New York
OCT 19, 1987, was one of the worst days in stock market history. Thirty years later, it would be comforting to believe it couldn't happen again.
Yet that's true only in the narrowest sense: Regulatory and technological change has made an exact repeat of that terrible day impossible. But we are still at risk because fundamentally, that market crash was a mass stampede set off through viral contagion.
That kind of panic can happen again.
I base this sobering conclusion on my own research. (I won a Nobel Memorial Prize in Economic Sciences in 2013, partly for my work on the market impact of social psychology.) I sent out thousands of questionnaires to investors within four days of the 1987...
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