We didn’t know it at the time, but it looks like by 23 March the worst of the market meltdown was behind us.  In the previous ten days the S&P had dropped 33 per cent, the Eurostoxx 50 had dropped 39 per cent, and the ISEQ had dropped 37 per cent. It was the fastest 10 per cent, 20 per cent and 30 per cent drop in the history of the US market.  Every morning, listed companies were coming out with tales of woe: shut stores, collapsing cash flows, lines of credit extended or drawn down, pay cuts and layoffs. …

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