool back in 1984 when the Dow was epically cheap. Still, better late than never.
DISCLAIMER: I don't recommend or solicit anything and you won't sue me, right?