The reasons for that crash are complex, but, as I discovered in my questionnaire survey a week later, it would appear that people ultimately did not trust the market’s level. As a result, they were interested in strategies – such as the portfolio insurance strategies that were popular at the time – that would allow them to exit the market fast.
“流动性泛滥”一词上一次成为时尚出现在1987年10月19日发生的美国股市暴跌之前——当时创造了世界历史上单日的最大跌幅。那次暴跌的原因很复杂，但是，根据我从一周后我进行的调查问卷中所发现的，原因似乎是人们最终不再相信市场的价格水平。其结果是，他们认为通过策略——比如在当时非常流行的保险策略投资组合——可以帮助他们快速地离开市场。