1. Black Swan Octobers
The infamous Black Monday of October 19, 1987 has been remembered in the United States as the worst-ever one-day stock market decline. In merely one day, the market bellwether, the Dow Jones Industrial Average, dropped 508 points, losing 22.6 percent of its market value from the previous Friday’s closing. However, as heart-stopping as it was to watch the selling chaos minute by minute—if Wall Street believers in long-term equity investing stayed true to their preaching, the event might have hardly warranted more than a footnote.