... Over the last year, the total is $2 53 incapital gain ( $3, 9 53. 00 minus $3, 700.00, and $40.45 from dividends paidout. Dividing the total dollar gain of $2 93. 45 by the original investment of $3, 700 ... stockprices that make up the index. The level of the index means little in and of itself. Rather, what is important to an investor is how the index changes overtime. The change of the index, not its ... the future. The theory of efficient markets, therefore, is based on the idea thattoday’s stock price reflects investors’ expectations regarding the future. Theirexpectations are efficient in the...