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Quote of the Day
“Conscious, perhaps overly conscious, of inflation, many people now feel that they are behaving in a conservative manner by buying blue-chip securities almost regardless of price-earnings (P/E) ratios, dividend yields, etc. Without the benefit of hindsight as in the bond example, I feel this course of action is fraught with danger. There is nothing at all conservative, in my opinion, about speculating as to just how high a multiplier a greedy and capricious public will put on earnings.”
-Warren Buffett, from his January 1962 partnership letter.
July 6th – This Day in Stock Market History
July 6th, 1785 – The United States formally adopts the term dollar as the name of its currency.
The previous currency, the “Continental” was used during the Revolutionary war, but due to high inflation had been rendered nearly worthless. Eventually, holders of the Continental would be offered an exchange of continentals to U.S. treasury bonds at 1% of the Continental’s face value.
July 6th, 1932 – The price of a postage stamp is raised from 2 cents to 3 cents.
The move was unpopular in the depths of the great depression, but was required to prevent further deficits.
July 6th, 1983 – The supreme court rules it unconstitutional to pay women a smaller pension than men. Opponents had argued that since women live longer, a lower payment was justified.
New York Times coverage of women’s equal pension decision
The move was a significant step for women’s fight for equality in the workplace.
Best July 6th in Dow Jones Industrial Average History
1921 – Up 3.18%, 2.15 points.
Worst July 6th in Dow Jones Industrial Average History
2001 – Down 2.17%, 227.18 points.
Read of the Day
A lesson that I think all investors can learn:
“It’s easier to lie with numbers than words. As the saying goes, more fiction has been written in Excel than Word.”
Read more here: Little Money Rules – By Morgan Housel
Go To Next Day: July 7th, 1891: American Express patents the travelers check – –>
