In this book, Charles Mackay discusses the irrational behaviors of crowds in the economy, war and magic. He gives several different examples of market bubbles, such as the Mississippi Scheme and the infamous Tulip Mania in the Netherlands. Ever since it was written, investors have used it as a guide to help identify boom and bust cycles. Extraordinary Popular Delusions and The Madness of Crowds has had an important influence on economists in understanding of crowd psychology and feedback loops.
The Crowd: A Study of the Popular Mind is a brilliant treatise on the workings of crowds. Gustave Le Bon examines many different kinds of crowds and how they work. He differentiates between different kinds of crowds such as mobs, juries, elected bodies, and simple crowds. This landmark book is one of the most influential books ever written on this subject. An important book for anyone studying or working in the fields of sociology, law, and psychology.
A discussion of the psychology of revolution in general, religious or political, and the mental and emotional characteristics of the leaders of such movements, with special consideration of the French revolution. The examples of revolutionary movements are preferably chosen from French history, but universal history is also drawn upon, including the political upheavals in Portugal, China, and Turkey.
The present age is not merely an epoch of discovery; it is also a period of revision of the various elements of knowledge. Having recognised that there are no phenomena of which the first cause is still accessible, science has resumed the examination of her ancient certitudes, and has proved their fragility. To-day she sees her ancient principles vanishing one by one. Mechanics is losing its axioms, and matter, formerly the eternal substratum of the worlds, becomes a simple aggregate of ephemeral forces in transitory condensation.
Despite its conjectural side, by virtue of which it to some extent escapes the severest form of criticism, history has not been free from this universal revision. There is no longer a single one of its phases of which we can say that it is certainly known. What appeared to be definitely acquired is now once more put in question.
Among the events whose study seemed completed was the French Revolution. Analysed by several generations of writers, one might suppose it to be perfectly elucidated. What new thing can be said of it, except in modification of some of its details?
The market never ceases to befuddle and beguile. These two venerable works are fixtures on the short lists for most valuable books on the securities markets, and investors continue to cherishthem. (From the introduction by Martin S. Fridson managing director, Merrill Lynch & Co. author of Investment Illusions)
Exploring the sometimes hilarious, sometimes devastating impact of crowd behavior and trading trickery on the financial markets, this book brilliantly combines two all-time investment classics. Extraordinary Popular Delusions and Confusión de Confusiones take us from Tulipmania in 1634-when tulips actually traded at a higher price than gold - to the South Sea bubble of 1720, and beyond. Securities analyst and author Martin Fridson guides you on a quirky, entertaining, and intriguing journey back through time.
Chosen by the Financial Times as Two of the Ten Best Books Ever Written on Investment