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Quote of the Day

“Believe me, there are eternal investment principles, and technology doesn’t alter them: Time is your friend. Impulse is your enemy. Buy right and hold tight. Cost matters. If you aren’t sure, diversify. Invest for the long-term. Stay the course.”

-John C. Bogle , “Reinventing Mutual Funds,” speech, June 11, 2001,

 

March 14th – This Day in History

March 14th, 1907 – For the second day in a row, stocks fall sharply as stock market fundamentals degrade, eventually leading to the panic of 1907 in October. The decline is lead by railroads, the Dow Jones Railroad index falls from 107.52 to 99.71 (and was at 112.53 just 2 days prior). Dow Jones Industrial Average has also fallen sharply over the same period, down 12% over the last 2 days.

New York Times coverage of the stock market decline on this day in 1907
New York Times coverage of the stock market decline on this day in 1907

At the time, this day in 1907 would be the second worst day in stock market history (based on percentage decline), with the Dow Jones Industrial Average falling 8.29%.

Today with the Dow around 32,000, an 8.29% decline for the Dow would be a drop of 2,652 points!

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




Best March 14th in Dow Jones Industrial Average History

1898 – Up 3.33% or 1.05 points

Worst March 14th in Dow Jones Industrial Average History

1907 – Down 8.29% or 5.04 points

Chart of the Day

Dow Jones Industrial Average around the Panic of 1907:

djia panic of 1907

The panic of 1907 would see stocks decline 50% in two years!

Daily Links:

Masters in Business interview: John Bogle of Vanguard with Barry Ritholtz

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