Event #1: Stock Market BubbleDrawdowns and RecoveriesEnron, California, & Natural GasSeptember 11, 2001Event #2: Long Term Capital Management CollapseWho Lost?Who Won?Event #3: Asian Contagion and Victor NiederhofferNiederhoffer Confuses Trend FollowingEvent #4: Barings Bank MeltdownWho Won?Event #5: MetallgesellschaftFinal ThoughtsThe 1987 Stock CrashThe First Gulf WarThe Coming StormKey Points