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Quote of the Day

“Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little.”

― Fred Schwed Jr., Where Are the Customers’ Yachts?: or A Good Hard Look at Wall Street

March 21st – This Day in Stock Market History

March 21st, 1924 – Massachusetts Investment Trust is created, it would be America’s first open ended redeemable mutual fund (as opposed to a closed end fund, which had been around for 30+ years). In the fund’s next report released July 1924, the fund would have $50,000 in assets:

Mass_Investors_Trust_mutual_fund_original_holdings

The fund is still around today, and A class shares trade under the symbol MITTX. Today the fund has $6.5 billion in assets. The fund has returned 9.22% before fees since inception.


Best March 21st in Dow Jones Industrial Average History

2003 – Up 2.84%, 235.37 points.

Worst March 21st in Dow Jones Industrial Average History

1933 – Down 3.87%, 2.32 points.

Read of the Day

Jason Zweig – The History of Mutual Funds, (and part 2 is here) A fun article written by Jason Zweig on the history of mutual funds: (Part 2 contains the rest of this infographic)

History_of_Mutual_Funds

<– Go To Previous Day: March 20th: 2000 – Barron’s magazine cover warns investors of elevated tech stocks.

Go To Next Day: March 22nd, 1954 – The gold market in London reopens for the first time since 1929. Gold prices were $35 an ounce. —>