Updates

  1. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  2. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  3. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  4. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  5. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  6. Feedback takes a subject line and up to three screenshots.
  7. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  8. Sport splits into 23 sports, and Religion into one topic per faith.
  9. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  10. Seventeen subjects that had two or three pages under different names now have one page each.
  11. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  12. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  13. Book, person and subject pages open inside the app, so the tabs stay in view.
  14. 996 more book covers, and photographs or logos for 227 more people and companies.
  15. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  16. Every topic over 150 books splits into narrower topics, each with a page of its own.

Send feedback

What is it?
Screenshots, up to 3 (optional)
or paste one with Ctrl+V

We use your email only to reply to you.
MP

Manias, panics and crashes across history

Financial panics

Histories and theories of speculation, crowds and debt crises that span several episodes, from Mackay and Kindleberger to Reinhart and Rogoff and Dalio.

24 books on Manias, panics and crashes across history, 4 of them tier 1, recommended by 40 people including Mohnish Pabrai and Patrick O'Shaughnessy.

24 books · 45 experts

Start here

  1. The MuqaddimahIbn Khaldun, 1858
  2. The Crowd: A Study of the Popular MindGustave Le Bon, 1895
  3. The True BelieverEric Hoffer, 1951
  4. This Time Is DifferentCarmen M. Reinhart, Kenneth S. Rogoff, 2009
  5. Why Don't We Learn from History?B. H. Liddell Hart, 1944

The best books on Manias, panics and crashes across history 24

The MuqaddimahThe Muqaddimah
T1 The Muqaddimah
Ibn Khaldun · 1858
Fourteenth-century theory of dynastic cycles, taxation and the rise of states
Open Library
Recommended byMohnish PabraiMark Zuckerberg
The Crowd: A Study of the Popular MindThe Crowd: A Study of the Popular Mind
T1 The Crowd: A Study of the Popular Mind
Gustave Le Bon · 1895
The founding study of crowd psychology behind every mania
Open Library
“The Crowd, written in 1895 by Gustave Le Bon, is probably the most instrumental book in framing my ability to go against the grain of conventional thought and not feel insecure.”Frank Martin
Recommended byFrank MartinMohnish PabraiPeter CundillBrendan Moynihan
The True BelieverThe True Believer
T1 The True Believer
Eric Hoffer · 1951
Mass movements and the psychology of the true believer
Open Library
“My favourite book to recommend is The True Believer: Thoughts on the Nature of Mass Movements by Eric Hoffer. There is no discussion about investing, but it is extremely helpful in understanding…”Joe Rosenberg
Recommended byJoe RosenbergMohnish PabraiAntonio García MartínezEric WeinsteinMarc AndreessenPatrick O'ShaughnessyReid HoffmanSusan J. Fowler
This Time Is DifferentThis Time Is Different
T1 This Time Is Different
Carmen M. Reinhart, Kenneth S. Rogoff · 2009
Eight centuries of default and crisis data assembled in one place.
Open Library
Recommended byMohnish PabraiRational Capital Investment FundBill GatesRaoul Pal
Why Don't We Learn from History?Why Don't We Learn from History?
T2 Why Don't We Learn from History?
B. H. Liddell Hart · 1944
Liddell Hart on why the lessons of history are so rarely applied
Open Library
Recommended byMorgan HouselNat EliasonShane Parrish
The Lessons of HistoryThe Lessons of History
T2 The Lessons of History
Will Durant, Ariel Durant · 1968
A century of history compressed into recurring patterns and rates
Open Library
“I recently reread The Lessons of History by Will and Ariel Durant. It's a great little history book.”Naval Ravikant
Recommended byAndrew WilkinsonBalaji S. SrinivasanNat EliasonNaval RavikantRay DalioCraig BlairDavid PerellEric Jorgenson+6 more
Private Truths, Public LiesPrivate Truths, Public Lies
T2 Private Truths, Public Lies
Timur Kuran · 1995
Preference falsification: why opinion cascades and regimes collapse suddenly
Open Library
“So this is one of the all time great books. Incredible.”Marc Andreessen
Recommended byMarc Andreessen
Why Stock Markets CrashWhy Stock Markets Crash
T2 Why Stock Markets Crash
Didier Sornette · 2002
Log-periodic power laws as a physicist's model of crash formation
Open Library
Recommended byNassim Nicholas Taleb
Big Debt CrisesBig Debt Crises
T2 Big Debt Crises
Ray Dalio · 2018
The beautiful deleveraging: how policymakers try to engineer the outcome.
Open Library
Boom and BustBoom and Bust
T2 Boom and Bust
William Quinn, John D. Turner · 2020
A comparative bubble triangle: marketability, money and speculation.
Open Library
DefaultDefault
T2 Default
Gregory Makoff · 2024
The NML Capital litigation and pari passu, told from the restructuring side.
Open Library
Famous Financial FiascosFamous Financial Fiascos
T3 Famous Financial Fiascos
John Train · 1985
Short catalogue of manias and frauds across four centuries
Open Library
Recommended byMorgan Housel
Ultimate RiskUltimate Risk
T3 Ultimate Risk
Adam Raphael · 1994
The Lloyd's of London Names catastrophe and unlimited liability.
Open Library
The Split Capital Investment Trust CrisisThe Split Capital Investment Trust Crisis
T3 The Split Capital Investment Trust Crisis
Andrew Adams · 2004
The UK trust sector's own blow-up: gearing, cross-holdings and collapse.
Open Library
Extraordinary Popular Delusions and the MadnExtraordinary Popular Delusions and the Madness of Crowds
T4 Extraordinary Popular Delusions and the Madness of Crowds
Charles Mackay · 1841
The original catalogue of speculative folly; still cited on every bubble.
Open Library
“Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay (only the first two chapters the title is worth the price of admission!)”Peter Cundill
Recommended byBarton BiggsBernard BaruchPeter CundillPrem WatsaLi Lu
The Art of SpeculationThe Art of Speculation
T4 The Art of Speculation
Philip Carret · 1927
Pre-Graham manual on speculation, margin and the psychology of markets
Open Library
“The oldest book in my hall of fame is not The Intelligent Investor, but The Art of Speculation by Philip Carret. The book was published in 1930 and the best part in the book is the '12 Commandments'.”Francois Rochon
Recommended byFrancois RochonMohnish Pabrai
A Short History of Financial EuphoriaA Short History of Financial Euphoria
T4 A Short History of Financial Euphoria
John Kenneth Galbraith · 1990
Open Library
Recommended byHoward MarksRational Capital Investment FundMohnish Pabrai
Manias, Panics, and CrashesManias, Panics, and Crashes
T4 Manias, Panics, and Crashes
Charles P. Kindleberger · 1996
The standard anatomy of currency and credit crises.
Open Library
“On the list as core financial-crisis history.”Li Lu
Recommended byHoward MarksLi Lu
Business Cycles: History, Theory and InvestmBusiness Cycles: History, Theory and Investment Reality
T4 Business Cycles: History, Theory and Investment Reality
Lars Tvede · 1997
Tvede on how credit and business cycles drive asset prices.
Open Library
Devil Take the HindmostDevil Take the Hindmost
T4 Devil Take the Hindmost
Edward Chancellor · 1999
Open Library unreachable during build; every openlibrary.org query failed with connection errors
Open Library
Recommended byHoward MarksMohnish PabraiPatrick O'Shaughnessy
Technological Revolutions and Financial CapiTechnological Revolutions and Financial Capital
T4 Technological Revolutions and Financial Capital
Carlota Perez · 2002
Open Library
“Perhaps the best book on the topic is Carlota Perez, Technological Revolutions and Financial Capital”Michael Mauboussin
Recommended byMichael MauboussinPatrick Collison
Trendwatching: Don't be Fooled by the Next ITrendwatching: Don't be Fooled by the Next Investment Fad, Mania or Bubble
T4 Trendwatching: Don't be Fooled by the Next Investment Fad, Mania or Bubble
Ron Insana · 2002
Open Library
Recommended byMohnish Pabrai
Speculative ContagionSpeculative Contagion
T4 Speculative Contagion
Frank K. Martin · 2006
Client letters through the dot-com bubble; value discipline written contemporaneously
Open Library
“For many years I've enjoyed reading Frank Martin's letters. This collection contains much investment wisdom and, just as important, sets a standard for advisor-client relationship.”Warren Buffett
Recommended byMohnish PabraiSeth KlarmanWarren Buffett
Principles for Navigating Big Debt CrisesPrinciples for Navigating Big Debt Crises
T4 Principles for Navigating Big Debt Crises
Ray Dalio · 2018
Free PDF at economicprinciples.org; first issued as A Template for Understanding Big Debt Crises.
Open Library
“A companion to his macro work, this book dissects 48 historical debt crises to extract the common template. Dalio recommends it as the reference for understanding why credit booms end the way they do and what policy tools are — and are not — available.”Ray Dalio
Recommended byRay Dalio

Experts 45

The people who wrote this page's books, and the people who recommend them.

Authors 6

Ray Daliowrote 2 books here
CP
Charles P. Kindlebergerwrote 1 book hereJohn Kenneth Galbraithwrote 1 book here
EC
Edward Chancellorwrote 1 book here
JT
John Trainwrote 1 book here
PL
Philip L. Carretwrote 1 book here

Recommenders 40

MP
Mohnish Pabrairecommends 9 books hereHoward Marksrecommends 3 books here
PO
Patrick O'Shaughnessyrecommends 3 books hereMarc Andreessenrecommends 2 books hereRay Daliorecommends 2 books here
LL
Li Lurecommends 2 books here
MH
Morgan Houselrecommends 2 books here
SP
Shane Parrishrecommends 2 books here
NE
Nat Eliasonrecommends 2 books here
PC
Peter Cundillrecommends 2 books here
RC
Rational Capital Investment Fundrecommends 2 books here
MM
Michael Mauboussinrecommends 1 book here
Show all 40
Nassim Nicholas Talebrecommends 1 book hereWarren Buffettrecommends 1 book here
BB
Barton Biggsrecommends 1 book herePrem Watsarecommends 1 book hereReid Hoffmanrecommends 1 book hereSeth Klarmanrecommends 1 book here
FR
Francois Rochonrecommends 1 book here
AW
Andrew Wilkinsonrecommends 1 book here
AG
Antonio García Martínezrecommends 1 book here
BS
Balaji S. Srinivasanrecommends 1 book hereBernard Baruchrecommends 1 book hereBill Gatesrecommends 1 book here
BM
Brendan Moynihanrecommends 1 book here
CB
Craig Blairrecommends 1 book here
DP
David Perellrecommends 1 book here
EJ
Eric Jorgensonrecommends 1 book hereEric Weinsteinrecommends 1 book here
FM
Frank Martinrecommends 1 book here
JR
Joe Rosenbergrecommends 1 book here
JS
Julian Shapirorecommends 1 book hereKevin Systromrecommends 1 book hereMark Zuckerbergrecommends 1 book hereNaval Ravikantrecommends 1 book here
PM
Packy McCormickrecommends 1 book herePatrick Collisonrecommends 1 book here
RP
Raoul Palrecommends 1 book here
SJ
Susan J. Fowlerrecommends 1 book hereTim Ferrissrecommends 1 book here
See all 45 in the Experts tab →

More financial panics: ← Japan's bubble and its aftermath · Penn Central, the 1973 crash and New York's near-default → · All financial panics