• Thought of the Day

    Thought of the Day

    2000: When there was irrational exuberance, it was a time to be raising capital. When there is irrational desperation, you should be using it.

    –John Malone, chairman of Liberty Media, in the Financial Times, November 15, 2000, p. 14.

Today in Financial History

1987: The cover of Fortune magazine asks, "ARE STOCKS TOO HIGH?" Heck no, answers the cover story. "New ways of valuing shares give some surprising answers…. Clearly, something is going on that the old analytical concepts cannot account for." The world's leading hedge-fund manager, George Soros, tells Fortune that "while the market is already unstable and overvalued, it has not yet reached the point of collapse. Indeed, it could yet move much higher." Then again, it could move much lower: Just 14 trading days later, the stock market drops by 23%.

Fortune, September 28, 1987, pp. 28-40