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Quote of the Day
“Predicting rain means nothing – building arks does.”
-Warren Buffett in his 2001 letter to shareholders.
September 17th – This Day in Stock Market History
September 17th, 2001 – Stocks trade again for the first time since the 9/11 terrorist attacks.
Trading opened with a moment of silence followed by a singing of “God Bless America”.
The Dow Jones Industrial Average would close the day down 684 points, -7.13%. At the time it would be the largest 1-day point decline in history, 14th worst day in terms of percentage drop.
US stocks would struggle for the remainder of the year as the shock of 9/11, and the ensuing consequences, were processed. In total, stocks would fall another 13% from where they closed after September 11th before rebounding.
Best September 17th in Dow Jones Industrial Average History
1931 – Up 2.10%, 2.50 points.
Worst September 17th in Dow Jones Industrial Average History
2001 – Down 7.13%, 684.81 points.
Read of the Day
One of the companies that took the biggest financial hit was Warren Buffett’s Berkshire Hathaway, due to his insurance and re-insurance operations. In 2001, Berkshire lost $3.77 billion. Buffett’s 2001 shareholder letter, reacting to the losses due to the 9/11 attacks, is a great source of education for investors within the insurance industries.
Also, you can find a book which has a collection of the shareholder letters of Berkshire Hathaway from 1965 to present here
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