The current stock market levels are synonymous with the old adage— many investors burn their fingers by investing when the markets are at an all time high. The S&P BSE Sensex has gained about 18 per cent in the first half of the year and is expected to go up a lot higher. However, the noise around the index levels being at an all time high is purely based on absolute figures. Let us understand this with an example—just the way `10,000 today will not have the same purchasing power ten years hence (it did not have the same purchasing power ten years ago), the constant mention to indices hitting all-time highs is an incorrect expression of gauging the real worth of the markets.