Devil Take the Hindmost: A History of Financial Speculation. Edward Chancellor. Read March-April This is a history of speculatory bubbles over the past. 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. In “Devil Take the Hindmost: A History of Financial Speculation” by Edward Chancellor, Chancellor provides such a framework and more.

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It is difficult for me to imagine someone reading this book and remaining a true believer in the “efficient market hypothesis” the notion that the price of a security at any given time reflects all the available information and only responds to new information rather than the “mood” of the market or manipulations of speculators. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly?

Three main lessons for me: Chanc I read this book after listening to an episode of Jesse Felder’s podcast where he interviewed Grant Williams. How has the psychology of investing changed–and not changed–over the last five hundred chancelkor Apr 20, Ramnath Iyer rated it it was amazing Shelves: It’s well-written and a good read, with lots of material from contemporary sources to illustrate both the ‘irrational exuberance’ of the time, as well as the existence of the few Cassandras who saw where it was all going.

This history of financial speculation is an interesting look at one of the many negative aspects of human takw.

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Only criticism is that it’s very very dense, not an easy read. Cautionary armchair reading for the modern investor.

While Japan had its trade surpluses, America faced growing trade deficits. University of Notre Dame Australia. Separate different tags with a comma. The most clever part of the book is the introduction. That is not the case.


It’s hard to tell whether what ihndmost happening to our economy today is tragedy or farce when it is simply the latest in a long line of examples of how humans never learn their lesson. Apr 23, Raghu rated it it was ok. Jul 02, Tyler rated it really liked it.

So, it is not in their interest to rein in Ta,e Street. Similarly, I found myself trying to get into what Chancellor was writing, only to find myself skimming as fast as I could 20 seconds later. Chancellor’s book is a reasonably light volume, more anecdotal than analytical, not too heavy on the economics. ComiXology Thousands of Digital Comics.

Devil Take the Hindmost: A History of Financial Speculation by Edward Chancellor

Who expected to see a literary hero in such a book? In the next chapter, hindmosy said Japanese regulators actually encouraged and promoted fraudulent accounting.

And, as in carnivals, binges of financial speculation demand a symbolic victim such as Mike Milken or Bernie Madoff. When we talk of bubbles we always refer to the crash oftulip mania and tech bubble, yet think we fail to grasp just how often bubbles occur and how similar every single one is. Each chapter covers a particular period of financial speculation ending in a big bust, from Tulipomania in 17th Century Holland, to the stock market excesses of Wall Street and Japan in the ‘s.

DEVIL TAKE THE HINDMOST by Edward Chancellor | Kirkus Reviews

Oct 06, Adrian rated it really liked it. The Origins of Financial Speculation 2. Physical Description xiv, p. It is one of the few books I have picked up and have decided not to power through and finish. Chancellor also details well the influence of the Dutch, whose Golden Age gave them a head start, on the English financial markets.

Absolutely the single best history of financial speculation. Initially, Greed hinvmost the stock prices high due to some perceived ‘new era’ as a result of some breakthrough technology, then the ‘herd mentality’ devi, over by everyone following up so as not to miss a ‘lifetime opportunity’, then Fear takes over hinxmost 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.


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If it is a chore for me to read, it means the author wrote poorly. Interesting overview of the history of speculation yet sometimes quite dry and repetitive in form and substance, possibly due to the recurring nature of booms, euphoria and panics.

A pompous fellow, who like to hear himself talk. Get to Know Us. The book also covers a wide range of manias, spanning from ancient Rome to the Japanese 80’s. Thanks for telling us about the problem. Manias can be quite dangerous, fatal even, for those who stand in their path without yielding.

Read more Read less. I didn’t hate it–it’s fine as a history book, I just didn’t find it especially compelling hence why it took me 3 months to finish.


If they act after the crash, they will be blamed for ‘sleeping on their jobs’ and not acting sufficiently in time. As t In some sense, this book is more about the great human failings of Greed, ‘Follow the Leader’ mentality, Fear and Panic – all vhancellor through examples from the history of the stock market. Amazon Music Stream millions of songs. The times and technology may change, but people sure don’t.

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