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Investing Wit and Wisdom

"Business schools reward complex behavior more than simple behavior; but simple behavior is more effective."
-- Warren Buffett

This Day In Financial Speculation History

Events

  1901 The first corporation to be initially capitalized in excess of $1 billion U.S. Steel incorporates. Begun with stock valued at $1.4 billion, the company joined seven ex-competitors and controlled 65 percent of the American market. The first president was Charles M. Schwab, who forged the merger. Other big winners were Andrew Carnegie, who became the richest man in the world for selling his steel interests for $250 million, and J.P. Morgan, who controlled two of the seven merged companies and received massive fees for under-writing the deal.


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