Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:On Black Monday, Even Bogle Took Investors' Calls Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 19, 2012

On Black Monday, Even Bogle Took Investors' Calls

News summary by MFWire's editors

On October 19, 1987 -- Black Monday -- the Dow suffered its worst single-day loss in history. MarketWatch's Chuck Jaffe writes that today, twenty-five years later, everybody who was there still remembers that day -- even if they don't remember how much they lost.

For his latest column, Jaffe spoke with Vanguard founder Jack Bogle, Lipper founder Michael Lipper and current Zebra Capital Management chair Roger Ibbotson about their memories from Black Monday.

Bogle recalled taking 106 of the more that 10,000 phone calls that flooded the office. Afterward, he institutec a "Swiss Army" policy in which everybody at Vanguard, execs included, "not only had to be a citizen but a soldier." Translation: everybody is a phone rep during crises.

But the real lesson from Black Monday, Jaffe writes, is the market's quick recovery -- in the following weeks it "went on its merry way," as Bogle said.

Jaffe gives the last word to Vanguard's founder:
I canít tell you what the market is going to do next, and I agree that there are a lot of scary things out there. But I know that the value of good businesses will keep on growing, and that it will be higher in the future than it is today. If you can hang on through the tough times ó if you donít just do something, you stand there ó you will get to look back and laugh at how these things made you nervous and all of the mistakes you might have made if you let the news and the headlines and the emotions get the best of you.
 

Edited by: Chris Cumming


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use