The Missing Half of the Fraction April 2, 2013 Dear Investor: With the Dow now at 14,624, up from 6,500 a few years ago, many say it’s “too high.” But you can’t tell whether a market is too anything by looking at the raw price level, which is what the Dow index represents. This is like saying a NYC apartment at a price of $2 million is too high without knowing basic information like the number of bedrooms or square feet. A price is totally...