Extraordinary Popular Delusions
Extraordinary Popular Delusions
The first of the financial scandals discussed, The Mississippi Scheme, concerns a disastrous eighteenth-century plan for the commercial exploitation of the Mississippi valley, where investors were lured by Louisiana's repute as a region of gold and silver mountains. During the same era, thousands of English investors were ruined by The South-Sea Bubble, a stock exchange based on British trade with the islands of the South Seas and South America. The third episode involves Holland's seventeenth-century Tulipomania, when people went into debt collecting tulip bulbs -- until a sudden depreciation in the bulbs' value rendered them worthless (except as flowers).
Fired by greed and fed by naiveté, these historic investment strategies gone awry retain an irrefutable relevance for modern times. Extraordinary Popular Delusions is essential and enthralling reading for investors as well as students of history, psychology, and human nature.
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The first of the financial scandals discussed, The Mississippi Scheme, concerns a disastrous eighteenth-century plan for the commercial exploitation of the Mississippi valley, where investors were lured by Louisiana's repute as a region of gold and silver mountains. During the same era, thousands of English investors were ruined by The South-Sea Bubble, a stock exchange based on British trade with the islands of the South Seas and South America. The third episode involves Holland's seventeenth-century Tulipomania, when people went into debt collecting tulip bulbs -- until a sudden depreciation in the bulbs' value rendered them worthless (except as flowers).
Fired by greed and fed by naiveté, these historic investment strategies gone awry retain an irrefutable relevance for modern times. Extraordinary Popular Delusions is essential and enthralling reading for investors as well as students of history, psychology, and human nature.
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