A trader works on the floor of the New York Stock Exchange
A trader works on the floor of the New York Stock Exchange July 17, 2014. U.S. stocks fell sharply lower on Thursday, with the S&P 500 posting its biggest one-day percentage drop since April 10 on news that a Malaysian Airlines passenger jet crashed near the Ukraine-Russia border. The Dow Jones industrial average fell 161.39 points or 0.94 percent, to end at 16,976.81. REUTERS/Brendan McDermid Reuters/Brendan McDermid

Almost three decades ago on Oct. 19, 1987 the U.S experienced the biggest stock market crash in history. The event was called "Black Monday." One economist started his financial career on the day of the crash. Here is a look at some of the lessons that are relevant today.

With concerns about an economic recession in Germany and concerns about the property market in China, the chances of a stock market crash in 2015 are increasing. David Rosenberg, chief strategist at Gluskin Sheff, shares some of his learning from the 1987 crash that may help prepare for any eventuality in the immediate future.

Mr. Rosenberg shared his experience about the "Black Monday" stock market crash with Barry Ritholtz on the Masters in Business radio program. The hour long discussion covered a range of subjects from the 1987 crash to opportunities in the emerging markets today.

Mr. Rosenberg was a Chief North American Economist at Merrill Lynch in New York, prior to joining Gluskin Sheff in Canada. He was recognized for his accurate economic projections in Fortune Magazine's "Best and Worst of Wall Street 2011." He was also ranked as the most accurate forecaster by MSNBC for the same year.

His first day at work in finance was on Oct 19, 1987. He said on the radio show that his experience of the stock market crash influenced his way of thinking on a range of issues. He said that the "palpable fear" that was witnessed on that day was like nothing that he had ever seen.

He said that the people at that time actually thought that the world would come to an end. He spoke about what "cool cucumbers" the chief economist and the assistant chief economist were during that time when they met the CEO of their company. The event taught Mr. Rosenberg to "keep his head" while everyone else was losing theirs, from a poem written by Rudyard Kipling.

The show host, Barry Ritholtz, pointed out that a lot of the economists today warn about inflation, collapse of the dollar and a stock market crash. Mr. Rosenberg pointed out that there have been economists like that even in the past. Readers should note, however, that the U.S market was back on track for a bull market fairly early after the "Black Monday" event.

The stock market crash however meant that many employees lost their jobs, including in the company that Mr. Rosenberg worked with. The second lesson that the economist learned at that time was to make himself indispensable for his boss. He did this by spending weekends making photocopies of the work done by experts in his field and not going out to pubs with his friends.