• Thought of the Day

    Thought of the Day

    2000: Statistical methods and statistical terms are necessary in reporting the mass data of social and economic trends, business conditions, opinion polls, the census. But without writers who use the words with honesty and understanding and readers who know what they mean, the result can only be semantic nonsense.

    –Darrell Huff, How to Lie with Statistics (New York: W.W. Norton & Co., 1993 ed.), p. 8.

Today in Financial History

1960: Pres. Dwight D. Eisenhower signs into law the Real Estate Investment Trust Act of 1960, which creates REITs, enabling retail investors to buy shares in commercial real estate for the first time.

Press release from the National Association of Real Estate Investment Trusts, September 14, 2000 ("REITS Turn 40"), at www.nareit.com

1939: Russian émigré Igor Sikorsky ties a heavy rope to his VS-300 "direct-lift aircraft," fires up its engine, and gets the ungainly-looking thing to rise about two feet off the ground for a few seconds. With its main propeller in horizontal position, the "whirlybird" is the world's first practical helicopter.

The Wall Street Journal, May 24, 1989, p. B2