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Many Didn't Learn Lessons of 1987

20-Oct-2017

Many Didn't Learn Lessons of 1987

The personal anecdotes about the impact of the 1897 share-market crash should reach a crescendo in Sydney on Friday when the Australian Stockbrokers Foundation hosts a lunch to "celebrate" the largest one-day fall in the history of exchange trading....

One of the more humorous stories came from Gavin Solomon, founder of a platform for trading illiquid securities and assets, who on the Tuesday when the crash hit Australia, bought a brand new 944 Porsche valued at $70,000 for $20,000 from a broker who had a big margin call. "I drove home and my wife hated it." Solomon says. "The broker in question is now worth $50 million to $100 million, is retired and living in Switzerland, while I am still working. Go figure." 

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