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Extraordinary Popular Delusions and the Madness of Crowds and Confusisn de Confusiones (Wiley Investment Classics)

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Extraordinary Popular Delusions and the Madness of Crowds and Confusisn de Confusiones (Wiley Investment Classics) Cover

 

Synopses & Reviews

Publisher Comments:

Priceless investment wisdom from two timeless classics Can you imagine tulips trading at a higher price than gold? That’s just what happened in 1634 as Tulipmania swept across Holland. Nearly a century later, stock prices in England soared as a bold proposal to pay off the national debt caused a fleet of bubble companies to form in its wake. But what happened when the bubbles burst? Did these famous incidents simply demonstrate the potential for market volatility, or did they reflect outbreaks of mass hysteria? Charles Mackay brought his own unique perspective to this, and a number of other remarkable episodes, when the legendary Extraordinary Popular Delusions and the Madness of Crowds first appeared in 1841. The Dutch East India Company was the hot stock to watch in the early days of the Amsterdam stock exchange. But the price action became hard to unravel once speculation and treacherous deceit came into play. Market manipulation, it seems, was a factor even at the dawn of modern exchange trading. Joseph de la Vega’s 1688 Confusión de Confusiones offered a first-hand account of seventeenth-century market complexities that rings remarkably true even today. Exploring the sometimes humorous, sometimes devastating impact of crowd behavior and trading trickery on the financial markets, this book brilliantly combines two all-time investment classics. Financial analyst and author Martin S. Fridson is your guide, and the result is an insightful new volume that is a quirky, entertaining, and thoroughly intriguing journey back through time. From the investment strategies of Bernard Baruch, to Japanese land prices, junk bonds, and the collapse of Baring Securities, the farreaching influence of Mackay’s and de la Vega’s revered works remains potent and truly timeless. By juxtaposing Extraordinary Popular Delusions and Confusión de Confusiones, this unique book points up the interesting contrast in their respective conclusions. Mackay believed that "periodic outbreaks of mass hysteria" led to volatile market activity, while de la Vega saw "cunning behind the market’s convulsions." Both interpretations are worth examining for their fascinating commentaries on market movement and investment psychology. Viewed from within the context of events of our own time, these classics are must reading for all those seeking a greater understanding of the stock exchange’s frequently erratic behavior.

Synopsis:

You will see between its staid lines (written in ye olde English and as ponderable as Buddha's navel) that, despite what the media says, nothing really important has changed in the financial markets in centuries. -Kenneth L. Fisher, Forbes

Synopsis:

"The market never ceases to befuddle and beguile. These two venerable works are fixtures on the short lists for most valuable books on the securities markets, and investors continue to cherish them." -From the Introduction by Martin S. Fridson Managing Director, Merrill Lynch & Co. Author of Investment Illusions

Exploring the sometimes hilarious, sometimes devastating impact of crowd behavior and trading trickery on the financial markets, this book brilliantly combines two all-time investment classics. Extraordinary Popular Delusions and Confusi?n de Confusiones take us from Tulipmania in 1634-when tulips actually traded at a higher price than gold-to the South Sea "bubble" of 1720, and beyond. Securities analyst and author Martin Fridson guides you on a quirky, entertaining, and intriguing journey back through time.

Chosen by the Financial Times as Two of the Ten Best Books Ever Written on Investment

Critical Praise . . .

"This is the most important book ever written about crowd psychology and, by extension, about financial markets. A serious student of the markets and even anyone interested in the extremes of human behavior should read this book!" -Ron Insana, CNBC

"In combining 'Extraordinary' with 'Confusion,' the result is not extraordinary confusion. Instead, with clarity, the book sears into modern investor minds the dangers of following the crowd." -Greg Heberlein, The Seattle Times

"You will see between its staid lines (written in ye olde English and as ponderable as Buddha's navel) that, despite what the media says, nothing really important has changed in the financial markets in centuries." -Kenneth L. Fisher, Forbes

About the Author

Martin S. Fridson is a Managing Director at Merrill Lynch & Co., and a member of Institutional Investor's All-America Research Team. He is the author of Financial Statement Analysis, Second Edition and Investment Illusions, both published by Wiley. Fridson also serves on the editorial board of Financial Analysts Journal.

Charles Mackay, L.L.D., was a Scottish journalist in the nineteenth century. He received an honorary law degree from Glasgow University and was a renowned poet and songwriter.

Joseph de la Vega was a businessman and poet residing in seventeenth-century Amsterdam. He lived in a community of Portuguese Jews whose ancestors had fled the Spanish Inquisition.

Table of Contents

In the Realm of the Senseless.

Extraordinary Popular Delusions and the Madness of Crowds.

Confus?on de Confusiones.

Product Details

ISBN:
9780471133124
Other:
MacKay, Charles
Other:
Fridson, Martin S.
Author:
MacKay, Charles
Author:
Martin S. Fridson, CFA
Author:
Marketplace Books
Author:
Fridson, Martin S., CFA
Author:
Fridson, Martin S.
Author:
Penso de La Vega, Josef
Publisher:
Wiley
Location:
New York :
Subject:
Controversial Knowledge
Subject:
Investments
Subject:
Social Psychology
Subject:
Investments & Securities
Subject:
Sociology - Social Theory
Subject:
Stock exchanges
Subject:
Economics - Theory
Subject:
Marketing - Multilevel
Subject:
Impostors and imposture
Subject:
Occultism
Subject:
Swindlers and swindling
Subject:
Delusions
Subject:
Stock exchanges -- Psychological aspects.
Subject:
Economics - General
Copyright:
Edition Description:
Paperback
Series:
A Marketplace Book
Series Volume:
9
Publication Date:
December 1995
Binding:
TRADE PAPER
Grade Level:
General/trade
Language:
English
Illustrations:
Yes
Pages:
224
Dimensions:
8.49x5.52x.60 in. .57 lbs.

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Related Subjects

Business » Investing
Business » Marketing
Health and Self-Help » Self-Help » General
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Science and Mathematics » Mathematics » Geometry » Algebraic Geometry

Extraordinary Popular Delusions and the Madness of Crowds and Confusisn de Confusiones (Wiley Investment Classics) Used Trade Paper
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Product details 224 pages John Wiley & Sons - English 9780471133124 Reviews:
"Synopsis" by , You will see between its staid lines (written in ye olde English and as ponderable as Buddha's navel) that, despite what the media says, nothing really important has changed in the financial markets in centuries. -Kenneth L. Fisher, Forbes
"Synopsis" by , "The market never ceases to befuddle and beguile. These two venerable works are fixtures on the short lists for most valuable books on the securities markets, and investors continue to cherish them." -From the Introduction by Martin S. Fridson Managing Director, Merrill Lynch & Co. Author of Investment Illusions

Exploring the sometimes hilarious, sometimes devastating impact of crowd behavior and trading trickery on the financial markets, this book brilliantly combines two all-time investment classics. Extraordinary Popular Delusions and Confusi?n de Confusiones take us from Tulipmania in 1634-when tulips actually traded at a higher price than gold-to the South Sea "bubble" of 1720, and beyond. Securities analyst and author Martin Fridson guides you on a quirky, entertaining, and intriguing journey back through time.

Chosen by the Financial Times as Two of the Ten Best Books Ever Written on Investment

Critical Praise . . .

"This is the most important book ever written about crowd psychology and, by extension, about financial markets. A serious student of the markets and even anyone interested in the extremes of human behavior should read this book!" -Ron Insana, CNBC

"In combining 'Extraordinary' with 'Confusion,' the result is not extraordinary confusion. Instead, with clarity, the book sears into modern investor minds the dangers of following the crowd." -Greg Heberlein, The Seattle Times

"You will see between its staid lines (written in ye olde English and as ponderable as Buddha's navel) that, despite what the media says, nothing really important has changed in the financial markets in centuries." -Kenneth L. Fisher, Forbes

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