FOR the record, I watched the entire session on the only real financial media cable channel, the Financial News Network (FNN), from 9 a.m. that morning until 10 p.m. that night.
October 19, 1987 was one of the most terrifying days in US history that I had ever lived through and watching the closing bell and market coverage afterwards was sobering; and I was not even invested in the markets at that point in time.
At about 16 minutes into the first video is an interview with legendary investor Paul Tudor Jones, who was President of Tudor Investments at this time. Listen to what he says about equities being overvalued and reflect on what is happening today.
John Bollinger’s commentary is also worth noting as his analysis of the situation was sobering.
In the second half of these videos, Ed Hart, one of the greats of financial media history offers some sobering reality to what that time was a generation of permabulls who never thought it was possible for markets to perform as they just had.
“The world is too heavily leveraged for such a quick return to reality” has to be some of the most sobering words I have ever heard.
Perhaps our current financial and political leaders might want to listen to that statement by Ed Hart and reflect on the house of cards they have constructed.
(Thank you to YouTube and the user Mr.Infinity for preserving these videos and posting them. My VHS copies were corrupted decades ago.)
