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Black Monday Memories: Alan Steel told to 'duck down'

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Black Monday Memories: Alan Steel told to 'duck down'

On the 30-year anniversary of the 1987 crash, Scottish-based wealth manager Alan Steel goes back in time and relives the drama.

I flew in from Ibiza on Iberia late on the 18th Oct, unaware of the terrible storms that had hit southern UK and London hard. 

Sevenoaks became Oneoak overnight.  The worst landing ever at Heathrow. Woke up in a central London hotel next morning to the devastation (trees down )everywhere. But even worse was to follow.

A chap on the radio said something about the stockmarket losing a few hundred points. Just like that. I phoned my office who confidently confirmed it looked like a crash. The Dow lost almost 23% that day. Shit.

I was due to have meetings at a leading fund manager that morning. They didn’t go well.

Managers were sitting with their feet up at their desks. Phones were off the hook. It’s a crash said one confidently. It’s a vacuum explained another and then they all buggered off to an Italian restaurant across the road. We joined them.

I wonder what’s happening in America I asked my host…there’s the American and general manager over there he said…go and ask him.  It’s a crash he explained…'best to duck down and let it blow over…as it will….have a glass of Gavi' he explained.

 

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