In a special series, leading City figures give us their recollections of the Black Monday, 30 years on from the great stock market crash of 1987. Giles Hargreave, co-manager of the Marlborough Special Situations fund, recalls braving the storm aftermath in his battered Bentley.
I’d just started my own business, Hargreave Investment Management.
I remember very clearly running round Richmond Park on the Sunday and there’d been this most fantastic storm and trees had been knocked down all over the place and, as a result of all the damage, a lot of people couldn’t get into work on Monday.
I made it into our offices in Mount Street in Mayfair though, in the very battered old Bentley I was driving at the time, and I was watching what was happening in the market and thinking this was all pretty alarming.
I’m pleased to say that we survived quite happily though. If you look at what happened, essentially there was a big upward blip in 1987 and then in October the market fell back sharply to where it had been before.
But, if you take a three-year view, it wasn’t a big deal at all. In fact it meant there was an opportunity to do some buying at attractive prices.