• Thought of the Day

    Thought of the Day

    2000: Those with enterprise haven't the money, and those with money haven't the enterprise, to buy stocks when they are cheap.

    –Benjamin Graham, Inflated Treasuries and Deflated Stockholders: Are Corporations Milking Their Owners? Forbes, June 1, 1932.

Today in Financial History

1980: The total market value of all shares on the New York Stock Exchange surpasses $1 trillion for the first time.

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

1977: The Vanguard Group of Investment Companies eliminates all sales charges, becoming a no-load fund family. "The funds had been losing share of market in a dealer network that was itself in shambles," explains chairman John C. Bogle.

John C. Bogle, Vanguard: The First Century (The Newcomen Society, New York, 1992), p. 19;John C. Bogle interview with Jason Zweig, July 20, 1995.

1971: After nearly a decade of preparation, the NASDAQ market opens for stock trading, as the National Association of Securities Dealers Automated Quotation system first displays the median price for more than 2,500 "over-the-counter" securities. The NASDAQ Composite Index is set at an initial value of 100.