21 May How ‘devastating’ childhood moment shaped Aussie investor
In the late 1960s, nickel was in high demand due to the Vietnam War. The US army needed it to create more sophisticated weaponry involving nickel-hardened steel.
So when mining company Poseidon Nickel uncovered a promising deposit in Western Australia, its shares shot to $280.
But within months they crashed. And when they crashed, they did so spectacularly.
For share equities analyst and author of Shareplicity: A Simple Approach to Share Investing, Danielle Ecuyer, the Poseidon Bubble is a defining childhood memory.
“My mother had some money and a friend of hers who was a stockbroker put her onto a share called Poseidon. It turned out to be one of the most awful bubbles,” Ecuyer told Yahoo Finance.