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Quote of the Day

“The thing I find most interesting about investing is how paradoxical it is: how often the things that seem most obvious—on which everyone agrees—turn out not to be true.”

-Howard Marks

November 14th – This Day in Stock Market History

November 14th, 1972 – The Dow Jones Industrial Average closes above 1,000 for the first time in history.

However the excitement was short lived as the Dow would fall all the way to 577 by December 1974. The whole decade of the 1970’s was not a fun one for investors as a whole:

Chart from Macrotrends
Chart from Macrotrends

This was also a time of very high inflation as well, which made the decade long flat market even worse. Adjusting for inflation it would take investors 20 years until their investments got back to this 1972 level!

Source: The Market’s Measure: An Illustrated History of America Told Through the Dow Jones Industrial Average

Best November 14th in Dow Jones Industrial Average History

1929 – Up 9.36%, 18.59 points.

Worst November 14th in Dow Jones Industrial Average History

2008 – Down 3.82%, 337.94 points.

Read of the Day

1972 was also the year that Warren Buffett made one of his most famous purchases, See’s Candy. Here’s a letter that Warren Buffett sent See’s Candy’s CEO:

1972 Buffett Letter to Sees Candies


The book, Inside the Investments of Warren Buffett: Twenty Cases also has a chapter on Buffett’s purchase of See’s that is worth a read. And besides the chapter on See’s, the book is a great look at a few of Buffett’s big purchases in his career, from his time at the partnership through his investment in IBM in 2011.

<– Go To Previous Day: November 13th, 1998 – TheGlobe.com has it’s initial public offering and soars 606% on the day.

Go To Next Day: November 15th, 1867 – A new invention that will change Wall Street forever is unveiled in New York City – The stock ticker. –>