Learn what happened in business in today’s past
1994: Remember Elaine Garzarelli, the "guru" at Shearson Lehman Brothers who "called" the Crash of 1987? Her Smith Barney Shearson Sector Analysis Fund, which sucked up $700 million in 1987 from investors dazzled by her forecasting ability, is shut down today as Smith Barney quietly merges Garzarelli's fund into its Strategic Investor Fund. The reason: Right after she called the 1987 crash, Garzarelli's crystal ball went splat. Her fund lost 13.1% in 1988, lagging the market by a gaping 29.7 percentage points -- and in the fund's six full calendar years of operation, it trailed the Standard & Poor's 500-stock index by an atrocious 9.6 points annually.
Lipper Inc.; Morningstar Mutual Fund Sourcebook 1994, p. 1208.
1916: William Boeing, a Yale-educated aeronautical engineer, incorporates the Pacific Aero Products Co. in Seattle with $100,000 in capital; he keeps 998 of the original 1,000 shares of stock for himself. In 1917 he renames his firm the Boeing Airplane Co. Boeing later makes jet travel an accepted part of everyday life.