We recently passed the 35th anniversary of Black Monday on October 19th, which was the great stock market crash of 1987. Lou Scatigna, CFP® had been in the industry for four years at the time and was launching his own financial firm called AFM Investments with his business partner, Martin Saltzman. Having personally experienced the worst one-day crash in US Stock Market history, Lou can provide some incredibly unique insight about the events surrounding Black Monday.
In this segment from The Financial Physician, Lou discusses what led up to Black Monday, what happened during the crash, and whether or not it can happen again. He also addresses what changes were made to the US Stock Market as a result of the crash.
Your financial advisor is like your doctor. You better have the right one, or you are going to be in trouble.