Historical Thought for the Day
April 13, 2010
Thought for the day:
If everybody says, ‘The Devil take the hindmost,' the devil soon works his way to the head of the line.
–John Train, quoted in Forbes, October 9, 2000, p. 80.
This day in financial history:
1945: As the market absorbs the news of Pres. Franklin D. Roosevelt's death the day before, the Dow Jones Industrial Average rises nearly 1% to close at 159.75. (Then as now, Wall Street liked Republicans.)
Source: Robert J. Shiller, "Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?" in Richard H. Thaler, ed., Advances in Behavioral Finance (Russell Sage Foundation, New York, 1993), p. 144; http://averages.dowjones.com
Source: Jason Zweig
