• Thought of the Day

    Thought of the Day

    2000: I would rather be certain of a good result than hopeful of a great one.

    –Warren Buffett, chairmans letter, Berkshire Hathaway annual report, 1996,

Today in Financial History

2001: The European Union officially "prohibits" the proposed $43 billion merger of General Electric and Honeywell, the first time foreign authorities have nixed a major merger between U.S. corporations.

1991: The Shenzhen Stock Exchange, after a six-month trial run, officially opens for trading as China's second stock market.

The LGT Guide to World Equity Markets 1997 (Euromoney Publications, London, 1997), p. 124. [Suggested by: Lawrence B. Siegel, director of investment policy research, The Ford Foundation.]

1884: Charles Henry Dow, partner in Dow Jones & Co., publishes the first modern index of American stocks in his "Customer's Afternoon Letter," a two-page financial bulletin. The 11 stocks include nine railroads (Chicago & North Western, Delaware, Lackawanna & Western, Lake Shore, New York Central, St. Paul, Northern Pacific, Union Pacific, Missouri Pacific, and Louisville & Nashville), a steamship company (Pacific Mail), and telegraph giant Western Union.

Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), introduction, not paginated.