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I’ve been a reader of Jamie Catherwood’s Investor Amnesia because it launched. It’s all the time crammed with attention-grabbing reminders from the previous.
Investor Amnesia is a superb reminder that we are inclined to neglect that which got here earlier than. Ray Dalio put it much more starkly, noting that nothing is actually unprecedented, and we have a tendency to make use of that phrase to consult with these issues we’ve got not skilled in our lifetimes.
In direction of that finish, take a look at Catherwood’s newest mission: The Ages Of Finance: A Timeline Of Markets. You may type the lengthy historical past of finance on a timeline, both by particular subjects — Equities, Milestones & Improvements, Commodities, Debt, and Manias & Crashes — or by “All Market Historical past.” It’s one more reminder of how uncommon actually novel occasions are, and the way every thing outdated turns into new once more.
I’ve included some samples under, however it is best to go take a look at the Timeline in its entirety….
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Joseph de la Vega wrote the primary ever behavioral finance ebook in seventeenth century Holland. His ebook, Confusion de Confusiones, is a dialog between an Investor, Thinker and Service provider during which the Investor explains how the inventory market features. This excerpt presents simply one of many sensible descriptions of markets:
“This enterprise of mine [investing] is a mysterious affair, and that, even because it was probably the most truthful and noble in all of Europe, so it was additionally the falsest and most notorious enterprise on this planet. The reality of this paradox turns into understandable, when one appreciates that this enterprise has essentially been transformed right into a recreation, and retailers [concerned in it] have develop into speculators…“
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The Poyais Rip-off
Gregor MacGregor was deemed the ‘King of Con-Males’ by The Economist for pulling off the ‘biggest confidence trick of all time’. MacGregor earned this title by discovering an uninhabited piece of land on the coast of Honduras, making a fictitious nation known as Poyais, and promoting over a billion {dollars} price of ‘Poyais bonds’ in London by deceptive traders with lies about how Poyais was a developed society. MacGregor claimed that Poyais was residence to lovely structure, an opera home, parliamentary constructing, cathedral, and extra. In actuality, it was an uninhabited jungle. –Poyais Rip-off
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The First IPO
The Dutch East India Firm formally introduced its IPO within the company’s founding constitution on March 20, 1602. The corporate invited all Dutchmen to take a position when shares turned out there for buy in August 1602. Most people’s capability to take a position on this share providing was what made this primary “IPO” so distinctive, as beforehand corporations raised capital from small teams of rich traders. When the IPO subscription interval ended on August 31, some 1,100 traders had bought shares within the IPO. Learn Extra: The World’s First IPO
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The Panic Of 1882
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