The Perils Of Calling The Top

As share prices tumbled on that infamous Monday in October 1987, a chain of dominoes stretching from Tokyo to New York, Tim Hammett was more stunned by the reaction of his new colleagues at an investment fund in the City. The value of household names was collapsing, yet they were cheering. “Out came the drinks,” says Mr Hammett, who had just started working at CIN Management, a fund responsible for the pensions of Britain's coal miners.