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#58 John Bogle: Enough: True Measures of Money, Business, and Life
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The Black Monday and the Great Depression
Average dropped an astonishing one day decline of five hundred eight points are almost twenty five percent so that was in 1987 there had never been such a precipitous decline indeed the drop was nearly twice the largest previous daily decline of thirteen percent which took place on Black Thursday which happened in 1929. The laws of probability don't apply to our financial markets for in the speculation driven financial markets there is no reason whatsoever to expect that just because an event has never happened before it can't happen in the future.
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