I remember it well. My senior editor, JLM, had turned on a radio in his office to follow the events, which was without precedent. I didn't have any money in the market in those days, but I was concerned about the possibility of another Great Depression.
Here's a nice retrospective on the events of that day.
The 1929 crash was down 13% in one day. Black Monday in 1987 was down 22%, bringing the three-day loss to about 33%.
According to the New York Times DealBook, the Duke and Duchess of Sussex have made a deal with Ethic, a fintech provider of ESG portfolios. The Duchess apparently intends to market Ethic’s services as ESG for ordinary people like herself:
“From the world I come from, you don’t talk about investing, right? You don’t have the luxury to invest. That sounds so fancy.”Back in 2013, when this blog saluted Sioux City’s street of trust companies, South Dakota seemed an unlikely addition to the list of states that promote upscale financial services by offering to keep family assets safe in trusts – trusts that can last a long, long time.
Now the Pandora papers reveal that South Dakota has become a world class, $367 billion tax haven. Handsome office buildings have replaced the old mail-drop trust offices.
Who ever imagined that South Dakota would one day be compared to Switzerland and the Cayman Islands?
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