The Bureau of Historic Losses · Counterfactual Division
What if you'd bought Cochlear in 2009?
The Australian bionic-ear maker was already a global leader and already trading on a nosebleed multiple, well above $50 even after the GFC scare. 'Too expensive' was the perennial verdict on a company that kept growing into it.
$100 on 2009-01-01, worth today
A$278
As of 2026-06-12, $100 of Cochlear bought at 2009's open (A$37.29) is worth A$278 — 2.78×.
total return · dividends reinvested · AUD
How much would $100 of Cochlear bought in 2009 be worth today?
| You'd have put in | You'd have now | Multiple |
|---|---|---|
| A$100 | A$278 | 2.78× |
| A$1,000 | A$2,782 | 2.78× |
| A$10,000 | A$27,819 | 2.78× |
Lump sum on the year's first trading day, total return (dividends reinvested, splits adjusted), valued at the latest close. Past performance isn't a promise — it's a taunt.
What did Cochlear do in 2009?
Opened
A$37.29
2009-01-01
Peaked
A$49.00
2009-12-28
Bottomed
A$32.05
2009-03-23
Closed
A$48.70
2009-12-30
Levels are dividend-adjusted, so historical figures look lower than the headline price of the day — that's the total-return lens, and it's the honest one.
Would steady buying have beaten going all in?
A$91,100 deployed as $100 a week from 2009-01-01, under four temperaments — same money, different nerves.
| All in on day one | A$253,436 |
| Steady weekly buys | A$106,029 |
| Sold dips, rebought rallies | A$103,160 |
| Traded it perfectly | A$338,764 |
“Traded it perfectly” requires knowing the future. Nobody knew the future.
The same $1,000, elsewhere
$1,000 at 2009's open, each valued at the latest close. Hindsight remains undefeated.
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