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Quote of the Day


“I watched people at Apple who made a lot of money and felt they had to live differently. Some of them bought Rolls-Royce and various houses…their wives got plastic surgery and turned into these bizarre people. This was not how I wanted to live. It’s crazy. I made a promise to myself that I’m not going to let this money ruin my life.”


-Steve Jobs, who on this day in 1980 would take his company, Apple Computers, public at a $1.7 billion valuation.


December 12th – This Day in Stock Market History

December 12th, 1914 – Stocks trade for the first time since the stock market was closed on July 31st, 1914 due to the outbreak of World War 1.

As investor optimism had risen over the 6 months since the market closed, stocks closed 4.4% higher on their first day of trading since World War 1 began.

As a side note, you may see this day also referenced as the worst decline in stock market history. However, this is due to the change in the structure of the Dow Jones Industrial Average, and does not really reflect the sentiment at the time.

For more on why December 12th, 1914 was not the worst day in stock market history, see the New York Times story here:

Setting the Record Straight on the Dow Drop



December 12th, 1980 – Apple Computers has its stock IPO at $22 per share.

New York Times coverage of Apple's IPO
New York Times coverage of Apple’s IPO

The IPO was the most oversubscribed IPO since Ford went public in on January 17th, 1956, and the largest IPO since Comsat went public on June 2nd, 1964.

The stock rose nearly 32% on its first day to a price as high as $29.25 before closing at $28.75. Apple would finish the day with a market cap of $1.753 billion dollars.

The first day of trading would give Steve Jobs a net worth of $265 million.


Apple had reported $118 million in revenue the prior year, with a net income of $11.7 million.


With hindsight, an early investment in Apple seems like a no-brainier. But in fact at the time it was anything but. 20 states in the US did not allow the sale of Apple shares to their residents:


In addition, Apple would struggle until the mid 1990’s. Things would get so bad for Apple that Steve Jobs would resign from Apple on September 16th, 1985.

But long term shareholders would be heavily rewarded.

(Note, the chart below is after Apple’s 7 for 1 stock split)

Chart from Macrotrends
Chart from Macrotrends



Best December 12th in Dow Jones Industrial Average History

1914 – Up 4.40%,  2.30 points.


Worst December 12th in Dow Jones Industrial Average History

1904 – Down 6.06%, 3.10 points.


Read of the Day

Walter Isaacson is know for his wonderful biographies. He has written wonderful books on Leonardo Da Vinci, Ben Franklin, Albert Einstein, and Henry Kissinger.

Also, after Steve Jobs passed away, Isaacson also wrote a biography on Steve Jobs. His book is the best source of information on early Apple Computers and Steve Jobs that I have read.
Steve Jobs – By Walter Isaacson



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