A harrowing year for investors

One year after Lehman's fall, is the thrill ride over, or more spills to come?

Jeremy Glaser 15.09.2009
Being invested in the market over the last year has been nothing short of a harrowing experience. Even experienced investors, like Clark Winslow of Winslow Capital Management, have quipped that we've had about two or three generations of experience in the last 12 to 18 months. Although the roots of the current recession can be traced back far before Lehman's collapse in September 2008, the former Wall Street titan's failure sent the market into a months-long panic.

Unsurprisingly, financial stocks were the focus of much of the selling. The US financial services sector dropped a staggering 33.22% in the fourth quarter of 2008, and then another 26.58% in the first quarter of 2009--the steepest declines among all sectors over those time periods.

Some of this fear was warranted. There was talk of bank nationalisations, loan delinquencies seemed to be rising faster than almost anyone had original expected, and a new administration was preparing to take the reins of power.

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