Buffett: Dow at levels of 1,000,000 would not have been impossible

It's hard to argue with the genius investor Warren Buffett. When Buffett speaks and makes predictions, everyone is silent and listening. Unfortunately, for some of the predictions of the "Oracle of the Omaha," will sue our heirs.
Buffett recently said he believes it is not impossible for the Dow Jones blue chip index to reach 1,000,000 points after 100 years. By comparison, the indicator is currently at 22,000 points.
But how many of us will be alive to see if this will happen?
More importantly, however, Buffett's idea is how we should look at investing - long-term. Buffett has repeatedly promoted the long-term investment. In his opinion, the time for which a position in the portfolio is to be held is eternity. Buffett also advised investors to focus on the game, rather than just looking at the scoreboard.
Other Buffett's emblematic advice is to buy long-term equity index shares based on broad indices, which he believes are the best form of investment by individual investors.
And while Buffett's estimate of an index value of 1,000,000 points may sound pompous or unrealistic, it is far from being unachievable. In fact, to reach 1,000,000 points in 100 years, an annual return of only 4.7% is needed, which is far below the average for the past 50 years.
All, that has to happen, is that the indexes continue to grow at the pace of recent decades.
Buffett points out that the Dow blue chip index was only 81 points a century ago. It was created in the 1890's, by the 30 largest American companies.