The Year 1979 in My Life

Summary

The passage describes a dramatic stock market crash where Li He and his associates successfully predict and profit from a massive market downturn. The Dow Jones Industrial Average plummeted 22.9%, losing three years of gains in a single day. Li He and his team earned 1.86 billion through strategic short-selling, while numerous investors suffered devastating losses. Wealthy individuals like Sam Walton and Bill Gates lost billions, and many ordinary investors were financially ruined. The event led to the implementation of circuit breaker mechanisms in stock markets to prevent such catastrophic crashes in the future.

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