David Elias, a 79-year-old resident of Williamsville, N.Y., recently received a surprise in the mail that was 25 years in the making. A dozen baseball caps with “Dow 40000” printed on the front and “Elias” on the back arrived at his doorstep, a gift to celebrate a milestone he predicted in his 1999 book, “Dow 40,000: Strategies for Profiting from the Greatest Bull Market in History.”
While Elias missed the mark by eight years, the Dow Jones Industrial Average surpassed 40000 in intraday trading for the first time on May 16, and closed above the mark the following day. Despite some setbacks along the way, including the dot-com bust and the 2008 financial crisis, Elias remained optimistic about the market’s potential.
The book, which is available for sale on Amazon, has garnered mixed reviews over the years. However, Elias isn’t the only one who has attempted to predict major market milestones and fallen short. Another book published in 1999, “Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market,” also missed its mark until 2021.
Looking ahead, Elias has already made a new prediction: he expects the Dow to hit 67000 in the next 10 years, citing artificial intelligence as one of the reasons for his confidence. Despite the ups and downs of the market, Elias celebrated the recent milestone with his family and a friend who sent him the commemorative caps.
As Elias continues to wear his Dow 40000 cap proudly, his wife and daughter have opted out of joining him in sporting the headwear. Regardless, Elias remains steadfast in his predictions and looks forward to what the future holds for the stock market.
For more news and updates, subscribe to Live Mint and download The Mint News App for daily market updates.
