In this episode of the One of a Kind Financial Show Daily, host Mike Milligan and co‑host Gary Nolan revisit the assassination of President John F. Kennedy on November 22, 1963, focusing on how the tragedy rippled through the U.S. financial system. They recount the immediate market reaction – a rapid sell‑off, the New York Stock Exchange’s unprecedented early closure, and an estimated $11 billion loss in market value. The hosts share vivid anecdotes from the trading floor, describing traders who broke down in tears and a firm president who offered scotch to calm nerves. Using these historical moments, they introduce the concept of a “black‑swan event,” comparing the JFK shock to later crises such as the 1987 crash and 9/11, and argue that such unforeseeable shocks must be built into personal financial plans. The segment then transitions into a promotional pitch for Milligan’s bestselling book, a self‑paced personal‑finance course offered through Old Dominion University, and his advisory services, providing contact numbers and a disclaimer that the content is not investment advice. The overall message is that understanding past market disruptions can help listeners design resilient, one‑of‑a‑kind financial strategies.
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Welcome to the One of a Kind Financial Show Daily with your host Mike Milligan. This week, this weekend, we remembered on the One of a Kind Financial Show an event that happened back in 1963. On November 22nd, President John F. Kennedy was assassinated in Dallas, Texas. On the One of a Kind Financial Show, Gary and I, uh, relived that moment, including radio segments that aired during that time. And we wanna, we just wanna remember the day America stopped and talk about what happened when that event happened as just as a way to remember again, when tragedy like this stretches, stretches to America, what happens when it comes to things like the stock market or psyche? What happens to longtime traders on the floor? Because the best way, if you're going to build and have a one-of-a-kind life, You have to have a one-of-a-kind financial plan that thinks in terms of these black swan events, just to know how you're gonna react when it happens. So here's Gary and I on the One of a Kind Financial Show, talking about the assassination of John F. Kennedy. Be one of a kind.
Today on the One of a Kind Financial Show, we're gonna look back at a defining moment in American history that sent shockwaves through the financial world. It happened November 22nd, 1963 when President John F. Kennedy was assassinated in Dallas. I got a clip.
Here is a bulletin from CBS News. In Dallas, Texas, 3 shots were fired at President Kennedy's motorcade in downtown Dallas. The first reports say that President Kennedy has been seriously wounded by this shooting. From Dallas, Texas, the flash, apparently official: President Kennedy died at 1 PM Central Standard Time. 2 o'clock Eastern Standard Time, some 38 minutes ago.
Yeah, the late, great Walter Cronkite talking about what happened on that, that terrible day in 1963 on November 22nd. I got to tell you, Mike, I was really very young and I didn't quite understand what was going on, but I do remember my mom crying. You know, I— that, that, that was so weird to me that my mom was crying. I didn't understand exactly why she was so upset until she tried to explain it to me.
You know, and I mean, it was just, uh, I mean, I can't— I wasn't born then, right? But I've heard— but I'm a, I'm a historian naturally. I love to read. And, uh, you know, there's obviously— we're not going to go down the rabbit hole of conspiracy theories about why this happened and why that happened. But the, the main thing that I believe people were feeling and why maybe your mom, if she ever explained it to you, was, uh, the world just didn't feel safe.
No, it did not.
Like, if you could get to, uh, our president, any of us are volatile, right? Uh, so yeah, I mean, that was a, uh, we, we bring it because that happened. We bring that to light today because, uh, Gary, the world just stopped that day, if I, if I have read history right. Do you remember anything else of that happened that day?
No, I just remember the, the funeral. I remember, uh, little John Junior standing there saluting his dad's, uh, casket as it went by. I just remember moments like that, you know, as, as well. But, you know, and I remember, like you said, uh, there was wall-to-wall coverage. The radio stopped playing music those days. It was like everything had completely come to a stop, Mike. You're absolutely right.
So when it happened, the trading day in the stock market actually stopped. Um, like the Dow Jones Industrial Average at the time had been trading up about half a percent for the day, but when traders got word of what was happening, there was an immediate selling, like a panic sale. It was triggered, uh, in the— when, when the— when it was officially confirmed, uh, you saw sell orders go through the roof. Market news Impacts panic selling, right? 37 minutes after he was declared dead, the, the stock exchange made the extraordinary decision to halt trading for the rest of the day. It marked the first time that the exchange had closed early for, for, for a reason since General Douglas MacArthur, who by the way is, uh, who's a big name in the Norfolk, Virginia area. Until, uh, until it closed because of General Douglas MacArthur's parade in April of 1951. So, uh, President Johnson was sworn in aboard Air Force One just hours after the assassination.
Yes, I remember that.
He, uh, as news tells us, he personally called the New York Stock Exchange president to commend the decision. Uh, so the president at the time of the New York Stock Exchange is a guy named Keith Funston. Fundston replied, thank you, Mr. President. Nobody has, uh, complimented the stock exchange for anything in a long time. The markets would remain closed through Monday, November 25th, for, uh, for his funeral. Uh, the damage that happened— I mean, obviously Americans— I did— America's identity was hit hard. But with the closing bell hit, the Dow Jones Industrial had plummeted. Right. Uh, and it was about $11 billion in market value had evaporated.
Wow.
That was a lot of money back in the day. It really was. The show is the One of a Kind Financial Show with Mike Milligan. I'm Gary Nolan. Let's get you on the calendar to get you all set up with a comprehensive plan. That phone number is 800-748-1838. Get that one of a kind financial plan that Mike just talked about. 800-748-1838. Or text the word ideas to 600-700- So the stock market remained closed until after the funeral. Is that right, Mike?
It did. And like, so the psychology of the stock market was also frayed. The traders, uh, uh, you got to remember, guys, 1963, you didn't trade on your iPhone. It was all through a calling system where somebody on Wall Street had to do it. There was a— there's another story of, uh, the emotional toll that it took on traders. There was a trader named Michael Robbins. who witnessed the elder statesman on the, on the floor, a trader by the last name of Bidwell, a man known for his elegance and composure. He had survived the Great Depression, but he is reported that he was sitting on a fold-out chair on the trading floor openly weeping.
Oh.
Many traders were in shock, whether, uh, uncertain whether the assassination was an isolated act or part of a broader attack on the United States during the height of the Cold War. Another trader, Donald Stone, who had been buying stocks that morning, expected to unload them before the 3:30 close, found himself dangerously overexposed when trading halted early. His firm's president, E.H. Stern, opened his desk drawer and pulled out a bottle of scotch and a shot glass and simply said, drink.
Mm-hmm.
That gesture captured the moments— financial professionals struggling to process both personal grief and professional crisis. crisis simultaneously. It is one of the most dramatic events that has ever occurred, at least probably since the one after that was— you remember 1987 where the market dropped significantly in one day?
Yes, I do.
And then, uh, and then of course 9/11.
9/11.
Yeah. Yeah, 9/11 was another one that just crushed the stock market from that standpoint. Uh, one of the most, uh, you know, we talk about this, guys, not to bring back bad memories or, you We bring it just to remind people that there are some things that are out of our control when we're building financial plans. These are called— there's a name for this. It's called a black swan event. So a black swan event is simply defined as an event nobody saw coming, because you know how rare it is to see a black swan, Gary?
I mean, it's pretty rare.
Swans are white. They're beautiful.
It's rare.
Black swan events Uh, when they happen, they cause immediate downturns in the market. And, uh, nobody saw them coming. Nobody saw this assassination coming, or at least nobody— it wasn't widely known, right? I'm sure there was some question, something, right? Of course not. But a black swan event can have lasting impacts to your retirement financial plan if you don't account those. We often talk about the risk of inflation on your— we talk about the risk of running out of money. But guys, black swan events, sudden downturns in the stock market, like with what happened when our president fell on that day, they can leave you weeping, right? Because not only for the act that caused it, but also because your portfolio— and it also increases uncertainty, anxiety, and fear.
800-748-1838, 800-748-1838, or text the word ideas to 600-700.
Thank you again for listening to the One of a Kind Financial Show Daily. I've been your host, Mike Milligan.
If you enjoyed the segment that you just listened to, I invite you to connect with us on Amazon. Google The One of a Kind Financial Plan. It's a bestselling book in the personal tax category, and I invite you to do that. Number 2, if you feel like you need more education when it comes to your own personal financial planning, we have a course that's offered through Old Dominion University. In Norfolk, Virginia. It's offered virtually, and it's a self-paced course called Personal Financial Planning that I helped develop and I teach. It is 6 sessions, 90 minutes each, and full of recordings for you that you can start and stop based on what you need. It goes through the psychology and philosophy of money, the cash management, budgeting, and debt management. We talk about insurance, whether it's property and casualty like your homeowners, autos, renters, to the type of insurances you work on at, or you need to replace the biggest asset you have, which is your income. Then we move over and talk about, do a real big investment dive into the difference between mutual funds and ETFs. We go all the way from crypto down to individual stocks and bonds from an academic standpoint. Then we look at retirement planning, tax planning, long-term care, and legacy, ultimately with the idea that you can build a one-of-a-kind financial plan for yourself. Ultimately though, what it does is it equips you knowledge that if you're ever in a conversation with a financial advisor or a financial planner, you know the questions to ask. So I invite you to reach out to us. You can go to mikemilligan.com under the Educate tab and see how to register for that. We also put some resources behind that on school.com in our private closed group where you can ask questions and learn more. As always, just remember that I am an investment advisory rep, not only with One Oak Financial but also Advisory Alpha LLC. Ideas by Mike doing business as One Oak Financial, Mike Milligan LLC, and Advisory Alpha LLC are unaffiliated entities, and thus all opinions expressed by me and Gary on the One of a Kind Financial Show and me on the One of a Kind Financial Show Daily are purely my opinions and does not reflect investment advice. Please consult with a licensed financial professional before making any decisions. Till next time, this has been Mike Milligan.
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