It’s Time to Retire the Dow

Where is Amazon, Facebook, or Alphabet? The most overrated metric in all of moneydom finally proves its irrelevance.

A Wall Street sign near the New York Stock Exchange on May 8, 2020, in New York City. Photo: Johannes Eisele/AFP/Getty Images

The Dow Jones Industrial Average is getting its latest makeover, a process of adding and subtracting companies that happens every few years. One thing about this ritual stays constant: It can never quite disguise that the…