What were you doing 30 years ago today, October 19th, 1987? I was in my fifth year as an Account Executive at Merrill Lynch in Dayton. We had been told for months by the firms’ chief technical strategist, Robert Farrell that there could be a major downward move in the stock market. I learned that tree’s don’t grow to the sky thirty years ago today.
The most memorable moments of the 19th and for the next few days was speaking with individual clients. They were interested in their account values, but they wanted to make sure I was doing OK. They knew that in addition to managing the emotion of the market, I was getting married in five days.
Thirty years after the biggest one day percentage drop in stock market history, the US economy has withstood incredible highs and lows as today the DJIA is 10x the value it was at the close of the market on October 19th, 1987. Similar to marriage you have to have long term belief and commitment. Happy Anniversary to my wife.
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October 19th, 2017