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STT Week end 21st October 2022, page-5

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grant

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21/10/22

21:29

Post #: 64330864
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Originally posted by Malaga: ↑

Welcome to week end. Little trip back in time. Thirty five years ago on October 19 1987 Black Monday share market crash occurred. Trader's came back from week end to panic selling and market falls of 20%. Prior to this day I was in Perth and it was boom times, the likes of Bond, Holmes a court, Dempster and Connell were part of the WA four on the floor market. Not uncommon to see cafe owner's driving Ferrari's and the car of up and coming desire was a Saab convertible. It all started unravelling in October, I was not in sharemarket but had one house and just bought a block in Northern Beachfront of Perth.
Lot of fear and panic as most had never seen anything like it before. My accountant was real calm and remember her advice. Fortunes will be made and fortunes will be lost in next couple of years, money has to go s0mewhere. The money went to real estate and building boom with prices in Perth doubling in 12 months. Then the spoilers came and raised interest rates. Do not know what I learnt from it but probably be careful of following the herd. The people bragging about share wealth suddenly went quiet. Then the people bragging about real estate got hit with 18% interest rates.
Anyway maybe will not happen again. Just History.

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Holmes a Court?

Quick story:
Halls Creek WA, 80s, could he drink? Nearly outdid me in a mammoth session.
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