(1929 - 2019)
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Mutual funds are registered investment companies that pool investors capital for the purpose of investing in securities. Mutual funds are managed by professional money managers. They are a primary funding vehicle for the corporate contributory retirement system in the United States. In 2014, a total of 7,923 U.S. mutual funds held over 16 trillion dollars of assets, owned by forty-three percent of American households and an estimated 90.4 million individuals
Mutual funds offer investors the advantage of diversification, professional management, liquidity, and convenience. These advantages are offset by such factors as costs, fund turnover, and the consequences of organizational structure. (more...)
This week in financial history
- 1991 - The Warsaw Stock Exchange (WSE) was created as a joint-stock company on April 12, 1991. Source:WSE history
- 1928 - Plans were announced for new and speedier stock ticker, capable of running at more than twice the speed of tickers then in use. (Source)
- 1720 - The first major secondary stock offering took place, as the South Sea Co. reopened its subscription books in London, hoping to raise 2 million pounds sterling. The company raised half that amount by 10 o'clock in the morning, as mobs of eager buyers poured into the South Sea Co.s headquarters. With ladies pawning jewelry and farmers selling livestock to raise the cash to buy shares, the offering was oversubscribed by more than 10%. Its even possible to flip the shares for an 8% profit on the first day. Source: John Carswell, The South Sea Bubble (The Cresset Press, London, 1960), pp. 126, 132-133.
- 2000 - The NASDAQ (National Association of Securities Dealers Automated Quotations) composite index fell more than 25 percent this week, trouncing the 19 percent fall that began Oct. 21, 1987, Black Monday. The sell-off gave the NASDAQ its biggest point loss of all time. The Dow tumbled more than 600 points, trouncing the previous record and triggering circuit breakers at the New York Stock Exchange. Source: Nasdaq, Dow take nosedive
- 1991 - The Warsaw Stock Exchange held its first trading session with five listed companies, all of which were formerly State-owned companies that had been privatized. Source: Warsaw Stock Exchange - History
- 1930 - The stock market hit its post-Crash high, as the Dow Jones Industrial Average closed at 294.07, a 48% increase in the five months since the Crash bottomed on November 13, 1929. Over the coming two years, however, the Dow will lose another 85.99% of its value, bottoming at 41.22 on July 8, 1932. Source: Barrie A. Wigmore, The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929-1933 (Greenwood Press, Westport, CT, and London, 1985), p. 137.
- 1991 - The Dow Jones Industrial Average topped 3000 points for the first time. Source: Closing milestones of the Dow Jones Industrial Average
- 2000 - The NASDAQ (National Association of Securities Dealers Automated Quotations) rose 254.41 points, the highest single day point gain to date, just 4 days after it's largest single day loss of 355.49 points (April 14, 2000). Source: NASDAQ Composite Index Increases, Decreases
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