By Robert Menschel
During this attention-grabbing journey via cultural, worldwide, fiscal, and enterprise heritage, icon of the monetary global Robert Menschel explores the phenomenon of crowd psychology and its results on enterprise and tradition. Explaining how crowd psychology creates marketplace bubbles and irrational exuberance, Menschel mines international history—from the increase of the Nazis in Germany, to the fanatical love of manufacturers, to the Dutch tulip craze of the 17th century, to America’s Nineteen Nineties web bubble—to display how the habit of crowds negatively impacts the enterprise international. Championing the factors of individuality and customary experience, Markets, Mobs & Mayhem bargains actual knowledge for traders who are looking to retain their wits while everybody else is wasting theirs.
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Extra info for Markets, Mobs, and Mayhem: A Modern Look at the Madness of Crowds
Sample text
A century and a half after the gold rush began, it’s unlikely that most Americans would be able to name a single prospector who took part in it. Not so the people who supplied the miners. For sturdy clothing that wouldn’t fall apart in the rough mountains where the prospectors moiled for gold, they could turn to Levi Strauss, who used the gold rush to launch an eponymous clothing empire that persists, albeit rattled, to this day. For the shovels and picks and other tools that are so much a part of a prospector’s lot, Collis Huntington was waiting.
The Wall Street reporter found all doors open and everyone snatched at him for the latest news, for shreds of rumor. Who was in trouble? Who had gone under last? Where was it going to end? I remember dropping in to see a vice-president of one of the larger banks. He was walking back and forth in his office. ” He laughed. ” Men have been swindled by other men on many occasions. The autumn of 1929 was, perhaps, the first occasion when men succeeded on a large scale in swindling themselves. —John Kenneth Galbraith He Said/She Said How easy is it for a small investor to get reliable information during a market frenzy?
By the seventeenth century, tulips had become 12 Booms, Bubbles & Busts the fashion of the wealthy, especially in Germany and Holland. Prizes of increasingly large sums of money were given at competitions for the most beautiful bulbs. The winning bulbs could then be sold for cross breeding. By 1630 the Dutch people in particular were becoming obsessed with the growing and trading of tulips. Amateur growers began to bid up the price of certain species that were especially popular or that had the potential of winning prizes, and by 1634 an adjunct to the Amsterdam stock exchange had been set up for the trading of tulips.