Speed Kills

On Black Monday, when the Dow Jones Industrial Average plunged 508 points, I made money. Lots of money. I am a trader on the CBOE. For about a year I had been expecting a crash more dramatic than the crash of 1929. In fact I wrote almost all of what follows, predicting a crash, for national review some months ago.

Unfortunately, because the reasons for the crash were built into the very structure of modern financial markets, it was impossible to predict very far in advance exactly when the crash would come. What was clear was that we were ripe, so I positioned myself appropriately and waited.

AR

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Andrew Redleaf

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New York Stock Exchange

On Black Monday, when the Dow Jones Industrial Average plunged 508 points, I made money. Lots of money. I am a trader on the CBOE. For about a year I had been expecting a crash more dramatic than the crash of 1929. In fact I wrote almost all of what follows, predicting a crash, for national review some months ago.

Unfortunately, because the reasons for the crash were built into the very structure of modern financial markets, it was impossible to predict very far in advance exactly when the crash would come. What was clear was that we were ripe, so I positioned myself appropriately and waited.