Today in market history 1923,US economist Merton Miller is born. Miller is most widely known for a theorem he proposed with Franco Modigliani in 1958. Modigliani-Miller states that in the absence of taxes, bankruptcy costs, agency costs and asymmetric information, a company should have no preference between equity or debt financing. This economic theory formed…

Today in market history 2006, the price of gold breaks $700 for the first time since 1980. On an inflation adjusted basis, however, gold’s price was still well below its $2,022 peak. Gold prices went on to rally to $1,895 per ounce by September 2011. Buyers of gold in May 2006 were up 170% in…

Today in market history 2007, after repeated attempts, the Dolan family reaches an agreement to take company Cablevision private for $10.6 billion. In October, Cablevision shareholders rejected the bid for $36.26 per share. The stock would drop to the low 20s by year end as the Financial Crisis took hold. Charles Dolan founded Cablevision in…