$5T market value wiped
Dot-com 2000Short
$5T+ market value wiped 2000-2002
Source: Gainhut
17 Super Bowl ads dot-coms
Dot-com 2000Short
17 dot-coms in single Super Bowl 2000
Source: HistoryOasis
89% Dow drop peak-to-trough
1929 CrashShort
Dow -89% peak 1929 to trough 1932
Source: encyclopedia
AIG $182B bailout
GFC 2008Short
AIG $182B bailout (CDS exposure)
Source: encyclopedia
Argentina default Dec 2001
Argentina 2001-02Short
Argentina $93B default Dec 2001
Source: encyclopedia
August 17 1998 default
Russia 1998Short
Russia defaulted on local debt Aug 17 1998
Source: encyclopedia
Bailout $50B IMF/US
Tequila CrisisMulti
$50B IMF + US bailout for Mexico
Source: encyclopedia
Bear Stearns failure March 2008
GFC 2008Short
Bear Stearns - JPM took over March 2008
Source: encyclopedia
Bernanke Friedman analysis
Great DepressionMulti
Bernanke Friedman: monetary policy main cause
Source: encyclopedia
Bill Hwang $20B blowup
Archegos 2021Short
Archegos Capital -$20B March 2021
Source: encyclopedia
Black Tuesday Oct 29 1929
1929 CrashShort
Black Tuesday market crash 1929
Source: encyclopedia
Brady Bonds resolution 1989
Latin Debt 1982Multi
Brady Bonds resolved LATAM debt crisis
Source: encyclopedia
Brady Commission report 1988
Black Monday 1987Multi
Brady Commission led to circuit breakers
Source: encyclopedia
Burry CDS shorts $700M profit
GFC 2008Long
Burry $700M from CDS shorts
Source: encyclopedia
Burry early skeptic 1999-2000
Dot-com 2000Long
Burry shorted dot-com early 1999
Source: encyclopedia
Capital controls Malaysia
Asian Crisis 1997Multi
Malaysia imposed capital controls
Source: encyclopedia
Circuit breakers introduced
Black Monday 1987Multi
Circuit breakers post-1987
Source: encyclopedia
Common patterns 9 crises
LessonsMulti
Common - leverage + carry + tail-blindness
Source: encyclopedia
Convergence trade leverage 25-50x
LTCMShort
LTCM 25-50x leverage on convergence trades
Source: encyclopedia
Copper-cornering attempt Heinze
1907 PanicMulti
Heinze copper-corner attempt = trigger
Source: encyclopedia
Corralito bank-deposit freeze
Argentina 2001-02Short
Corralito - bank-deposit freeze
Source: encyclopedia
Credit Suisse $5B loss
Archegos 2021Short
Credit Suisse $5B loss from Archegos
Source: encyclopedia
Credit Suisse rescue UBS
SVB 2023Multi
UBS forced takeover of CS March 2023
Source: encyclopedia
Currency board collapse
Argentina 2001-02Short
Currency-board peg collapsed 2002
Source: encyclopedia
Cyprus deposit haircut 2013
Eurozone 2010-12Short
Cyprus bail-in 2013 - depositor haircut
Source: encyclopedia
Debt-ceiling brinkmanship
US Debt 2011Multi
2011 debt-ceiling brinkmanship
Source: encyclopedia
Dutch tulip bubble 1637
Tulip ManiaMulti
First documented asset bubble - tulip bulbs
Source: Gainhut
ESM EFSF bailout funds
Eurozone 2010-12Multi
ESM/EFSF eurozone bailout mechanisms
Source: encyclopedia
FXCM Alpari blowups
SNB 2015Short
FXCM Alpari blowups from CHF spike
Source: encyclopedia
Feb 5 2018 XIV blowup
Volmageddon 2018Short
XIV inverse VIX ETN -90% in day
Source: encyclopedia
Fed Reserve Act 1913 result
1907 PanicMulti
1907 Panic led to creation of Federal Reserve 1913
Source: encyclopedia
Fed tightening too late
1929 CrashMulti
Fed tightening too aggressive in 1928-29
Source: encyclopedia
Fed unlimited QE March 2020
COVID 2020Multi
Fed unlimited QE backstop everything
Source: encyclopedia
Fed-orchestrated bailout $3.6B
LTCMMulti
NY Fed orchestrated $3.6B bank bailout
Source: encyclopedia
GBPUSD flash crash Oct 2016
Brexit 2016Short
GBPUSD flash crash -6% Asian session Oct 2016
Source: encyclopedia
Glass-Steagall response 1933
Great DepressionMulti
Glass-Steagall separated commercial / investment banking
Source: encyclopedia
Greek 53% PSI haircut 2012
Eurozone 2010-12Short
Greek PSI 53% haircut 2012
Source: encyclopedia
Greek debt crisis 2010
Eurozone 2010-12Short
Greek debt crisis began 2010
Source: encyclopedia
Hong Kong closed 4 days
Black Monday 1987Short
HK exchange closed 4 days post-crash
Source: HistoryOasis
Hong Kong overnight rate 280%
Asian Crisis 1997Multi
HK overnight rate spiked to 280% defending peg
Source: HistoryOasis
Iceland banking failure
GFC 2008Short
Icelandic banks all failed Oct 2008
Source: encyclopedia
Indonesia Suharto fall
Asian Crisis 1997Multi
Suharto fell from currency crisis 1998
Source: encyclopedia
J.P. Morgan single-handedly saves
1907 PanicMulti
JPM locked 120 officers in library $25M
Source: HistoryOasis
Jan 2021 short squeeze
GameStop 2021Long
GME +1500% short squeeze Jan 2021
Source: encyclopedia
John Law's Mississippi Bubble
Mississippi 1720Multi
Mississippi Co bubble France 1720
Source: encyclopedia
Jun 23 2016 referendum
Brexit 2016Short
Brexit vote shock GBP -8%
Source: encyclopedia
Knickerbocker Trust failure
1907 PanicShort
Knickerbocker Trust collapse trigger
Source: encyclopedia
Korea $58B IMF bailout
Asian Crisis 1997Multi
Korea $58B IMF bailout 1997
Source: encyclopedia
LDI pension forced sale
2022 Bond CrashShort
UK LDI pension forced gilt selling
Source: encyclopedia
LTCM trigger
Russia 1998Short
Russia default triggered LTCM collapse
Source: encyclopedia
Lehman Sept 15 2008
GFC 2008Short
Lehman bankruptcy Sept 15 2008
Source: encyclopedia
Limit Up/Limit Down rules
Flash Crash 2010Multi
LULD rules post-flash-crash
Source: encyclopedia
Long-Term Capital Management 1998
LTCMShort
LTCM $4.6B loss collapse
Source: encyclopedia
Lost decades ZIRP deflation
Japan 1989Short
Lost decades - deflation + ZIRP
Source: encyclopedia
Mackay Extraordinary Popular Delusions
Tulip ManiaMulti
Mackay 1841 - foundational bubble lit
Source: encyclopedia
March 2020 -34% S&P 33 days
COVID 2020Short
S&P -34% in 33 days March 2020
Source: encyclopedia
Margin debt excess
1929 CrashShort
Excessive margin debt amplified crash
Source: encyclopedia
May 6 2010 Dow -1000
Flash Crash 2010Short
Flash Crash May 6 2010 Dow -9% intraday
Source: encyclopedia
Melvin Capital -53%
GameStop 2021Short
Melvin Capital -53% Jan 2021
Source: encyclopedia
Mexico Dec 1994 peso devaluation
Tequila CrisisShort
Mexican peso 50% devaluation Dec 1994
Source: encyclopedia
Mexico default August 1982
Latin Debt 1982Short
Mexico Aug 1982 - couldn't service debt
Source: encyclopedia
Nasdaq peak Mar 10 2000 5048
Dot-com 2000Multi
Nasdaq peak Mar 10 2000 - 5048
Source: encyclopedia
Navinder Sarao spoofing
Flash Crash 2010Multi
Sarao spoofing convicted 2015
Source: encyclopedia
Negative WTI April 20 2020
COVID 2020Short
WTI -$37 April 20 2020
Source: encyclopedia
Newton lost £20K
South Sea 1720Multi
Newton: "I can calculate the motions of stars not madness of men"
Source: encyclopedia
Nikkei 38915 peak Dec 1989
Japan 1989Multi
Nikkei 38915 high 1989
Source: encyclopedia
Nikkei recovers 35y later 2024
Japan 1989Long
Nikkei reclaimed 1989 high in 2024
Source: encyclopedia
No central bank vulnerability
1907 PanicMulti
Lesson - need central-bank lender of last resort
Source: encyclopedia
Nobel Laureate Scholes Merton
LTCMMulti
LTCM founded by Nobel laureates
Source: encyclopedia
OPEC oil embargo crash
1973-74Short
1973 OPEC embargo + Watergate market crash
Source: encyclopedia
Oct 19 1987 Dow -22.6%
Black Monday 1987Short
Largest single-day Dow drop -22.6%
Source: HistoryOasis
P/E 60+ at peak
Japan 1989Multi
Japan P/E 60+ at 1989 peak
Source: encyclopedia
PIIGS spreads blew out
Eurozone 2010-12Short
PIIGS sov spreads blew wide
Source: encyclopedia
Paper money inflation Law
Mississippi 1720Multi
Paper-money over-issuance crisis
Source: encyclopedia
Pegged currencies vulnerability
Asian Crisis 1997Multi
Lesson: pegged currencies vulnerable to attack
Source: encyclopedia
Pets.com sock puppet
Dot-com 2000Short
Pets.com IPO 2000 bankrupt 9 months later
Source: encyclopedia
Portfolio insurance amplified
Black Monday 1987Short
Portfolio insurance forced selling
Source: encyclopedia
Real-estate bubble Imperial Palace
Japan 1989Multi
Tokyo Imperial Palace > California land value
Source: encyclopedia
Reserve buildup post-crisis
Asian Crisis 1997Long
Asian countries built FX reserves post-crisis
Source: Wikipedia
Robinhood PFOF reform pressure
GameStop 2021Multi
GME drove PFOF reform pressure
Source: encyclopedia
Ruble devaluation 1998
Russia 1998Short
RUB devaluation 1998
Source: encyclopedia
SNB EUR/CHF floor removal
SNB 2015Short
SNB Jan 15 2015 removed CHF floor
Source: encyclopedia
Sarbanes-Oxley result 2002
Dot-com 2000Multi
SOX 2002 reform post-Enron
Source: encyclopedia
Securities Act 1933 1934 reform
Great DepressionMulti
SEC created securities regulation post-1929
Source: encyclopedia
Short-vol unwinding cascade
Volmageddon 2018Short
Short-vol cascade Feb 2018
Source: encyclopedia
Silicon Valley Bank March 2023
SVB 2023Short
SVB collapsed March 10 2023
Source: encyclopedia
Single bulb > Amsterdam house
Tulip ManiaMulti
Single bulb > canal-house value at peak
Source: Gainhut
Smoot-Hawley tariff exacerbated
Great DepressionMulti
Smoot-Hawley tariffs amplified Depression
Source: encyclopedia
South Sea Company bubble UK 1720
South Sea 1720Multi
South Sea Bubble UK 1720
Source: encyclopedia
Speculative bubble psychology
Tulip ManiaMulti
Mass-psychology bubble framework
Source: encyclopedia
Stagflation lessons
1973-74Multi
Stagflation - high inflation + recession
Source: encyclopedia
TARP $700B program
GFC 2008Multi
TARP $700B Troubled Asset Relief
Source: encyclopedia
Tesobonos dollar-linked debt
Tequila CrisisMulti
Tesobonos dollar-linked exacerbated
Source: encyclopedia
Thai baht collapse July 1997
Asian Crisis 1997Short
Thailand devalued July 2 1997 - crisis trigger
Source: Fed History
UK 1973-74 -73% drawdown
1973-74Short
UK FT All-Share -73% in 1973-74
Source: encyclopedia
UK gilt crisis Sep 2022
2022 Bond CrashShort
UK gilt crisis - Truss mini-budget Sep 2022
Source: encyclopedia
US AAA downgrade S&P Aug 2011
US Debt 2011Short
S&P downgraded US AAA Aug 2011
Source: encyclopedia
US bank exposure write-downs
Latin Debt 1982Multi
US banks (Citi BoA) major write-downs
Source: encyclopedia
Whatever it takes Draghi 2012
Eurozone 2010-12Long
Draghi "whatever it takes" Jul 2012 saved euro
Source: encyclopedia
WorldCom Enron accounting frauds
Dot-com 2000Short
WorldCom Enron 2001-2002 accounting frauds
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.