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Quote of the Day
“Let’s say the stock dropped in half or a third. Big deal. I don’t have a short-term interest in that issue. Ask any Wall Street analyst which company never over promises what’s going to happen, always talks up the risks of their business and takes the long-term approach. It’s Microsoft. Besides, I have an infinite amount of money. I would still order the same hamburger. Believe me I’m not thinking about the stock price. I’m thinking about software products.”
– Bill Gates, in 1991 on the volatility of Microsoft’s stock price.
March 17th – This Day in Stock Market History
March 17th, 1988 – Apple computers sends shock waves through silicon valley as they file a lawsuit against Microsoft. The lawsuit alleged that Microsoft stole graphic design elements from Apple’s user interface for Windows 2.03.
The lawsuit would drag on for 4 years, leading to massive volatility in Microsoft’s stocks price. One day in March of 1989 the courts ruled that a 1985 agreement between Apple and Microsoft was “not a complete defense” for Microsoft, and in response Microsoft shares fell 27%. However in the end after numerous appeals, Microsoft would emerge victorious in the case.
Source: Hard Drive – Bill Gates and the Making of the Microsoft Empire
March 17th, 1997 – A major shakeup in the Dow as the Dow Jones Industrial Average drops Bethlehem Steel Corp., Texaco Inc., Westinghouse Electric Corp., and Woolsworth Corp. in exchange for Hewlett Packard Co., Johnson and Johnson Travelers Group Inc., and Wal-Mart. A sign of the changing economy which is now led by Health Care and Technology.
After the shakeup, the makeup of the Dow Jones Industrial Average in 1997 would be:
Source: The Market’s Measure
Best March 17th in Dow Jones Industrial Average History
2003 – Up 3.59%, 282.21 points.
Worst March 17th in Dow Jones Industrial Average History
1933 – Down 3.53%, 2.22 points.
Read of the Day
I think the Bill Gates and Warren Buffett relationship has been one of the most important in history. They met over a 4th of July holiday through a common connection with Kay Graham, the CEO of the Washington Post. Neither Buffett or Gates wanted to attend the event, but were persuaded in the end. After their first meeting, the two were inseparable. Gates was just 25 years old at the time.
Their initial meeting is detailed in Buffett’s biography, The Snowball
From the business knowledge to the philanthropy, very few others have had such a profound impact on the way we live today. Here are some recent articles covering them both:
Business Insider – One Question from Warren Buffett that made Bill Gates Completely Rethink Microsoft
Buffett and Bill Gates also sat down for an interview with Charlie Rose that is certainly worth your time. Two of the smartest minds in business:
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