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To: Earlie who wrote (36992)	9/12/2005 10:27:30 PM
From: Chispas	Respond to of 116555

Earlie, the crash of '87 happened just before my retirement. My brokerage accounts and my 401K were sitting in 'cash', like money markets, while I was deciding what-to-do because of upcoming retirement. Accidently, I lucked out. But what happened still scared the H... out of me ! Thanks for sharing !!

To: Earlie who wrote (36992)	9/13/2005 11:40:39 AM
From: Tommaso	Read Replies (2) \| Respond to of 116555

My main experience of the crash of 1987 was my utter frustration in having been unable to persuade the trustees of my father's estate to take money out of the stock markets. After the 1987 crash, the bank circulated what was supposed to be a reassuring statemnt saying that there had been bigger one-day drops in the past, especially during the First World War, on November 28, 1914. I wrote them a letter pointing out that the markets had been closed at the outbreak of that war (July 31 to November 28, 1914), and when they opened again the "one-day drop" was entirely due to a change in the way the Dow Jones index was calculated. Stocks themselves were actually higher when the markets reopened. Lots of of people forget entirely about that closing, including Charles P. Kindleberger (see page 146 of "Manias, Panics, and Crashes"). Of course, it is true that in the long run the bank was correct to sit tight with stocks, but it took a couple of years for the accounts to recover from the 1987 crash. Marty Zweig called the 1987 crash alomost precisely on "Wall Street Week."