It was the night before Christmas last year, the worst moment of Wall Street’s bleakest holiday season in decades. Staring at another 400-plus-point plunge in the Dow, its fifth in seven days, the Federated Investors fund manager worried he’d been too generous with presents for the kids.
“My thought was that I’m glad the market’s closing early today,” said David Sowerby, a portfolio manager at Ancora Advisors. After the day ended, “I did what any self-respecting portfolio manager would do. I went to the gym to work out and relieve some stress.” Last year’s pre-Christmas massacre was business as usual for Michael Matousek, head trader at U.S. Global Investors. “I was in that whole time. I didn’t mind. I basically viewed it as being paid to not go to my in-laws,” he said by phone from his San Antonio office.
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