When the Dow Jones Industrial Average hits 16,220, it will hit a new inflation-adjusted all-time high. While the Dow is up 37% since its tech bubble high of 11,722.98 of 1/14/00, the CPI is up 38%. Of course, back in 2000 corporate profits were $482 billion while in 2012 corporate profits were almost $1.8 trillion. While the trailing P/E ratio is about 16.59, back then it was an astonishing 26.