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Old 10-15-2017, 12:10 PM   #21
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I was fully invested. My then-fiance was a portfolio manager for a small cap money manager. Exciting times. We used to (partially) joke about staying off the sidewalks in the financial district to avoid being hit by a falling money manager.

The fact that it wasn't easy to do transactions back then - no real internet - made it a bit easier to just ride it out. It was a fairly short but severe event.
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Black Monday 1987
Old 10-15-2017, 12:31 PM   #22
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Black Monday 1987

Good thing we couldn't check our portfolio balance online back then.

Out of ignorance I stayed in the market.

I was a new investor. Three years earlier my dad advised me to put 10% of my pretax salary every month into my 401K so I did, 100% into stocks ( wonderful advice!).

To me, it was a large amount invested ( about 1/3 of my annual income at the time), especially with young wife and a new baby.
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Old 10-15-2017, 12:37 PM   #23
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I was fully invested. My then-fiance was a portfolio manager for a small cap money manager. Exciting times. We used to (partially) joke about staying off the sidewalks in the financial district to avoid being hit by a falling money manager.

The fact that it wasn't easy to do transactions back then - no real internet - made it a bit easier to just ride it out. It was a fairly short but severe event.
It wasn't too easy to trade, correct.

However the brokerages that love to churn their clients accounts, increasing fees, had a field day.

Imagine the poor folks who trusted ED and received a phone call about the market tanking. Many blindly followed bad advice.
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Black Monday 1987
Old 10-15-2017, 12:54 PM   #24
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Black Monday 1987

I remember stories of people trying to sell but couldn't get through to their brokers by phone. Some got through but brokers were unable to execute the orders esp for individual investors. It could have been a bigger drop. In the long run it was better to ride it out. I had a tiny brokerage account and a small 401k. I think we could only make changes to the 401k on the 15th and last day of the month.
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Old 10-15-2017, 12:57 PM   #25
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I remember telling my friends that the market was too high and sold all our stock the Thursday before. A couple weeks later my Mother observed that Exxon was a bargain. Bought some. Stood pat until it comprised over half our investments (maybe 5 years) then sold and purchased Magellan.
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Old 10-15-2017, 01:03 PM   #26
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I sold all my company stock to buy a Corvette the week before, sometimes it pays to be a spendthrift
I worked with a fellow who sold all his or at least a lot of his investments, so he could buy a $300,000 home just before the big tech bubble burst. He was happy
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Old 10-15-2017, 01:26 PM   #27
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We were 32 years old with a 3 year old and a 9 month old. We had savings in CDs and savings accounts and no investments in the stock market.

I had a family member whose husband was off on a business trip to Japan. He called home in a horrible panic because he had bought a lot of stock "on margin". The wife didn't know about any of it, or maybe she just didn't pay attention. He had borrowed on the house or maybe a personal loan or something and this put them in deep trouble. He thought he was smart, she was happy to be kept in the dark and trusted him to "handle everything". This was the beginning of the end of their marriage which lasted a few more years in misery.

At the time I had to look up "on margin" to understand what she was talking about.
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Old 10-15-2017, 01:30 PM   #28
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I remember, I was one of the lucky ones. I had nothing in the market, recognized it as a buying opportunity and went all in on Oct 20th - $20K, it was all we had. Had a three-bagger within 3-4 months. It’s been a great ride ever since.
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Old 10-15-2017, 02:05 PM   #29
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I have money in the market, but not much compared to today...

The thing that was more interesting is how fast it dropped at the end of the day... I was on the phone with a friend who was watching some TV news coverage of the decline and he was giving me updates as we spoke... I think it dropped 150 to 200 points while he was talking...


I changed nothing... I still had money taken from my paycheck and invested 100% into stocks...
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Old 10-15-2017, 02:12 PM   #30
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I was clueless and busy working.
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Old 10-15-2017, 02:21 PM   #31
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I remember stories of people trying to sell but couldn't get through to their brokers by phone. Some got through but brokers were unable to execute the orders esp for individual investors. It could have been a bigger drop.
Those were true stories. Many of the back end systems that processed redemptions were unavailable most of the day.

Yes if everything went through or if individual investors had internet capabilities to redeem their funds it could have been much worse.

I learned a new parameter that day IEALIMIT.
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Old 10-15-2017, 03:00 PM   #32
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I was about six months into my first job out of college - working at an S & L in southern CA after receiving my bachelor's degree in Finance. A good friend of mine was the computer programmer for a commodities trader that won an annual contest that year for turning $10,000 into over $1million (real money, not hypothetical) that year, most of it during that week. He called me multiple times during the day, very excited, updating me on what was going on and how much much they were up.

The employer had previously written a book titled, "How I Made One Million Dollars Trading Commodities Last Year". After the week of Black Monday, they put a banner up in his office changing the title to read "In One Week".
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Old 10-15-2017, 03:13 PM   #33
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I was at Laural Park race course that afternoon sucking down Vodka and placing all my hard earned dollars on Lucky Ducky to win in the 7th. Good thing he lost as my gambling "bottom" came sooner.

I bought my first stock (Boeing) a year or two later and was astounded by the fact that someone paid me (dividends) to own shares of a company.

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Old 10-15-2017, 03:18 PM   #34
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I remember it well. Not that I had any money in the market other than a few years of 401k investments.

I was working in D.C., running a conference on that day so locked in a hotel with no media. As our speakers arrived throughout the day they would give us updates on the market crash. A friend and former co-worker was supposed to be our last speaker. He and a colleague at the WSJ had written a book on the 1986 tax law. When he called to say he had to cancel because he was writing a story for the front page of the Journal the next day, I was irked. What, you’re cancelling on me! (He sent his co-author so it all worked out.) Only that evening did I realize the magnitude of what had happened.
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Old 10-15-2017, 03:24 PM   #35
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I was 32, so still
Working and not a lot in the market. Stayed the course, kept saving and now it's a minor blip on my net worth chart. Lesson learned.
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Old 10-15-2017, 03:31 PM   #36
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At age 31 it was the first single day 5 figure loss I experienced. There was no panic since I had a good job and with DW and three kids retirement was far on the back burner
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Old 10-15-2017, 04:11 PM   #37
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I didn't even know it happened. I was 3 years in on my first job had a small amount in a 401k and had a dead line at work.
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Old 10-15-2017, 04:36 PM   #38
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I had nothing in the market at the time, but I was a huge fan of Apple computers and bought its stock. One of the best investments I ever made.

In later years, I've done the same -- bought AAPL whenever it was completely beaten down and people were predicting its death. All excellent investments.
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Old 10-15-2017, 06:07 PM   #39
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I remember telling my friends that the market was too high and sold all our stock the Thursday before. A couple weeks later my Mother observed that Exxon was a bargain. Bought some. Stood pat until it comprised over half our investments (maybe 5 years) then sold and purchased Magellan.
Damn! Solid moves in the marketplace. Nice
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Old 10-15-2017, 06:14 PM   #40
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I recall it vividly. Was a Sophomore in college and learned about it watching Peter Jennings ABC nightly news. No investments so no skin in the game but followed the stock market since 1980.
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