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