Opinion: Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event

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Opinion: Stock market’s volatile October history means it’s time to steady yourself for a ‘black swan’ event
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Mark Hulbert warns stock investors to brace for an October 'black swan event'

U.S. stocks already are having a rough October — two trading days in. October is the most volatile month for stocks — and when stocks suffered their two worst crashes in U.S. market history.

Few investors in the market nowadays remember the trauma of Black Monday. Those who do may reassure themselves that a similar crash couldn’t happen today, given market reforms that were instituted in the wake of the selloff. For example, even if trading halts and other restrictions succeed in preventing these large investors from selling on U.S. exchanges, they can still sell on foreign exchanges where many U.S. stocks also trade. They can also sell short with stock index futures contracts or via the purchase of put options. You’re kidding yourself if you think these large investors will be prevented from getting out if they want to.

What might be the functional equivalent of fire insurance for your stock portfolio? I discussed several different possibilities in a column this summer, and I direct your attention to it.

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