• Thought of the Day

    Thought of the Day

    2000: A nickel aint worth a dime anymore.

    –Yogi Berra, The Yogi Book (New York: Workman, 1998), p. 19.

Today in Financial History

1927: Charles Lindbergh completes the first transatlantic flight as he lands his airplane, The Spirit of St. Louis, in Paris, 33 1/2 hours after taking off from Roosevelt Field on New York's Long Island.

Frederick Lewis Allen, Only Yesterday: An Informal History of the 1920s (John Wiley & Sons, New York, 1997, reprint of 1931 ed.), p. 164

1720: The earliest known "blind pool" appears, as the London Daily Post advertises a prospectus offering stock in a "Proposal for raising the sum of Six Millions sterling to carry on a design of more general advantage…and of more certain profit…than any undertaking yet set on foot." There is no record of whether the investors who bought this pig in a poke ever earned any money, but we can safely assume that the "general advantage" and "certain profit" went to the promoters, not to the public.

John Carswell, The South Sea Bubble (The Cresset Press, London, 1960), p. 156.