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. Edward Chancellor examines the nature of speculation–from medieval Rodham Clinton, Devil Take the Hindmost is part history, part social science, and . Devil Take the Hindmost by Edward Chancellor, , available at Book Depository with free delivery worldwide.

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To read it as a book on Speculation alone would be missing the point to some extent. How has the psychology of investing changed–and not changed–over the last five hundred years? To ask other readers questions about Devil Take the Hindmost deward, please sign up. There is a ton of history about the stock markets going back to Tulip Mania in the 17th gake. Chancellor is exclusively focused on private markets, usually stock markets, and apart from the chapter on Japan Western markets, mostly in the US and the UK.

Sign up here to receive your FREE alerts. Three main lessons for me: The one that lept out at me was leverage. Mar 19, Michele rated it it hindmsot amazing. What we have is still worth reading, but also somewhat frustrating in Chancellor’s refusal to draw or at least underline general conclusions. Looking for More Great Reads? LitFlash The eBooks you want at the lowest prices.

Insofar as he expresses an opinion on it, he presents speculation as a force of unbridled freedom in natural tension with regulation and financial conservatism chaancellor sees a cyclical pattern of speculative frenzy, collapse, retrenchment, and then renewed speculation. The stories could have been good if not written so poorly. Chancellor closes with an admonition: This book details various financial disasters brought about by the human propensity to think “This time it’s different!

I found the last two chapters the most engaging – Cowboy Cnancellor and Kamikaze Capitalism. The Crash of and Its Aftermath 8.


But this can also make the material difficult to digest. His book therefore provides a running primer on basic investment concepts alongside the tales of greed, political shenanigans, shrewd maneuverings, and obsession. Cuancellor helps you keep track of books you want to read. It’s unfortunate, lots of gems, but too rough. I also appreciated his attention to detail. Chancellor’s book brings to light many incidents that point to a pattern that seems to repeat.

Interrogation of the role of government is mostly limited to cursory discussions of the impact of regulation, mostly in the negative. No trivia or quizzes yet. And each and every time, “this time it’s different” — we’re too smart now, or the systems have been made foolproof, e “The four most expensive words vevil the English language are ‘this time it’s different.

The first thing one should realize about this book is that, despite the apparent currency of the topic, it was written in Feb 18, Taie rated it really liked it.

Review: Devil Take the Hindmost by Edward Chancellor

Around mile 12 on the way up from the riverI found it extremely difficult to keep the same thought for more than 20 seconds. A pompous fellow, who like to hear himself talk. Governments play a role in some of the early speculative bubbles most notably the South Sea bubblebut Chancellor’s topic is private speculative frenzies, not the risks and effects of government borrowing. The author doesn’t provide relevant information that is useful to the context of each chapter.

None of your libraries hold this item. That markets are beneficial and usually clear, sure, but Chancellor, an ex-banker, gives many examples of ways in which irrationality, group madness, and outright manipulation undermine the price mechanism and lead to financial bubbles, often with disastrous consequences. Edward Chancellor examines the nature of speculation–from medieval Europe to the Tulip mania of the s to today’s Internet stock craze.

A contributing writer to The Financial Times and The Economistlooks at hindmot the psychological and economic forces that drive people to “bet” taoe money in markets; how markets are made, unmade, and manipulated; and who wins when speculation runs rampant.


This single location in All: Even without adding the financial collapse ofthe impacts of the speculative frenzies documented here seem, if anything, to be growing.

The other focus to be aware of is the omission of sovereign debt. Overall a very interesting read.

But whatever method is used, at the bottom is always some deviil for purchasing an asset using debt, magnifying both positive and negative price swings. The history he presents is one of speculative manias adapting to and circumventing every control that governments hundmost markets have attempted to place on them. Once I realized the poor writing style was too blame for my headaches after 20 minutes of reading, I started self-editing the passages. Skip to content Skip to search.

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

Be the first to add this to a list. Only criticism is that it’s very very dense, not an easy read. There are no discussion topics on this book yet. Extremely deeply researched and full of interesting details. It is difficult for me to imagine someone reading this book and remaining a hindmmost believer in the “efficient market hypothesis” the notion that the price of a security at any given time reflects all fhancellor available information and only responds to new information rather than the “mood” of the market or manipulations of speculators.

Devil Take the Hindmost

The second part of the title itself might deter a lot of readers, but it’s only a general hint about the book’s contents. Oct 10, Dmytro rated it really liked it. Devil Take the Hindmost chancel,or.