• Thought of the Day

    Thought of the Day

    2000: The smart money isnt so smart, and the dumb money isnt really as dumb as it thinks. Dumb money is only dumb when it listens to the smart money.

    –Peter Lynch, One up on Wall Street (New York: Penguin, 1990), p. 14.

Today in Financial History

1972: The first issue of a new magazine appears on newsstands. Its purpose is "to discuss each month in detail how to make, save, invest and spend money," and its inaugural October 1972 issue features articles on prescription drug prices, bond funds and the risks of investing in limited partnerships. The magazine is called, naturally enough, Money.

Bill Hooper, Corporate Archives, Time Inc. Research Center;Money, October, 1972, p. 5.

1928: Engineers and brothers Paul and Joseph Galvin, taking over the bankrupt Stewart Storage Battery Co., incorporate the Galvin Manufacturing Corp. in Chicago. The first week's payroll for their five employees is $63.00; their assets are $565 in cash, $750 in tools, and the Stewart design for a battery eliminator, which allows home radios to run on ordinary household current. Later the Galvins rechristen their firm with a racy name combining "motion" and "radio": Motorola.

1690: The first issue of one of America's first newspapers, Publick Occurrences: Both Foreign and Domestick, appears in Boston. Unfortunately, it's also the last issue, as the British colonial authorities immediately shut the paper down under standing orders to squelch a free press.