Obermeyer Wood in ColoradoBiz Magazine: “Reflections: 30 Years After Black Monday”
October 18, 2017
“Though it was 30 years ago today, to many Black Monday remains ironed in their memories as though it was only yesterday. On October 19, 1987 the Dow Jones Industrial Average dropped 508 points, roughly 22.6 percent of its value at the time…In the years since 1987 we have come a long way toward understanding what drives stock performance and how to apply it to our portfolios. We got a handful of perspectives from Colorado-based financial advisors and experts on what they remember of Black Monday, what they learned and what might seem eerily similar today.”
WOOD: I had been in business for five years, independently. It was a trying day. The Fed came out and said Monday they would be there; they took the panic out of the market. People were scarred by it.
OBERMEYER: When I think about it and during other market disruptions, you should always keep enough money on the side, sufficient funds to satisfy your normal needs in life. Keep longer-term funds in the stock market. Warren Buffet said: In the short-term, the market is a voting machine; in the long-run it’s a weighing machine.
WOOD: Know what you own and why you own it.
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