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Quote of the Day
“Establishing and maintaining an unconventional approach requires … frequently appearing downright imprudent in the eyes of conventional wisdom.”
-David Swensen
October 14th – This Day in Stock Market History
October 14th, 1987 – Although “Black Monday” is still 5 days away, there are signs traders are on edge. On this day in 1987, the Dow Jones Industrial Average falls 95.46 points, or 3.81% after the Commerce Department releases a report details the nations $15.7 billion trade deficit. At the time, it would be the largest single day point drop in history.
New York Times coverage of the Dow’s decline on this day in 1987
October 14th, 1996 – The Dow Jones Industrial Average closes above 6,000 for the first time.
Source: The Market’s Measure
Front page coverage from the New York Times on the Dow reaching 6,000 for the first time on October 14th, 1996
The tech bubble was just beginning to inflate in 1996. In 1996, tech IPOs where picking up, the market was steadily marching higher and by the end of the year Alan Greenspan would be warning of the market’s “irrational exuberance”. The Dow would reach 7,000 just 4 months later and 8,000 just 9 months later.
Best October 14th in Dow Jones Industrial Average History
1932 – Up 6.83%, 4.08 points.
Worst October 14th in Dow Jones Industrial Average History
1987 – Down 3.81%, 95.46 points.
Read of the Day
The quote of the day above refers to maintaining a unique train of thought – a very important quality for an investor!
William Thorndike highlights 8 CEO’s who were able to do this in his book The Outsiders
Thorndike discusses what made each CEO unique. He delves into their thought process, investment criteria and track records and finds some common qualities for exemplary CEOs. Of course, finding a company run by one of these “outsiders” was very rewarding for their shareholders as well!
The book was recommended by Warren Buffett in his letter to shareholders in 2012. It is a must read for any investor or business person.
<– Go To Previous Day: October 13th, 1971: Intel IPOs with a market cap of $58 million
Go To Next Day: October 15th, 2014: Flash crash in U.S. Treasuries, most volatile day in history –>
