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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.

August1_headline_-_war_declared

August 1st, 1995Just one day after Disney agrees to buy ABC/Capital Cities for $19 billion, Westinghouse agrees to buy CBS for $5.4 billion:

New York Times coverage of Westinghouse's purchase of CBS
New York Times coverage of Westinghouse’s purchase of CBS

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".

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