Updated October 19, The world has marked the 20th anniversary of Black Monday, the day in when the US stock market crashed 23 per cent.

The Australian market fared even worse the following day, with the All Ordinaries shedding one-quarter of its value. The chalk boards and rowdy traders are long gone, but memories of the share market crash remain vivid for those caught up in the drama.

Among the hardest hit was Australia's richest man, Robert Holmes a Court. In Tolhurst's executive chairman David Browne was the managing director of ANZ McCaughan's. He recalls a climate of fear. The Australian market was one of the first to open after Wall Street's dive and Mr Browne says both local and international investors were rushing to sell.

We had a number of entrepreneurs globally - not just Australia - but globally who I guess were shuffling paper at a rapid rate," he said.

? That's not a crash, this is a crash

But BT Financial Group chief economist Chris Caton says commentators are still arguing over what triggered the US share market collapse. We'd had an extraordinary run up in the price earnings ratio in Australia in say the 12 months before that.

History of the ASX - Market Index

The market was overvalued. Over the past two decades, investors have weathered the recession of the early s, Asia's financial meltdown and the dotcom boom and bust. History suggests there will be more corrections to come. But most market watchers argue a crash on a similar scale to October is unlikely to be repeated. With rapid economic growth expected to continue in Asia, the market consensus appears to be that the bull run still has some way to go.

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Financial markets remember crash - ABC News (Australian Broadcasting Corporation)

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News Home Just In Australia World Trump's America Business Sport Science Arts Analysis Programs How to make money fast in utah. Most market watchers argue a crash on a similar scale to October is unlikely to be repeated.

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