• Thought of the Day

    Thought of the Day

    2000: An increase in knowledge acquired too quickly and with too little participation on one's own part is not very fruitful: erudition can produce foliage without bearing fruit. There are a great many shallow heads who are astonishingly knowledgeable. What we have to discover for ourselves leaves behind in our mind a pathway that can also be used on another occasion.

    –Georg Christoph Lichtenberg, The Waste Books (New York: New York Review Books, 1990), p. 37.

Today in Financial History

1987: If you ever thought your investment timing is bad, let this comfort you: Only 13 trading days before the Crash of 1987, Charles Schwab launches its IPO, selling 8 million shares of stock to the public at an original price of $16.50 apiece. Just 20 days later, the Crash of 1987 hits. As the stock market plunges 23% in a single day, Schwab's stock is hammered down to $6.50 a share.

Corporate communications dept., The Charles Schwab Corp.

1952: The New York Stock Exchange changes its trading hours; from now on, the market will close at 3:30 p.m. Monday through Friday, instead of 3 p.m., and it will no longer be open at all on Saturday.

Fact Book for the Year 1997 (New York Stock Exchange, 1998), p. 91