I came to Wall St. in May 1987, one week out of LeMoyne College with my Political Science Degree and a head full of excitement. When I got to NYC, I knew very little about the markets (or anything else). I remember a bunch of guys in the research department were shorting the market aggressively because “it just can’t keep going up.” I remember the head of the area telling them the market can stay irrational longer than they can stay liquid. True to form, they all got killed because the market did keep going up – an additional 15% by the August peak. Of course they were proved correct by the 1987 crash, but they had run out of ammo to win the negative bet.
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