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Quote of the Day
“To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses -How to Value a Business, and How to Think About Market Prices.”
– Warren Buffett’s Letter Shareholders, 1996
September 6th – This Day in Stock Market History
September 6th, 1901 – President William McKinley shot at 4:07 pm.

McKinley was shot by Leon Czolgosz, an anarchist who had become radicalized after losing his job during the panic of 1893.
McKinley would die September 14th from his injuries. Theodore Roosevelt would become the nation’s next president.
Stocks would decline 4.43% after opening the following day, and would decline about 10% over the next 2 weeks as uncertainty builds over the President’s health.
Source: The Market’s Measure

Best September 6th in Dow Jones Industrial Average History
1927 – Up 2.95%, 5.65 points.
Worst September 6th in Dow Jones Industrial Average History
1905 – Down 2.24%, 1.32 points.
Read of the Day
Warren Buffet speaks in his quote above about what an investor should really spend his or her time on – straightforward fundamental analysis of a company.
Buffett was lucky enough to have learned from someone who became known as the “Dean of Wall Street” – Benjamin Graham. Graham is very well known for his masterpiece and best-selling investment book, The Intelligent Investor.
However many are unaware of a much more simple book Graham published that details every item on a company’s balance sheet and income statement (Out guides are linked to here as well)
The book is The Interpretation of Financial Statements
If you are new to fundamental analysis and reading a company’s financial statements it is a must own, written by one of the best.
<– Go to Previous Day: September 5th, 1929: The “Babson Break”, the first of many major stock declines in 1929.
Go to Next Day: September 7th, 2008 – Fannie Mae and Freddie Mac taken over by U.S government. –>