I'm learning about stocks concepts right now. I'm new in the field of finance. At current I'm reading Chapter 1 of The Intelligent Investor by Benjamin Graham.
I'm having a problem in understanding the below paragraph, especially the last two lines where the author has written something related to "representative stock list." I don't know what that means. Please help. Thank you in advance.
We implied that "at normal levels of the market" the investor should be able to obtain an initial dividend return of between 3½% and 4½% on his stock purchases, to which should be added a steady increase in underlying value (and in the "normal market price") of a representative stock list of about the same amount, giving a return from dividends and appreciation combined of about 7½% per year.