Stock Market Volatility

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54.6 Stock Market Volatility 51.5 Current as of August 2, 2020 Annualized standard deviation of daily index-only returns for the Dow Jones Industrial Average over last 7 months 48.5 Current level 8/2/2020 45.4 Volatility Historically, volatility is Average Median Range over 67% COVID-19 42.3 as of higher than its current level, level level of the time The Great 8/2/20 this percentage of the time global Depression pandemic 39.3 45.7% 2.3% 15.7% 13.2% 9.7% - 20.5% The Great Recession 36.2 Black Monday Oct 19, 1987 33.1 The failure of “Portfolio Insurance” 30.1 The Wall Street Crash 27.0 of 1929 13 month long recession of 1937-1938 24.0 20.9 17.8 14.8 11.7 8.6 5.6 1912 1916 1920 1924 1928 1933 1937 1941 1945 1949 1954 1958 1962 1966 1970 1974 1979 1983 1987 1991 1995 2000 2004 2008 2012 2016 2021 Disclosures Author: Rob Brown, PhD, CFA Email: [email protected] Statistics based on data provided by MeasuringWorth at https://measuringworth.com and are current as of the market close on August 2, 2020. Results rely on end-of-day index-only values for the Dow Jones Industrial Average The Dow Jones Industrial Average Index is a price-weighted index of 30 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 30 stocks representing the major industries Indices are unmanaged and cannot be invested into directly. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. Past performance is no guarantee of future results Market volatility is defined as the annualized standard deviation of daily index-only returns for the Dow Jones Industrial Average over the preceding seven months Ideas and concepts are for illustrative purposes only Investment advice offered through Integrated Partners, a Registered Investment Adviser. ©Integrated Financial Partners, Inc..

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Of Crashes, Corrections, and the Culture of Financial Information- What They Tell Us About the Need for Federal Securities Regulation
Missouri Law Review Volume 54 Issue 3 Summer 1989 Article 2 Summer 1989 Of Crashes, Corrections, and the Culture of Financial Information- What They Tell Us about the Need for Federal Securities Regulation C. Edward Fletcher III Follow this and additional works at: https://scholarship.law.missouri.edu/mlr Part of the Law Commons Recommended Citation C. Edward Fletcher III, Of Crashes, Corrections, and the Culture of Financial Information-What They Tell Us about the Need for Federal Securities Regulation, 54 MO. L. REV. (1989) Available at: https://scholarship.law.missouri.edu/mlr/vol54/iss3/2 This Article is brought to you for free and open access by the Law Journals at University of Missouri School of Law Scholarship Repository. It has been accepted for inclusion in Missouri Law Review by an authorized editor of University of Missouri School of Law Scholarship Repository. For more information, please contact [email protected]. Fletcher: Fletcher: Of Crashes, Corrections, and the Culture of Financial Information OF CRASHES, CORRECTIONS, AND THE CULTURE OF FINANCIAL INFORMATION-WHAT THEY TELL US ABOUT THE NEED FOR FEDERAL SECURITIES REGULATION C. Edward Fletcher, III* In this article, the author examines financial data from the 1929 crash and ensuing depression and compares it with financial data from the market decline of 1987 in an attempt to determine why the 1929 crash was followed by a depression but the 1987 decline was not. The author argues that the difference between the two events can be understood best as a difference between the existence of a "culture of financial information" in 1987 and the absence of such a culture in 1929.
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