What history tells us about the risk of a market crisis today

Stock market rallies don’t last forever — here’s what history suggests could come next.

Transcript

00:00I've read all the histories of really the Wall Street and the city of London even before that

00:04and now I've written something that I think falls into that category is you know kind of a fun

00:09adventure style a bit of history as well and you know history tells you that Wall Street doesn't

00:13go that long without some sort of crisis I mean again there were five during the course of my

00:17firm's 25 plus years as an independent firm and there were many before that earlier in my career

00:23when I was a young banker at Morgan Stanley we had the October 1987 stock market crash so these

00:28things come frequently probably what worries me the most is just the great uncertainty about what

00:34is the desired policy going forward or you know are the tariffs sort of a you know a negotiating

00:39point are they a bit of a bluff we try to get other nations to treat the United States more favorably

00:45or are we really talking about remaking the American economy are we talking about closing factories

00:50overseas and bringing them home to America if so who's going to staff those factories who's going

00:54to pay to build those factories how long is it going to take to build those factories you know

00:58there's just a tremendous uncertainty in markets right now and I think that's weighing on investors minds