|
|
|
|
|
|
The Daily Dow LEXINGTON, KY. (December 30) -- In this daily column over the last many months, I've tried to distill what Folly I know into a useful little bit you can use as you begin or continue to manage your own portfolios. But as I learn more and more, as with any field of inquiry, I come to understand just how little it is I know and how much more there is yet to master.
But it's the end of the year, and for all my practical advice here and there, sometimes it's simply necessary to step back and laugh. So as we close 1996 (I'll save tomorrow's column for end-of-the-year rankings and whatnot), I'm going to turn my place over to Woody Allen today. This passage is from his 1976 book, Without Feathers:
"As one goes through life, it is extremely important to conserve funds, and one should never spend money on anything foolish, like pear nectar or a solid-gold hat. Money is not everything, but it is better than having one's health. After all, one cannot go into a butcher shop and tell the butcher, 'Look at my great suntan, and besides I never catch colds,' and expect him to hand over any merchandise. (Unless, of course, the butcher is an idiot.) Money is better than poverty, if only for financial reasons. Not that it can buy happiness. Take the case of the ant and the grasshopper: The grasshopper played all summer, while the ant worked and saved. When winter came, the grasshopper had nothing, but the ant complained of chest pains. Life is hard for insects. And don't think mice are having any fun, either. The point is, we all need a nest egg to fall back on, but not while wearing a good suit.
"Finally, let us bear in mind that it is easier to spend two dollars than to save one. And for God's sake don't invest money with any brokerage firm in which one of the partners is named Frenchy."
There you have it, Fools, advice from Manhattan's own jester. So as we close 1996, we can cheer another market-beating year. All the details in tomorrow's report. And don't forget, these are the final days to sign up for January's Thoroughbred Stock Challenge. I stop taking entries with the opening bell Thursday morning. Today's Dow Numbers Stock Change Bid ------------------- DD - 1/8 95.75 CHV + 1/2 66.50 MMM - 5/8 84.88 EK - 1/8 82.38 IMN - 3/4 29.38
Day Month Year History
FOOL-4 +0.08% 4.43% 32.12% 32.12%
DJIA -0.18% 0.42% 27.99% 27.99%
S&P 500 -0.39% -0.58% 22.39% 22.39%
NASDAQ -0.28% -0.38% 22.39% 22.39%
Rec'd # Security In At Now Change
1/2/96 142 DuPont 69.88 95.75 37.03%
1/2/96 149 3M 63.76 84.88 33.12%
1/2/96 380 Chevron 52.38 66.50 26.97%
1/2/96 148 E. Kodak 67.00 82.38 22.95%
7/16/96 14 Imation 26.16 29.38 12.30%
Rec'd # Security In At Value Change
1/2/96 380 Chevron 19902.50 25270.00 $5367.50
1/2/96 142 DuPont 9922.25 13596.50 $3674.25
1/2/96 149 3M 9500.09 12646.38 $3146.29
1/2/96 148 E. Kodak 9916.00 12191.50 $2275.50
7/16/96 14 Imation 366.21 411.25 $45.04
CASH $1942.85
TOTAL $66058.48
Transmitted: 12/30/96
|
|||||
|
|||||||