In his Dec. 1 letter, Russell Wild writes that my op-ed “Get Ready for Dow One Million” (Nov. 3), published when the index exceeded 36,000, somehow jinxed the stock market because the Dow has since declined. I know that Mr. Wild is half-kidding, but I don’t want to pass up this teachable moment. The lesson is this: Stocks don’t go straight up!

I never said they did. I merely pointed out that if shares rise at their historical rate, the Dow will reach 1,573,865 in 50 years. There will be ups and downs—some severe—along the...

Traders on the floor of the New York Stock Exchange, Dec. 1.

Photo: Richard Drew/Associated Press

In his Dec. 1 letter, Russell Wild writes that my op-ed “Get Ready for Dow One Million” (Nov. 3), published when the index exceeded 36,000, somehow jinxed the stock market because the Dow has since declined. I know that Mr. Wild is half-kidding, but I don’t want to pass up this teachable moment. The lesson is this: Stocks don’t go straight up!

I never said they did. I merely pointed out that if shares rise at their historical rate, the Dow will reach 1,573,865 in 50 years. There will be ups and downs—some severe—along the way. That volatility is what scares people so much that they demand high returns from stocks, which is a good thing. Dow One Million is the reward you get for conquering your fear and paying as little attention as possible to short-term market moves.

James K. Glassman

Washington

Mr. Glassman served as undersecretary of state for public diplomacy and public affairs (2008-09) and is a co-author of “Dow 36,000.”