• Summon Your Courage and Buy Stocks

    Investors who conquer stock-phobia have an edge over those too focused on their rearview mirror By Jason Zweig 2025: Oct. 4, 2008 12:01 am ET During the Great…

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  • Thought of the Day

    Thought of the Day

    2000: In centuries past, people hearing the rooster crow as the sun came up decided that the crowing caused the sunrise. It sounds silly now, but every day the experts confuse cause and effect on Wall Street in offering some new explanation for why the market goes up: hemlines are up, a certain conference wins the Super Bowl, the Japanese are unhappy, a trendline has been broken, Republicans will win the election, stocks are oversold, etc. When I hear theories like these, I always remember the rooster.

    –Peter Lynch, One up on Wall Street (New York: Penguin, 1990), p. 32.
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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

1987: The first big domino falls in Wall Street's insider-trading scandal as Kidder, Peabody & Co. pays a $25.3 million fine to settle Federal charges of securities fraud. The U.S. Securities and Exchange Commission claims that Kidder illegally "parked" stock for dealster Ivan Boesky, taking shares of Unocal off his hands temporarily to conceal his ownership and protect him from loss — and that Kidder takeover maven Martin Siegel had traded on inside information on at least six stocks.

The Wall Street Journal, June 5, 1987, p. A3.

1968: The Standard & Poor's 500-stock index closes above 100 for the first time, closing at 100.38. It has taken the index just under ten years to double — and it will take 17 more years for it to double again.

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

1953: Woodcock, Hess & Co. of Philadelphia incorporates, becoming the first firm that's a member of the New York Stock Exchange to do so. Until now, all NYSE member firms have been structured as partnerships. Woodcock's move blazes the trail for brokerage firms to attract external capital for the first time.

"Today in NYSE History," at www.nyse.com/about/TodayInNYSE.html