Home » Salvese Quien Pueda: Una Historia de la Especulacion Financiera by Edward Chancellor
Salvese Quien Pueda: Una Historia de la Especulacion Financiera Edward Chancellor

Salvese Quien Pueda: Una Historia de la Especulacion Financiera

Edward Chancellor

Published
ISBN : 9789506413095
Unknown Binding
444 pages
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 About the Book 

The longest bull market in history is a term that gets used a lot these days. Since 1990, the Dow Jones Industrial Average has risen some 8,000 points, from around 2,700 in January 1990 to nearly 11,000 today--a boom by anyones standards,MoreThe longest bull market in history is a term that gets used a lot these days. Since 1990, the Dow Jones Industrial Average has risen some 8,000 points, from around 2,700 in January 1990 to nearly 11,000 today--a boom by anyones standards, including Edward Chancellors. In Devil Take the Hindmost, Chancellor takes an entertaining, albeit sobering, look at the history of speculative manias and the mass delusion that surrounds them. Beginning with the tulipomania that gripped Holland in the 1630s, Chancellor chronicles the formations and irrational euphoria that can inflate markets, from shares of South Sea stock in England in the 1720s to real estate in Japan in the late 1980s. He characterizes the speculative spirit as one thatloves freedom, detests cant, and abhors restrictions. From the tulip Colleges of the seventeenth century to the Internet investment clubs of the late twentieth century, speculation has established itself as the most demotic of economic activities. Although profoundly secular, speculation is not simply about greed. The essence of speculation remains a Utopian yearning for freedom and equality which counterbalances the drab rationalistic materialism of the modern economic system with its inevitable inequalities of wealth. But its precisely such inevitability that always seems to win out, when sharply rising prices followed by sudden panic without cause bring speculative excess to an abrupt end. Chancellor makes Devil Take the Hindmost especially relevant to todays U.S. investors by using his analysis of past speculative manias as a lens through which to view the current bull-market binge. No matter what his or her current investment outlook is--bull or bear--anyone with capital to invest would do well to spend a thoughtful weekend with this book. Highly recommended. --Harry C. Edwards