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Quotes of the Day for 29 October 2002 – Black Tuesday

If you're feeling bad about your withered investment portfolio, take heart - it could be worse! For example, on this day in 1929 the market had the infamous selloff called Black Tuesday. The Dow Jones Industrial Average fell 11%, following a 13% drop the day before and a total for the month of 40%, with trading volume double the previous record. The Dow had stood at 386 at the end of September, it was down to 230 on Black Tuesday. Worse, the market didn't recover until early 1932, by which time the Dow was at 40.

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The quotes:

If you have made a mistake, cut your losses as quickly as possible.
     - Bernard Baruch, 1870 - 1965

In the game of life, it's a good idea to have a few early losses, which relieves you of the pressure of trying to maintain an undefeated season.
     - Bill Vaughan

Anyone who thinks there's safety in numbers hasn't looked at the stock market pages.
     - Irene Peter

If stock market experts were so expert, they would be buying stock, not selling advice.
     - Norman Augustine

A laugh is worth a hundred groans in any market.
     - Charles Lamb


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