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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
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:
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
<– Go To Previous Day: March 13th 1986: Microsoft IPOs at $21 per share.
Go To Next Day: March 15th: 1933: Stocks have their best day in history, rising 15.3% –>
