Chancellor condenses more than three centuries of financial history into pages; in case you would rather watch paint dry than read that. 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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Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Refresh and try again. Open Preview See a Problem? Thanks for telling us about the problem. Return to Book Page. Devil Take the Hindmost: 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?
Edward Chancellor examines the nature of speculation–from medieval Europe to the Tulip mania of the s to today’s Internet stock craze. A contributi Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? A contributing writer to The Financial Times and The Economistlooks at both the psychological and economic forces that drive people to “bet” their money in markets; how markets are made, unmade, and manipulated; and who wins when speculation runs rampant.
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Devil Take the Hindmost by Edward Chancellor | : Books
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. May 31, Rushi rated it it was ok. 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 hindmosr 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 hundmost 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. 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: Knew about this but was astonished by the scale and mass of those manipulations!
Overall a very interesting read. Written inseems like not too many people have read it before technology bubble or crash 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: This book was written before the bursting of the dot-com and housing market bubbles, but they followed the same pattern: 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: 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.
Devil Take the Hindmost
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 edard amazing.
I read both as part of my history studies in grad sdward, and for my first book, “The Case of the Cleantech Con Artist: A True Vegas Tale.
May 07, George Jankovic rated it it was amazing. Great book on financial speculations from the olden days through today. Oct 23, Viktor Nilsson rated it it was amazing Shelves: I picked up this book because I’m interested in everything that concerns investing and speculation. While there’s always a plethora of writings on current events and the latest thing, very few stand the test of time, and so I like reading from an historic perspective.
This book turned out to fit well into the history category – if you’re looking for advanced financial analysis you won’t find it here, although the author clearly knows what he’s talking about. What makes this book so good is the wa I picked up this book because I’m interested in everything that concerns investing and speculation.
What makes this book so good is the way it explains financial history, mainly through anecdotes. For someone who doesn’t like reading fiction, this is the kind of book that still can provide a truly enjoyable read. Even better, Chancellor makes sure to get his facts right, and I’m quite impressed at the work he has gone through to find all the stories and facts.
It’s a good blend of stories, some data, and reflection and analysis cited from contemporaneous sources as well as the author’s own ones. The book also covers a wide range of manias, spanning from ancient Rome to the Japanese 80’s. Chancellor also adds some interesting conclusions on what many bubbles seem to have in common and what thus can set them off in the first place. Well worth a read for anyone interested in investing and history. Dec 27, Andy M rated it it was amazing Shelves: 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.
Chancellor’s book brings to light many incidents that point to a pattern that seems to repeat. A scheming small group of investors starts a bubble, and later less knowledgable investors are lured in after them.
The small original group eventually sells out, leaving the ignorant and over-optimistic latecomers holding an investment now worth far less than the price that they pa 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.
The small original group eventually sells out, leaving the ignorant and over-optimistic latecomers holding an investment now worth far less than the price that they paid for it. Yet there are more kinds of bubbles than merely the pumping and dumping of common stock.
The book offers examples of these. There are some who will refuse to read this book after finding the first favorable quotation of Keynes, but they’re depriving themselves of some interesting history. Oct 18, Barry Bridges rated it it was amazing.