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Quote of the Day
“You’re dealing with a lot of silly people in the marketplace; it’s like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be OK.”
-Warren Buffett, in a 1974 interview for Forbes Magazine (link below)
February 28th – This Day in Stock Market History
February 28th, 1964 – The Dow Jones Industrial Average closes above 800 for the first time. However, this would not be the market’s last look at the 800 barrier.
The market would bounce above and below the 800 level throughout the 1970s, and only finally eclipse the 800 barrier for good in 1982.
We forget just how bad of a decade the 70s were for the stock markets. U.S. stocks literally went nowhere for 15+ years!
February 28th, 1991 – Iraq accepts a ceasefire to end the gulf war.
The onset of the Gulf war led to a more than 20 percent decline in the U.S. stock market between July and October 1990. However, by early 1991 traders had priced in a definitive U.S. victory. By this day in 1991, stocks had recovered all of their losses from late 1990.
Best February 28th in Dow Jones Industrial Average History
1933 – Up 2.45%, 1.23 points.
Worst February 28th in Dow Jones Industrial Average History
1906 – Down 2.59%, 1.83 points.
Read of the Day
Warren Buffett in 1974 – Forbes Magazine
As we saw above, the 1970s was a rough patch for stocks, real returns were negative for the whole decade, something that has rarely happened in stock market history. This Forbes interview with Warren Buffett is the source for his now famous “Like an oversexed guy in a harem” quote.
<– Go To Previous Day: February 27th, 1933 – The Dow Closes at 50.16, its low for the year. It would prove to be one of the best buying points in history.
Go To Next Day: March 1st, 1836 – The charter for America’s central bank runs out after Andrew Jackson vetos extending the bank’s charter. –>
