The Crash of ’87, from the Wall Street Players Who Lived It
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Re: The Crash of ’87, from the Wall Street Players Who Lived It
#2The stories are interesting to get a sense of what things were like, but they fall short as evidence of who knew what was going on in the moment. Holding up a stock analyst who "saw it coming" is survivorship bias in the extreme.
Re: The Crash of ’87, from the Wall Street Players Who Lived It
#3Paywalled.
So I can't determine whether the author reports the effect of an FBI undercover operation running out of the Chicago Board of Trade's commodity pits. An untrained (not with respect to guns, of course) undercover agent was trading with the FBI's practically unlimited money. His wild card futures trading negatively affected those commodity prices, which in turn affected stock prices, which in turn...you get the picture.
Re: The Crash of ’87, from the Wall Street Players Who Lived It
#4Paywalled. So I can't determine whether the author reports the effect of an FBI undercover operation running out of the Chicago Board of Trade's commodity pits. An untrained (not with respect to guns, of course) undercover agent was trading with the FBI's practically unlimited money. His wild card futures trading negatively affected those commodity prices, which in turn affected stock prices, which in turn...you get…
Bloomberg paywalls? (I was able to click through the headline and see the article)
Out of curiosity what's Bloomberg's paywall trigger?
Re: The Crash of ’87, from the Wall Street Players Who Lived It
#5This happened just after the Great Storm of 1987 which hit the UK on the 15th-16th October. Wikipedia has the following slightly unbelievable snippet:
"Following the storm few dealers made it to their desks and stock market trading was suspended twice and the market closed early at 12.30pm. The disruption meant the City was unable to respond to the late dealings at the beginning of the Wall Street fall-out on Friday 16 October, when the Dow Jones Industrial Average recorded its biggest-ever one-day slide at the time, a fall of 108.36. City traders and investors spent the weekend, 17–18 October, repairing damaged gardens in between trying to guess market reaction and assessing the damage. 19 October, Black Monday, was memorable as being the first business day of the London markets after the Great Storm.
Re: The Crash of ’87, from the Wall Street Players Who Lived It
#6Paywalled. So I can't determine whether the author reports the effect of an FBI undercover operation running out of the Chicago Board of Trade's commodity pits. An untrained (not with respect to guns, of course) undercover agent was trading with the FBI's practically unlimited money. His wild card futures trading negatively affected those commodity prices, which in turn affected stock prices, which in turn...you get…
Bloomberg paywalls? (I was able to click through the headline and see the article) Out of curiosity what's Bloomberg's paywall trigger?
Sometime in the last few months they've begun paywalling more and more content on Bloomberg.com. They had been doing that with their Businessweek division for a long time.
They have a note at the paywall cut-off that says (summarizing): sign-up for a free Bloomberg account to get unlimited access to articles (portfolio tracker, video content, etc).
Opening a new incognito browser seems to bypass the paywall, so I guess they're using a basic cookie check for now (5-6 articles in N time). They're nudging people to free accounts, so I guess they're not looking to be overly aggressive just yet.
Re: The Crash of ’87, from the Wall Street Players Who Lived It
#7A side note, and I'm really hoping someone can explain this. What benefit does the stock market provide to us?
I understand investing in companies, but for me, and I'll admit a completely naive person to this whole system, it seems to have taken an 'inbest in company with money to help them succeed', to a 'who cares let's just cut and run to make the best profit'.
I'm perfectly willing to take a link to a great explanation at this point btw.
Re: The Crash of ’87, from the Wall Street Players Who Lived It
#8A side note, and I'm really hoping someone can explain this. What benefit does the stock market provide to us? I understand investing in companies, but for me, and I'll admit a completely naive person to this whole system, it seems to have taken an 'inbest in company with money to help them succeed', to a 'who cares let's just cut and run to make the best profit'. I'm perfectly willing to take a link to a great expla…
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Re: The Crash of ’87, from the Wall Street Players Who Lived It
#9A side note, and I'm really hoping someone can explain this. What benefit does the stock market provide to us? I understand investing in companies, but for me, and I'll admit a completely naive person to this whole system, it seems to have taken an 'inbest in company with money to help them succeed', to a 'who cares let's just cut and run to make the best profit'. I'm perfectly willing to take a link to a great expla…
Think about how something like, say, Heroku would look to someone outside the tech industry - so this is a company where people submit programs and they run them - not even on their own computers, but on Amazon's computers - and somehow that's something that makes a profit?
There are lots of small intermediaries in finance, like in any industry. They make money because they provide services that others find valuable.
Re: The Crash of ’87, from the Wall Street Players Who Lived It
#10A side note, and I'm really hoping someone can explain this. What benefit does the stock market provide to us? I understand investing in companies, but for me, and I'll admit a completely naive person to this whole system, it seems to have taken an 'inbest in company with money to help them succeed', to a 'who cares let's just cut and run to make the best profit'. I'm perfectly willing to take a link to a great expla…
Think about how something like, say, Heroku would look to someone outside the tech industry - so this is a company where people submit programs and they run them - not even on their own computers, but on Amazon's computers - and somehow that's something that makes a profit? There are lots of small intermediaries in finance, like in any industry. They make money because they provide services that others find valuable.
I still don't understand. (this may be because I am not familiar with Heroku aside from hearing about it in passing).
Thanks for trying though. Edit: I'm editing further to ask more
Edit2: so you said that they make money because they provide services. What services could you offer when (from what I can see): Company A: wants investors. So promises them a portion of profit based on investment.
I can't see any value from any other provider there.
Now I may be wrong, and I'll admit straight off the bat I have * no idea * how it all works, but it seems to meet that there isn't any other value provided to the company, or to the initial investor aside from, buy these shares of the company, hold these shares, or I want to sell these shares.