Mutual fund managers who lived through the stock market crash of Oct. 19, 1987, when the market plunged 22.6%, remembered the lessons learned, including the importance of seeking an outside point of view—particularly when the market is soaring, having a contingency plan and educating investors, The Wall Street Journal reports.

Brian Posner, now chief executive officer and co-CIO at ClearBridge Advisors, was a financial services analyst with Fidelity at the time. Portfolio managers and analysts just stared at their Quotron market data screens.

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