Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
On this day in 2000, the New York Stock Exchange began trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8th of a dollar. In theory, investors will benefit from lower trading costs, but cynics worry brokers will make more money than ever. The first to adopt decimal pricing: Anadarko Petroleum, FedEx, Forest City Enterprises, Gateway, Hughes Supply, and MSC Software.
And only 20 years after 32 bit computers were available. One wonders what the difference would have been if AI of today were available to adjust to capabilities. I guess, though, the AI would need to "want" to "see" improvements. I wonder what the track of interoperability of investment data feeds was, time-wise.
On this day in 1885, Gottlieb Daimler registers his “Reitwagen” (“riding carriage”) as German patent DRP No. 36423. With its wooden chassis and revolutionary gasoline-powered internal-combustion engine, the Reitwagen is the world’s first motorcycle–and the first mechanized vehicle for personal transport.
On this day in 1776, a committee led by Thomas Jefferson recommended to the Continental Congress that the U.S. create a basic unit of currency called the “dollar.”
On this day in 1981, SoftBank was established by Masayoshi Son, a Japanese entrepreneur who had recently returned from studying in California and who was convinced the era of the personal computer was nigh. Initially a software distributor, SoftBank became one of the world’s most influential technology investors.
On this day in 2012, stock in Facebook (now Meta Platforms) hit a record-low close of $17.73, valuing the fledgling social-media company at less than $38 billion. It's worth $1.9 trillion today.
On this day in 2000, Lehman Brothers strategist Jeffrey Applegate said: “We’re in the same bull market that got underway in October 1990.” He predicted that the Nasdaq Composite would finish the year at 4600. He only was off by 46%.
On this day in 1974, stocks tanked in reaction to President Gerald Ford's pardon of Richard Nixon amid fears it wouldn't bring full closure to the Watergate scandal. But it was a great time to buy: The Dow surged by 25% over the next year.
On this day in 1974, John C. Bogle incorporates the Vanguard Group of Investment Cos. to administer–and be owned by–the Vanguard family of mutual funds. For the first time, large numbers of investors will be able to have their money professionally managed without having to pay exorbitant fees to the fund managers.
On this day in 2001, Enron CEO Kenneth Lay led an online employee chat in which he urged the company’s workers to “talk up the stock.” He declared: “My personal belief is that Enron stock is an incredible bargain at current prices and we will look back a couple of years from now and see the great opportunity that we currently have.” It soon filed the largest-ever U.S. bankruptcy.
On this day in 1987, Charles Schwab launched 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 hit. The stock market plunged 23% in a single day, and Schwab’s stock was hammered down to $6.50 a share. The stock has returned over 52,000% since then.
Comments
On this day in 2000, the New York Stock Exchange began trading in decimals,
ending the two-century-old practice of pricing stocks in increments of 1/8th of a dollar.
In theory, investors will benefit from lower trading costs, but cynics worry brokers will make
more money than ever. The first to adopt decimal pricing: Anadarko Petroleum,
FedEx, Forest City Enterprises, Gateway, Hughes Supply, and MSC Software.
On this day in 1885, Gottlieb Daimler registers his “Reitwagen” (“riding carriage”)
as German patent DRP No. 36423.
With its wooden chassis and revolutionary gasoline-powered internal-combustion engine,
the Reitwagen is the world’s first motorcycle–and the first mechanized vehicle for personal transport.
On this day in 1776, a committee led by Thomas Jefferson recommended
to the Continental Congress that the U.S. create a basic unit of currency called the “dollar.”
On this day in 1981, SoftBank was established by Masayoshi Son,
a Japanese entrepreneur who had recently returned from studying in California
and who was convinced the era of the personal computer was nigh.
Initially a software distributor, SoftBank became one of the world’s
most influential technology investors.
On this day in 2012, stock in Facebook (now Meta Platforms) hit a record-low close of $17.73,
valuing the fledgling social-media company at less than $38 billion.
It's worth $1.9 trillion today.
On this day in 2000, Lehman Brothers strategist Jeffrey Applegate said:
“We’re in the same bull market that got underway in October 1990.”
He predicted that the Nasdaq Composite would finish the year at 4600.
He only was off by 46%.
On this day in 1916, Congress passed the Revenue Act of 1916, creating the federal estate tax.
This would not surprise me in the least!
On this day in 1974, stocks tanked in reaction to President Gerald Ford's pardon
of Richard Nixon amid fears it wouldn't bring full closure to the Watergate scandal.
But it was a great time to buy: The Dow surged by 25% over the next year.
On this day in 1974, John C. Bogle incorporates the Vanguard Group of Investment Cos.
to administer–and be owned by–the Vanguard family of mutual funds.
For the first time, large numbers of investors will be able to have their money professionally managed
without having to pay exorbitant fees to the fund managers.
On this day in 2001, Enron CEO Kenneth Lay led an online employee chat
in which he urged the company’s workers to “talk up the stock.”
He declared: “My personal belief is that Enron stock is an incredible bargain
at current prices and we will look back a couple of years from now
and see the great opportunity that we currently have.”
It soon filed the largest-ever U.S. bankruptcy.
On this day in 1987, Charles Schwab launched 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 hit.
The stock market plunged 23% in a single day,
and Schwab’s stock was hammered down to $6.50 a share.
The stock has returned over 52,000% since then.