Warning: “Black Swan” Spotted

by Brian Maher
Daily Reckoning

God doesn’t play dice with the universe, Einstein famously opined. But does He play dice with the stock market?

It’s Monday, Oct. 19, 1987 — “Black Monday.” The stock market plunged a nightmare 22.6%, its largest one-day drop in history.

And by all that’s holy, it never should have happened. No, not just in the sense that regulators were snoozing at their desks or some gasket blew from poor maintenance. It literally… never should have happened.

It was almost statistically impossible.

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