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Quote of the Day
“If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. Its the worst possible thing you can do, because people are so sensitive to short-term losses. If you count your money every day, you’ll be miserable.”
—-Daniel Kahneman, Princeton professor of psychology, in Jason Zweig, Do You Sabotage Yourself? Money Magazine, May, 2001, p. 78. Also author of Thinking Fast and Slow
February 11th – This Day in History
| February 11th, 2000 – PETS.com IPO at $11 per share. It would reach as high as $14 per share before its collapse:
Pets.com become symbolic of the mania involved with the dot-com boom of the late 90s and early 2000. What was there possibly to like about pets.com? Not much. In its first 11 months, Pets.com lost an equivalent of $42.42 per share: |
By November 6th 2000 Pets.com gone – just 268 days after its IPO.
Best February 11th in Dow Jones Industrial Average History
1932 – Up 9.47%, 6.80 points
Worst February 11th in Dow Jones Industrial Average History
2000 – Down 2.05%, 218.42 points
Reads of the Day
- “Oldie but Goodie” – Berkshire Hathaway 1990 annual shareholder letter.
“Lethargy bordering on sloth remains the cornerstone of our investment style.”
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- What do you think Warren Buffett is doing right now? Worrying about whether to sell his stocks or not? Chances are, not. Take a lesson from an investor who has seen his fare share of bear markets.
- Reformed Broker – What we are telling out clients right now.
“We don’t know what’s going to happen any better than anyone else does. We only know how we will behave when the time comes.”
