Today is the 30th anniversary of The Great Storm in 1987 – the famous one that the BBC weatherman (Michael Fish) denied would happen.
Sadly there were 13 deaths in the south east of England.
But it also had huge investment implications. The following day (a Friday) the UK stock market had to be closed as no one could get to work. As a result two days of huge falls in the US stock market couldn’t be digested, causing pent-up selling pressure. This weather event therefore played a key role in the mayhem of the following Monday, Black Monday, with bigger falls than the Wall Street Crash of 1929 – to this day they have not been surpassed.
I’ve updated my Ebook: “Short History Of The Great Crash 1987” and you can download it here. There is an interesting array of characters: Del Boy and “Sid”, Thatcher and Greenspan, and Dennehy and Weller. The latter clambering over fallen trees (we were young then!) in Chislehurst on Friday 16th to sell client investments – with some success, despite everything.
Most seriously is Part 6 which looks at the relevance today – it is not the similarities which are a worry but the differences.