DEVIL TAKE THE HINDMOST CHANCELLOR PDF

Edward Chancellor. A lively, original, and challenging history of stock market speculation from the 17th century to present day. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed--and not changed--over the last five hundred years? In Devil Take the Hindmost , Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of s Holland, to "stockjobbing" in London's Exchange Alley, to the infamous South Sea Bubble of , which prompted Sir Isaac Newton to comment, "I can calculate the motion of heavenly bodies, but not the madness of people. From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of , from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.

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Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book. Refresh and try again. Open Preview See a Problem? Details if other :. Thanks for telling us about the problem. Return to Book Page. A lively, original, and challenging history of stock market speculation from the 17th century to present day.

Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed--and not changed--over the last five hundred years? In Devil Take the Hindmost , Edward Chancell A lively, original, and challenging history of stock market speculation from the 17th century to present day. In Devil Take the Hindmost , Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of s Holland, to "stockjobbing" in London's Exchange Alley, to the infamous South Sea Bubble of , which prompted Sir Isaac Newton to comment, "I can calculate the motion of heavenly bodies, but not the madness of people.

From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of , from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.

Get A Copy. Paperback , pages. Published June 1st by Plume Books first published More Details Other Editions Friend Reviews. To see what your friends thought of this book, please sign up. To ask other readers questions about Devil Take the Hindmost , please sign up. Be the first to ask a question about Devil Take the Hindmost.

Lists with This Book. Community Reviews. Showing Average rating 3. Rating details. More filters. Sort order. Oct 10, Dmytro rated it really liked it. Great mix on history of financial markets, psychology of speculation and biggest bubbles of all times. Three main lessons for me: - roots, motives and patterns for excessive speculation were always same, from Ancient Rome until today - If it's too good to be true- it's a bubble unfortunately, desire for more wins against logic - British and American industrial revolution, technological discoveries and creation of big companies were accompanied by large-scale scams, fraud, insider trading, corrupt Great mix on history of financial markets, psychology of speculation and biggest bubbles of all times.

Three main lessons for me: - roots, motives and patterns for excessive speculation were always same, from Ancient Rome until today - If it's too good to be true- it's a bubble unfortunately, desire for more wins against logic - British and American industrial revolution, technological discoveries and creation of big companies were accompanied by large-scale scams, fraud, insider trading, corruption.

Knew about this but was astonished by the scale and mass of those manipulations! Overall a very interesting read. Written in , seems like not too many people have read it before technology bubble or crash Mar 19, Michele rated it it was amazing. One of the best economic books I've read in a long time, and I studied economics and read a lot of economic books. A compelling and balanced view of financial speculation that leads to the reasonable conclusion that the overextension of credit is the cause of financial instability.

A must read. May 31, Rushi rated it it was ok. This review has been hidden because it contains spoilers. To view it, click here.

Very poorly written and designed book. It is one of the few books I have picked up and have decided not to power through and finish. The author doesn't provide relevant information that is useful to the context of each chapter. He goes on and on about random things at the worst times. His writing attempts to be engaging but does a very poor job and feels like a drag to get through.

He uses significant unnecessary footnotes and asterisks that destroy the flow of the book. On top of that, he name Very poorly written and designed book. On top of that, he name drops irrelevant people in financial history in an attempt to make the book more anecdotally sound, but does so in way that makes you feel like he doesn't know anything about history except what's in the journal entries of some obscure witness to a stock frenzy from way back in the day.

If the author reduced this book in size by half, it would be rated more highly That is not the case. This book will not give you a history lesson about speculation that you can use in your own pursuits or as a basis for an intelligent conversation with friends or colleagues. I am thoroughly disappointed in this book. View 2 comments. Feb 11, Noah Goats rated it really liked it. This history of financial speculation is an interesting look at one of the many negative aspects of human nature.

We are a species of gamblers, and speculating in the stock market allows us to gamble while fooling ourselves into thinking that we are contributing something to the economy. Chancellor shows how we seem to be unable to stop or even recognize reckless speculation for what it is despite the clear pattern established by history: a new technology or financial instrument or a combo of b This history of financial speculation is an interesting look at one of the many negative aspects of human nature.

This book was written before the bursting of the dot-com and housing market bubbles, but they followed the same pattern: from hope to greed to irrational exuberance to fear to despair.

Apr 23, Raghu rated it it was ok. In some sense, this book is more about the great human failings of Greed, 'Follow the Leader' mentality, Fear and Panic - all told through examples from the history of the stock market.

To read it as a book on Speculation alone would be missing the point to some extent. The author sums up his own book in a couple of salient quotes: "Speculation is the name given to a failed investment and As t In some sense, this book is more about the great human failings of Greed, 'Follow the Leader' mentality, Fear and Panic - all told through examples from the history of the stock market.

As the scale of my operations increased, I was called a Speculator. Now I am called a banker. The story repeats in history following the same pattern. Initially, Greed drives the stock prices high due to some perceived 'new era' as a result of some breakthrough technology, then the 'herd mentality' takes over by everyone following up so as not to miss a 'lifetime opportunity', then Fear takes over as stock prices reach an unsustainable and unjustifiable 'high', finally Panic setting in and stocks are dumped with a rapidity as to bring on a crash.

The author hints at Speculators as the culprit and the need for regulation. But it looks to me that his own book shows that it is endemic to the Free market system because of the above mentioned fundamental human failings. No amount of regulation will be able to stop Speculation.

Instead, we have to just learn to overcome our twin traits of Greed and 'follow the leader' mentality. Galbraith had written perceptively about it decades ago in his book on 'Money'. He said that the next wave of speculation always happens when all the effects of the previous bout of speculation fades in popular memory.

There is no point in blaming the Regulating authorities. If they intervene when the market is in a boom, everyone will pillory them for hurting growth and stifling the resulting prosperity.

If they act after the crash, they will be blamed for 'sleeping on their jobs' and not acting sufficiently in time. However, Galbraith suggested that new regulators can step in every few years and bring on new rules so that speculators do not have enough time to exploit the previous set of rules and bring on a crash. But, I think even this is not feasible because often we find that the bureaucracy, Congress, Senate and the Administration filled by ex-Wall Street honchos.

So, it is not in their interest to rein in Wall Street. Saying that we need a fundamental uprooting of the System would make one run the risk of being dubbed a 'communist'! So, Speculation is here to stay and we better learn to live with it. The book is not a fast paced read. There are voluminous footnotes which distract the reader.

Anyone who has read Kindleberger's 'Manias, Panics and Crashes' would find very little new material here. Apr 02, Jim Rossi rated it it was amazing. Feb 29, Alex Hood rated it really liked it Shelves: investing. I enjoyed this book. I spent lunch with Chancellor when he was at GMO or A pompous fellow, who like to hear himself talk. Was predicting the collapse of China. May 07, George Jankovic rated it it was amazing. Great book on financial speculations from the olden days through today.

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Book Review: Devil Take the Hindmost, A History of Speculation – by Edward Chancellor

A lively, original, and challenging history of stock market speculation from the 17th century to present day. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed—and not changed—over the last five hundred years? From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of , from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.

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Devil Take the Hindmost

It is helpful to our understanding of financial speculation early in the 21st century to view it within an historical framework. I believe that speculation can only be understood within a social context and that a history of speculation cannot simply be a description of economic affairs but must also be something of a social history. Joel Mokyr has a similar objective in The Lever of Riches in which he examines various interrelationships between technological creativity and economic progress since classical antiquity. It is an even more useful perspective on the economy of a country such as Russia in the earlyst century. Chancellor focuses on a broad range of speculators e. As a result, chapters on recent events, and those outside Britain, are rendered with less flair. At times, he tends to simplify.

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Devil Take the Hindmost: A History of Financial Speculation

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