Monday, October 19, 2009

Black Monday, 22 years later.........

I remember it well. Our 6 a.m. morning meeting at the LaJolla offices of Drexel Burnham Lambert in LaJolla, with Walter J. Shaw calling the shots.

It was a day of buying by my clients. People calling in and simply saying just get me in. It was a handsome day for buyers. The hours it took to get purchase confirmations back was amazing. The dazed look on our wire operator, Robin Drake's face that day will never be forgotten. The scrolling news off of Dow Jones should have been kept forever.

I never thought about my future that day only that maybe our entire industry was finished. It was a 22% decline on 508 DOW points on 604 million shares.

By todays standards nothing more than a yawn on the volume side.

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