• Thought of the Day

    Thought of the Day

    2000: The outcome of a horse race often depends not on how fast they run but on how they run fast.

    Andrew Beyer, Washington Post racing columnist, in The New York Times Magazine, November 8, 1998, p. 51.

Today in Financial History

1968: As tech stocks boom, H. Ross Perot takes his Electronic Data Systems public for $16.50 a share, or 118 times earnings. (Perot had steadfastly kept his company private, refusing 17 offers to do an IPO, until investment banker Ken Langone declared that he could sell the stock for over 100 times earnings.) By early 1970, the stock is at $160.

John Brooks, The Go-Go Years (Weybright and Talley, New York, 1973), pp. 16-18.

1836: The New York Stock Exchange prohibits its members from trading in the streets outside. But open-air trading persists under the nickname of "the Curb," which ultimately becomes the American Stock Exchange.