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Quote of the Day
Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.
— Charlie Munger
August 1st – This Day in Stock Market History
August 1st, 1914 – Germany declares war on Russia as World War 1 quickly escalates. The Stock Market closed the day before (July 31st, 1914) as fears surrounding the war and it’s suspected escalation mounted.
The market would remain closed until December 12th.
August 1st, 1995 – Just one day after Disney agrees to buy ABC/Capital Cities for $19 billion, Westinghouse agrees to buy CBS for $5.4 billion:
After the purchase by Westinghouse, the company would sell off the Westinghouse assets and become known as the CBS Corporation.
5 years later, CBS Corporation would be sold to Viacom for $35.6 billion!
Best August 1st in Dow Jones Industrial Average History
1934 - Up 2.86%, 2.52 points.
Worst August 1st in Dow Jones Industrial Average History
2002 - Down 2.63%, 229.97 points.
Read of the Day
Our quote of the day is just one of hundreds, perhaps thousands, of great quotes by Warren Buffett's right hand man - Charlie Munger. For a collection of many more, check out Tren Griffin's "Charlie Munger - The Complete Investor".
<-- Go To Previous Day: July 31st, 1995 - Disney buys Capital Cities for $19 billion
Go To Next Day: August 2nd, 1990 - Iraq invades Kuwait, U.S. stocks fall 6% over next 3 days. -->
