Comment on the following statement: "On October 19, 1987, the U.S. stock market crashed. As the globe turned the following day, the devastation spread from New York to Tokyo, Hong Kong, Sydney, and Singapore, and on to Frankfurt, Paris, and London, then back to New York. The domino style spread of the crash from one market to the next accelerated as international investors attempted to outrun the wave of panic selling from Tokyo to London and back to New York. It is difficult to imagine that some investors thought they had been able to diversify their investment risks by spreading their money across different stock markets around the world, when in fact their downside risks were actually multiplying as one market followed another into decline."