September 1998 > Down 19.3% in September 1998, the market flirted with bear territory. Russia had defaulted, emerging markets were in crisis mode, and domestic markets feared the Asian contagion. According to the covers of Time, Forbes, and Fortune, the markets were a step away from crashing, ala 1987. History proved such predictions false. Although the market bounced around 8,000 throughout the fall, six months later on April 5, 1999, the Dow hit 10,000 for the first time, an increase of 25%. These covers again prove the truth of Warren Buffett’s advice, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”
