• Summon Your Courage and Buy Stocks

    Investors who conquer stock-phobia have an edge over those too focused on their rearview mirror By Jason Zweig 2025: Oct. 4, 2008 12:01 am ET During the Great…

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  • Thought of the Day

    Thought of the Day

    2000: Properly measured, the average actively managed dollar must underperform the average passively managed dollar, net of costs. Empirical analyses that appear to refute this principle are guilty of improper measurement.

    William F. Sharpe, The Arithmetic of Active Management, Financial Analysts Journal, Vol. 47, No. 1 (January/February 1991), pp. 7-9,
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Jason is the author of “Your Money and Your Brain,” on the neuroscience of investing, and the editor of the revised edition of Benjamin Graham’s “The Intelligent Investor,” the classic text that Warren Buffett has described as “by far the best book about investing ever written.”

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Today in Financial History

1964: A direct feed to the stock ticker at the New York Stock Exchange is extended overseas for the first time, as Switzerland gets a real-time link to follow share prices in New York.

"Today in NYSE History," at www.nyse.com/about/TodayInNYSE.html

1913: Can you hear your wallet screaming? Today is the birthday of the Federal income tax, as the states ratify the 16th Amendment to the U.S. Constitution. It reads in its entirety: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." The 16th Amendment overturns Article I, Section 9 of the Constitution, which had expressly forbidden a general income tax.