• Thought of the Day

    Thought of the Day

    2000: As bull markets are built up[,] the large and quick profits shown by common stocks as a whole are sufficient to dull the publics critical faculty, just as they sharpen its acquisitive instinct.

    –Benjamin Graham, The Intelligent Investor (New York: HarperBusiness, 2003), p. 142.

Today in Financial History

1999: Less than a year after breaking the 9,000 mark, the Dow Jones Industrial Average closes above 10,000 for the first time, as it finishes the day at 10006.78.

1989: Michael Milken is indicted on 98 felony charges of violating Federal securities laws as head of the junk-bond desk at Drexel Burnham Lambert. Prosecutors disclose that he earned $550 million in compensation in 1986 — but almost nothing else they fling at Milken sticks.

Jesse Kornbluth, Highly Confident: The Crime and Punishment of Michael Milken (William Morrow & Co., New York, 1992), p. 300.

1918: Sam Moore Walton, future founder of Wal-Mart, is born in Kingfisher, Okla.