Daily Note – Forget 1987, think 2011!


  • Beware historical analogies!
  • A mood of sobriety & the covet of safety
  • A Corporate profit recession

Good morning,

The market crash worth thinking about today is not the one that happened on this date in 1987 – the violent rupture that cost the Dow 22% in one day.

The slower, less severe but still painful global mini-crash of 2011 is the one that might have at least a bit of relevance for today’s situation. The ’87 crash was a moment of brutal comeuppance for a market that was heedless and exuberant until a few months earlier. Stocks were up 40% for the year before starting to sputter in August.

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GlobalMacro360 Daily Note 20th October 2015


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