• Thought of the Day

    Thought of the Day

    2000: Believe me, there are eternal investment principles, and technology doesn't alter them: Time is your friend. Impulse is your enemy. Buy right and hold tight. Cost matters. If you aren't sure, diversify. Invest for the long-term. Stay the course.

    John C. Bogle , Reinventing Mutual Funds, speech, June 11, 2001,

Today in Financial History

2000: Less than nine months after breaking the 1400 barrier, the Standard & Poor's 500-stock index closes above 1500 for the first time, finishing the day at 1500.64.

David M. Blitzer, chief investment strategist, Standard & Poor's Corp.

1811: The New York state legislature passes the "Act Relative to Incorporations for Manufacturing Purposes," the world's first law granting limited liability to common stockholders — a revolutionary concept that protects investors from ever losing more than their initial investment and helps New York quickly become the industrial and financial capital of the world.

David A. Moss, "Limited Liability and the Birth of American Industry: Theory Meets History," Harvard Business School Working Paper 98-079, March, 1998.