Irrational Exuberance and the Dow

From The New Yorker, January 15, 1966

Little did Hayden Stone or the rest of Wall Street know, but the DJIA's mid 1960's high (1,000!) marked the end of the great post-World-War-II investment boom.

Stocks staggered on through the Go-Go Years, but not until 1982 did the market begin its next great advance. Hayden Stone itself did not survive the 1970's.

In the long run, of course, Hayden Stone was right. Families whose founders invested boldly in 1966 and stayed the course now enjoy the fruits of a DJIA that just hit 20,000.