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CASE STUDIES

The concepts, in the real world.

Theory is easy to nod along to and hard to apply.

These cases highlight the moments the market tested it for real: the booms, the busts, the frauds, and the famous trades, each one taken apart with primary sources and a clear view of what happened and why it mattered.

Every study shows the IWP Concepts at work and links to every idea it touches, so you watch the same principles you are learning play out with real money on the line.

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Period
Crashes & Crises1929

The Wall Street Crash of 1929

1929 stock market crash explained: how the Dow lost 25% in four October days, then fell 89% by 1932, triggering the bank and…

Crashes & Crises1967

The 1967 Sterling Devaluation

1967 sterling devaluation: how Britain cut the pound from $2.80 to $2.40 on 18 November 1967, why the fixed peg broke, and the…

Crashes & Crises1973-1974

The 1973-74 Oil Shock and Bear Market

1973 oil crisis: the OAPEC embargo quadrupled oil prices, sparked stagflation, and drove a 48% S&P 500 bear market. Learn what…

Crashes & Crises1976

The 1976 UK Sterling Crisis and IMF Bailout

1976 IMF crisis: how a falling pound forced Britain to borrow a record $3.9 billion from the IMF, and why the gloomy Treasury…

Crashes & Crises2007-2009

The 2008 Global Financial Crisis

2008 financial crisis explained: how subprime mortgages, hidden leverage, and a funding freeze sank Lehman, forced an $85B AIG…

Crashes & Crises2010

The 2010 Flash Crash

2010 Flash Crash explained: how a $4.1B algo sale sent the Dow down nearly 1,000 points in minutes, why HFT liquidity vanished,…

Crashes & Crises2019

The September 2019 Repo Market Spike

2019 repo spike explained: overnight rates jumped from about 2% to roughly 10% on Sept 17, why bank reserves ran short, and how…

Crashes & Crises1998-2002

The Argentine Default of 2001

Argentine default 2001 explained: how a 1-to-1 dollar peg, a four-year recession, and the corralito bank freeze caused the era's…

Crashes & Crises1997-1998

The Asian Financial Crisis (1997-1998)

Asian financial crisis explained: how a 1997 Thai baht float spread to Indonesia, South Korea, and beyond, forcing over $117…

Crashes & Crises1987

Black Monday 1987

Black Monday 1987 erased 22.6% from the Dow in a single session. See how portfolio insurance, program trading, and thin liquidity…

Crashes & Crises1998-1999

The Brazilian Real Crisis (1998-1999)

Brazil real crisis 1999 explained: how the Real Plan peg broke after Asian and Russian contagion, a $41.5B IMF rescue, and a…

Crashes & Crises2016

The Brexit Market Shock (2016)

Brexit market shock of 2016: how the leave vote sank the pound to a multi-decade low, wiped roughly $2 trillion off global…

Crashes & Crises2015-2016

The 2015 Chinese Stock Market Crash

China stock market crash 2015 explained: how a margin-fueled bull peaked near 5,166, lost over 40%, sparked a global Black…

Crashes & Crises1984

The Continental Illinois Bailout (1984)

Continental Illinois was the 1984 bank rescue that coined too big to fail. Learn how an energy-lending bank ran out of funding…

Crashes & Crises2020

The COVID-19 Market Crash (2020)

COVID-19 crash explained: how the S&P 500 fell about 34% in just 33 days, triggered four circuit breakers, and rebounded to…

Crashes & Crises1931

The Credit-Anstalt Collapse (1931)

Credit-Anstalt collapse explained: Austria's largest bank revealed losses that wiped out its capital in May 1931 and set off a…

Crashes & Crises2013

The Cyprus Bail-in (2013)

Cyprus bail-in of 2013 explained: how an oversized banking sector collapsed, why uninsured depositors took a 47.5% haircut, and…

Crashes & Crises2009

The Dubai World Debt Standstill (2009)

Dubai debt crisis 2009 explained: how Dubai World sought a standstill on $26B of debt, jolting global markets until a $10B Abu…

Crashes & Crises1971-1973

The End of Bretton Woods (1971-1973)

End of Bretton Woods: Nixon closed the gold window in 1971, ending dollar-gold convertibility at $35 and breaking the fixed-rate…

Crashes & Crises2021-2024

The China Evergrande Property Crisis (2021-2024)

Evergrande crisis explained: how China's most indebted developer ran up $300 billion in liabilities, defaulted in 2021, and was…

Crashes & Crises1930-1933

The Banking Panics of the Great Depression

Great Depression bank runs explained: three waves of panics from 1930 to 1933 shut roughly 9,000 banks, shrank the money supply…

Crashes & Crises2010-2018

The Greek Debt Crisis (2010-2018)

Greek debt crisis explained: how a 2009 deficit revision triggered three bailouts, the largest sovereign debt restructuring ever,…

Crashes & Crises1974

The Herstatt Bank Failure (1974)

The Herstatt Bank failure of 1974 created the concept of FX settlement risk and led to the Basel Committee. Learn how one…

Crashes & Crises2008

The Iceland Banking Collapse (2008)

Iceland banking collapse explained: how Glitnir, Landsbanki and Kaupthing grew to roughly 10x GDP, failed in a week, and…

Crashes & Crises1991

The Indian Balance-of-Payments Crisis (1991)

India 1991 crisis explained: how reserves fell to weeks of imports, why the RBI airlifted gold to London, and how default risk…

Crashes & Crises1997-1998

The Japan Banking Crisis (1997-1998)

Japan banking crisis 1997 explained: how Sanyo, Hokkaido Takushoku, and Yamaichi failed in November, sparking a credit crunch and…

Crashes & Crises1982-1989

The Latin American Debt Crisis (1982-1989)

Latin American debt crisis explained: how petrodollar loans, Volcker's rate shock, and Mexico's 1982 default triggered a lost…

Crashes & Crises2019-2023

The Lebanese Financial Collapse (2019-2023)

Lebanon financial collapse explained: how a dollar peg, Ponzi-like bank deposits, a 2020 default, and a 98% currency crash wiped…

Crashes & Crises1994-1995

The Mexican Peso Crisis (1994-1995)

Mexican peso crisis explained: how the 1994 devaluation, dollar-indexed tesobonos, and capital flight forced a near-$50 billion…

Crashes & Crises1991-1993

The Nordic Banking Crisis (1991-1993)

Nordic banking crisis explained: how late-1980s deregulation fueled a credit and property boom that broke major banks in Sweden,…

Crashes & Crises1837

The Panic of 1837

Panic of 1837 explained: after Jackson killed the national bank, a land and cotton boom collapsed, banks suspended specie, and a…

Crashes & Crises1857

The Panic of 1857

Panic of 1857 explained: the Ohio Life failure, the SS Central America gold loss, and the telegraph that spread a national bank…

Crashes & Crises1873

The Panic of 1873

Panic of 1873 explained: Jay Cooke and Company collapsed on unsold railroad bonds, the NYSE shut for ten days, and a brutal…

Crashes & Crises1893

The Panic of 1893

Panic of 1893 explained: over-leveraged railroads collapsed, roughly 575 banks failed, and a gold-reserve crisis drove the worst…

Crashes & Crises1907

The Panic of 1907

Panic of 1907 explained: a failed copper corner sparked runs on New York trust companies, J.P. Morgan led a private rescue, and…

Crashes & Crises1970

The Penn Central Collapse (1970)

Penn Central bankruptcy in 1970 was the largest in US history and froze the commercial paper market. Learn how a rail failure…

Crashes & Crises1998

The Russian Financial Crisis (1998)

Russian financial crisis 1998 explained: the August 17 ruble devaluation, GKO default, and 90-day debt moratorium that sank…

Crashes & Crises1980-1995

The Savings and Loan Crisis

Savings and loan crisis explained: how surging interest rates, deregulation, and fraud sank over 1,000 US thrifts and cost…

Crashes & Crises1973-1975

The UK Secondary Banking Crisis (1973-1975)

Secondary banking crisis explained: how the 1971 credit boom and a 1973 property bust sank UK fringe banks and forced the Bank of…

Crashes & Crises2023

The Silicon Valley Bank Collapse (2023)

Silicon Valley Bank collapse explained: the $209B failure, bond losses from rate hikes, a $42B deposit run, the FDIC takeover,…

Crashes & Crises2012

The Spanish Banking Crisis and Bankia (2012)

Spanish banking crisis explained: how a 2000s property boom funded by regional cajas collapsed into Bankia's 2012 rescue and a…

Crashes & Crises2022

The Sri Lanka Sovereign Default (2022)

Sri Lanka default 2022 explained: how foreign debt, a 2019 tax cut, COVID, and a fertilizer ban drained reserves into the…

Crashes & Crises2015

The Swiss Franc Shock (2015)

Swiss franc shock explained: on January 15, 2015 the SNB scrapped its 1.20 euro floor, the franc surged about 30%, and FX brokers…

Crashes & Crises2018-2023

The Turkish Lira Crisis (2018-2023)

Turkish lira crisis explained: how foreign-currency debt, deficits, and rate cuts as inflation rose drove the lira down over 40%…

Crashes & Crises2022

The UK Gilt / LDI Crisis (2022)

UK gilt crisis 2022 explained: how a mini-budget spiked gilt yields, triggered an LDI doom loop in pension funds, and forced a…

Crashes & Crises2011

The 2011 US Credit Downgrade

US credit downgrade 2011: how a debt-ceiling standoff pushed S&P to cut the United States from AAA to AA+, plus the $2 trillion…

Crashes & Crises2016-2021

Venezuela's Hyperinflation (2016-2021)

Venezuela hyperinflation hit the world's largest oil reserve holder after 2014's price crash. Learn how money printing and policy…

Crashes & Crises2018

Volmageddon (2018)

Volmageddon hit on February 5, 2018, when the VIX doubled and the XIV inverse-VIX ETN lost about 96% overnight. Learn how the…

Crashes & Crises1921-1923

The Weimar Hyperinflation (1921-1923)

Weimar hyperinflation in 1923 destroyed Germany's mark, with the dollar reaching trillions of marks. Learn how reparations and…

Crashes & Crises2007-2009

The Zimbabwe Hyperinflation (2007-2009)

Zimbabwe hyperinflation peaked in November 2008 near 79.6 billion percent a month. Learn how land reform and money printing…