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    Thought of the Day

    2000: All of us would be better investors if we just made fewer decisions.

    –Daniel Kahneman, Princeton professor of psychology, in Jason Zweig, Do You Sabotage Yourself? Money Magazine, May, 2001, p. 78.
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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

1998: The Internet gold rush is in full swing, as theglobe.com goes public, shooting from its initial price of $9 a share to as high as $97 before closing at $63.50 — a then-record first-day gain of 606%. Although theglobe.com has lost $11.5 million on just $2.7 million in revenues so far in 1998, investors value the stock at more than $990 million on the first day — giving its 24-year-old co-founders, Stephan Paternot and Todd Krizelman, a combined net worth of $151 million. Within two years, the stock will shrivel to 50 cents a share, and it is delisted from NASDAQ trading on April 23, 2001.

The Wall Street Journal, January 19, 1999, pp. A1, A6;The Wall Street Journal April 26, 2000, p. C20;The Wall Street Journal, May 2, 2001, p. A1;Jay R. Ritter, professor of finance, University of Florida, ÒBig IPO Runups of 1975-2000Ó;(Recent deletions: 4/2001).

1980: The NASDAQ Composite Index closes above 200 for the first time, finishing the day at 200.25. It has taken the index 9 1/2 years to double from its starting value of 100 on February 8, 1971.

1929: The stock market hits its low for the year as the Dow slumps to 198.69, off from its yearly high of 311.90 on September 3. The carnage in individual stocks is far worse: AT&T closes at $197.25, down from $304 on September 3; General Electric ends the day at $168.13, versus $396.25; Westinghouse closes at $102.63, a loss of $187.25 per share since September 3.

Barrie A. Wigmore, The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929-1933 (Greenwood Press, Westport, CT and London, 1985), p. 25;Frederick Lewis Allen, Only Yesterday: An Informal History of the 1920s (John Wiley & Sons, New York, 1997, reprint of 1931 ed.), p. 255;Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), not paginated

1878: The first telephones are installed on the trading floor of the New York Stock Exchange, just over two years after Alexander Graham Bell invents the telephone.

Fact Book for the Year 1997 (New York Stock Exchange, 1998), p. 91;Alexander J. Field, "The Telegraphic Transmission of Financial Asset Prices and Orders to Trade: Implications for Economic Growth, Trading Volume, and Securities Market Regulation," Research in Economic History, vol. 18 (1998), p. 154.