Centennial Speaker Series: Henry Kaufman on The Day the Markets Roared: How a 1982 Forecast Sparked a Global Bull Market

As we emerge from a global pandemic and a period of economic stagnation, we can look to the past to gain inspiration for better times ahead. The year 1982 marked the start of almost four decades of U.S. economic growth. However, this classic Wall Street story has never been fully told—until now. In his latest book, The Day the Markets Roared: How a 1982 Forecast Sparked a Bull Market (Matt Holt Books, 2021), legendary economist Henry Kaufman, Ph.D., tells his first-hand account of one remarkable day in financial and economic history.

After painful years of high interest rates and the inflation of the late 1960s and 1970s, consumers were paying 17% and higher to borrow money. But by the end of one summer day almost 40 years ago, the stock market had undergone its second-biggest rally since WWII, while bond prices soared and interest rates plunged. Kaufman himself had written a memo that sparked this tremendous boom, and it set the global markets on fire. The Day the Markets Roared features a rich cast of characters, from Salomon’s John Gutfreund and interest rate guru Sydney Homer to Kaufman’s longtime friend Paul Volcker, former chairman of the Federal Reserve.

Agenda
12 p.m.: Welcome Remarks: Sris Chatterjee, chair of the Gabelli Center for Global Security Analysis

12:05 p.m.: Speaker Introduction: David Cowen, president and CEO of the Museum of American
Finance

12:08 p.m.: Discussion: Henry Kaufman

12:45 p.m.: Audience Q&A

1 p.m.: Closing Remarks: David Cowen

About the Speaker
Henry Kaufman is president of Henry Kaufman & Company Inc., a firm established in April 1988, specializing in economic and financial consulting. For the previous 26 years, he was with Salomon Brothers Inc., where he was managing director, member of the Executive Committee, and in charge of the firm’s four research departments. He was also a vice chairman of the parent company, Salomon Inc. Before joining Salomon Brothers, Kaufman was in commercial banking and served as an economist at the Federal Reserve Bank of New York.

Kaufman received a B.A. in economics from New York University, an M.S. in finance from Columbia University, and a Ph.D. in banking and finance from the NYU Graduate School of Business Administration. He also received an honorary Doctor of Law degree from NYU, and honorary Doctor of Humane Letters degrees from Yeshiva University and Trinity College. His latest book, The Day the Markets Roared, will be released in April 2021. He has also written Tectonic Shifts in Financial Markets (2017), The Road to Financial Reformation (2009), and On Money and Markets, A Wall Street Memoir (2000). In 1987, Kaufman was awarded the first George S. Eccles Prize for excellence in economic writing from the Columbia Business School for his book Interest Rates, the Markets, and the New Financial World.

Copies of The Day the Markets Roared will be raffled off to attendees.

This event is co-sponsored with the CFA Society New York, the Gabelli Center for Global Security Analysis, and the Museum of American Finance.