2008 was an unprecedented year
In the third quarter of 2008 we witnessed a series of financial failures, a massive government bailout and the beginning of a slide in equity markets worldwide.
What followed in October and November was a severe market decline as investors lost confidence and were forced to de-lever.
The TSX declined 34% from 11,754 on September 30 to a low of 7,724 reached on November 20, before ultimately finishing the year at 8,988.
The S&P 500 index experienced a similar decline of 35% from 1,166 on September 30 to a low of 752 reached on November 20, closing the year at 903.
READ MORE. LEON FRAZER QUARTERLY REVIEW, Q4 2008