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Henry Kaufman, 93, Looks Back on ‘The Day the Markets Roared’

The former Salomon Brothers economist known as “Dr. Doom” explains how his memo to portfolio managers ignited a huge rally on Aug. 17, 1982.

Henry Kaufman, nicknamed “Dr. Doom” by the press, moved markets in the 1970s and ’80s in a way that no economist or market strategist has the power to do today. At the time, he already had a doctorate in economics and a string of senior titles at Salomon Brothers Inc., then the world’s leading bond trader. “Untutored laymen (or ‘lambs’) must regard with awe the power of Henry Kaufman, who looks like the corner druggist and sends the stock market soaring or plummeting at his whim,” the Buffalo Courier-Express wrote in a typically bedazzled editorial.

Kaufman is alive and kicking at age 93 and has just finished his fifth book, a deep dive into his role in triggering a huge stock market rally on Aug. 17, 1982. It’s titled The Day the Markets Roared: How a 1982 Forecast Sparked a Global Bull Market.