It was 30 years ago, Oct. 19, 1987, that investors experienced the worst single-day market plunge in history.
The Dow dropped 23 per cent that day, or 508 points.
Stock markets had rallied from 1982 to 1987, following a 16-year bear market, when markets were extremely volatile with big rallies and big selloffs, but remained basically unchanged for more than a decade and a half.
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However, during the 1982 to 1987 bull market, the S&P 500 nearly tripled in value and the TSX doubled.
Then came Black Monday.
The market had run away in 1987, with the Dow gaining almost 14 per cent in January and almost 44 per cent by Aug. 25, before starting to lose ground in October.
That’s when the epic plunge took place that put Oct. 19 in the record books.
With the Dow hitting new record highs almost daily, it may be a time to reflect.
George Santayana’s great maxim was that those who do not learn from history are doomed to repeat it.
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