Word: lynch
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When he finished playing 18 holes at Killarney on the morning of Black Monday, it was two hours prior to the opening of the New York Stock Exchange because of the five-hour transatlantic time difference. Lynch called up his traders with sell orders, since the wave of redemption requests had swelled over the weekend. On his list of stocks to be dropped: Abbott Laboratories, Amoco, Capital Cities/ABC and many more. Then Lynch traveled to the small coastal town of Dingle and checked in at the Sceilig Hotel just before 2:30 p.m., as the 9:30 a.m. starting bell...
Between 10 p.m. and 2 a.m., as Carolyn repacked to go home, Lynch plotted his strategy for the next day. Realizing that he would have to sell a huge bundle of stocks to meet redemptions, he decided to concentrate on unloading issues that were down only 10% or so, rather than take heavy losses on shares that had taken a worse beating. In particular, he chose to sell many of the British stocks in the Magellan portfolio, since the London Exchange had not fared as badly as Wall Street. But even as Lynch was deciding what to sell...
...soon as Lynch reached the Shannon Airport on Tuesday at 10 a.m., he called one of his traders, Barry Lyden, who had arrived at Fidelity's main office in Boston before dawn. Twice the call went dead, until Lynch pleaded with the Irish operator to stay on the line because "we're talking about hundreds of millions of dollars here...
Boarding the plane, Lynch felt "like a prizefighter who knows that in six hours he will walk into the ring." Despite his confidence that the market would bounce back, he was troubled by fears and doubts, just like every other investor, large or small, during the historic crash. He thought about his mother, who lived through 1929 and "always said you should never own stocks." He wondered, "Maybe this is the start of the real thing." Most of all, he thought of the people who had bet on him, though he had always told them up front that...
...office, where he worked on what is now known as Terrible Tuesday until just before midnight. Though the blue-chip stocks in the Dow staged a rally, the rest of the market took a drubbing again. The price of a Magellan share fell by another 2%. Says Lynch: "Tuesday was the worst day of my career...