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When the stock market crashed back in October 1987, I was a banking-technology analyst working in San Francisco's financial district.
Known as "Black Monday," Oct. 19 saw the bellwether Dow lose 22.6% of its value in a single day.
My boss called me from New York after the market closed to talk about the impact of the Dow's plunge.
"This is huge," he told me. "It's Kaboom…"
"Hey, this is great news," I said. "They're having a sale on Wall Street."
I'm not making light of the coronavirus correction that has slammed the stock market. I know the current panic is bound to slow the economy as we see travel restricted, events canceled, and businesses temporarily closed.
As a boomer of a "certain age," I have lived through all sorts of events that have either roiled the economy or the market – or both.
We're talking about the Vietnam War, two Arab oil embargoes, and three Gulf Wars. I also had to manage my way through several recessions and witnessed big political upheavals like two presidential impeachments in the last 21 years.
Not only that, but I had to work my way through the "dot-com" bust of 2000-2002 and the Great Recession of 2008.
It'll get worse before it gets better. But as I try to get a sense of the long-term picture here – as I need to, in order to get a sense of how to invest for this situation – here's what I see…
About the Author
Michael A. Robinson is a 35-year Silicon Valley veteran and one of the top technology financial analysts working today. He regularly delivers winning trade recommendations to the Members of his monthly tech investing newsletter, Nova-X Report, and small-cap tech service, Radical Technology Profits. In the past two years alone, his subscribers have seen over 100 double- and triple-digit gains from his recommendations.
As a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs and high-profile industry insiders. In fact, he was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon. And he was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
In addition to being a regular guest and panelist on CNBC and Fox Business Network, Michael is also a Pulitzer Prize-nominated writer and reporter. His first book, "Overdrawn: The Bailout of American Savings" warned people about the coming financial collapse - years before "bailout" became a household word.
You can follow Michael's tech insight and product updates for free with his Strategic Tech Investor newsletter.