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Quote of the Day

“As our imperfect financial machinery operates, it often drives security prices materially above or below the levels of their intrinsic worth”

– Dwight C Rose, A Scientific Approach to Investment Management (1928)

Rose’s book was quite groundbreaking in the late 20’s. Recall, it was published 6 years before Ben Graham’s classic: Security Analysis.

Rose was an early advocate of stocks as long term investments (at the time, bonds were typically thought of as longer term investments, while stocks served only for speculation).

His book was a popular seller at the time, but today is quite a collector’s item – Used copies typically sell between $75 and $100!

February 27th – This Day in Stock Market History

February 27th, 1933 – Stocks reach a low for the year, with the Dow Jones Industrial Average closing at 50.16, 37% below its peak just 5 months earlier.

Source: Macrotrends

This low would turn out to be one of the best buying moments in all of history.

By the end of the year stocks would finish up 53% for the year, the best year for the Dow Jones Industrial Average in history.

Source: It Was a Very Good Year: Extraordinary Moments in Stock Market History

Best February 27th in Dow Jones Industrial Average History

1936 – Up 1.89%, 2.83 points

Worst February 27th in Dow Jones Industrial Average History

2007 – Down 3.29%, 416.02 points.

Read of the Day

Ben Graham in Perspective – By the Museum of American Finance

Today Ben Graham is the most famous investor from the late early 1930s. Graham became famous for his different viewpoint of valuing stocks, and making the purchase of stock much less of a speculative endeavor, and more of a long term investment.

However, there were many more less known investors during the late 1920s and early 1930s that were influential to how Americans viewed stocks and bonds at the time. I thought this article does a great job introducing several lesser known investors (like Dwight Rose of our quote of the day, above), and their early works.

<– Go To Previous Day: February 26th, 1987 – The Franklin Templeton Emerging Markets Fund, the first emerging markets fund retail investors, is launched.

Go To Next Day: February 28th, 1964 – The Dow Jones Industrial Average closes above 800 for the first time. However, this would hardly be the market’s last look at the 800 barrier. –>