Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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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.

Books 24Experts 6Recommenders 40

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 MuqaddimahThe Muqaddimah
T1 The Muqaddimah
Ibn Khaldun · 1858
Open LibraryGoodreads

Why states rise and fall, explained through asabiyyah, the cohesion of a group.

Recommended by: Mohnish Pabrai, Mark 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
Open LibraryGoodreads

How individuals lose judgement in a crowd and how leaders sway crowds.

“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

Source: Martin on the book that let him go against conventional thought

Recommended by: Frank Martin, Mohnish Pabrai, Peter Cundill and 1 other

The True BelieverThe True Believer
T1 The True Believer
Eric Hoffer · 1951
Open LibraryGoodreads

Why mass movements of every kind draw the same frustrated people and use one method.

“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

Source: Rosenberg on the book he most often recommends

Recommended by: Joe Rosenberg, Mohnish Pabrai and 6 others

This Time Is DifferentThis Time Is Different
T1 This Time Is Different
Carmen M. Reinhart, Kenneth S. Rogoff · 2009
Open LibraryGoodreads

Eight centuries of defaults and banking crises show the same patterns recurring.

Recommended by: Mohnish Pabrai and 3 others

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
Open LibraryGoodreads

A military historian's reflections on what history teaches and why we ignore it.

Recommended by: Morgan Housel, Nat Eliason, Shane Parrish

The Lessons of HistoryThe Lessons of History
T2 The Lessons of History
Will Durant, Ariel Durant · 1968
Open LibraryGoodreads

Recurring patterns drawn from world history: biology, morals, religion, economics.

“…books I've recommended, highlighted to death, or forced on friends.” — Andrew Wilkinson

Source: Andrew Wilkinson's Bookshelf, neverenough.com

Recommended by: Andrew Wilkinson, Balaji S. Srinivasan and 12 others

Private Truths, Public LiesPrivate Truths, Public Lies
T2 Private Truths, Public Lies
Timur Kuran · 1995
Open LibraryGoodreads

Preference falsification: why people hide their views and how that hides change.

“So this is one of the all time great books. Incredible.” — Marc Andreessen

Source: Lex Fridman Podcast #458 transcript — Marc Andreessen

Recommended by: Marc Andreessen

Why Stock Markets CrashWhy Stock Markets Crash
T2 Why Stock Markets Crash
Didier Sornette · 2002
Open LibraryGoodreads

Log-periodic power laws as a physicist's model of crash formation

Recommended by: Nassim Nicholas Taleb

Big Debt CrisesBig Debt Crises
T2 Big Debt Crises
Ray Dalio · 2018
Open LibraryGoodreads

A template for how big debt crises unfold, with detailed case studies.

Boom and BustBoom and Bust
T2 Boom and Bust
William Quinn, John D. Turner · 2020
Open LibraryGoodreads

Three centuries of bubbles and the bubble triangle of conditions that sets them off.

DefaultDefault
T2 Default
Gregory Makoff · 2024
Open LibraryGoodreads

Argentina's 2001 default and the fifteen years of lawsuits and talks that followed.

Famous Financial FiascosFamous Financial Fiascos
T3 Famous Financial Fiascos
John Train · 1985
Open LibraryGoodreads

Short accounts of manias, frauds and disasters, from tulips to the South Sea Bubble.

Recommended by: Morgan Housel

Ultimate RiskUltimate Risk
T3 Ultimate Risk
Adam Raphael · 1994
Open LibraryGoodreads

The Lloyd's of London Names catastrophe and unlimited liability.

The Split Capital Investment Trust CrisisThe Split Capital Investment Trust Crisis
T3 The Split Capital Investment Trust Crisis
Andrew Adams · 2004
Open LibraryGoodreads

The UK trust sector's own blow-up: gearing, cross-holdings and collapse.

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
Open LibraryGoodreads

Crowd manias from the Mississippi scheme and South Sea Bubble to witch trials.

“The first couple of chapters of this book, which describes in detail the great financial and stock market manias of the eighteenth century, are essential reading for all serious investors.” — Barton Biggs

Source: Biggs on the first chapters as essential reading

Recommended by: Barton Biggs, Bernard Baruch, Peter Cundill and 2 others

The Art of SpeculationThe Art of Speculation
T4 The Art of Speculation
Philip Carret · 1927
Open LibraryGoodreads

Buying securities to profit from changes in value, with twelve commandments.

“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

Source: Rochon on the oldest book in his hall of fame

Recommended by: Francois Rochon, Mohnish Pabrai

A Short History of Financial EuphoriaA Short History of Financial Euphoria
T4 A Short History of Financial Euphoria
John Kenneth Galbraith · 1990
Open LibraryGoodreads

The recurring features of speculative booms, and why short memories bring them back.

Recommended by: Howard Marks and 2 others

Manias, Panics, and CrashesManias, Panics, and Crashes
T4 Manias, Panics, and Crashes
Charles P. Kindleberger · 1996
Open LibraryGoodreads

Financial crises follow a repeated sequence of boom, mania, panic and crash.

Recommended by: Howard Marks, Li Lu

Business Cycles: History, Theory and InvestmBusiness Cycles: History, Theory and Investment Reality
T4 Business Cycles: History, Theory and Investment Reality
Lars Tvede · 1997
Open LibraryGoodreads

The history of business cycle theory and how credit cycles drive asset prices.

Devil Take the HindmostDevil Take the Hindmost
T4 Devil Take the Hindmost
Edward Chancellor · 1999
Open LibraryGoodreads

Speculation from ancient Rome and tulip mania to the 1990s, and its recurring traits.

Recommended by: Howard Marks, Mohnish Pabrai and 1 other

Technological Revolutions and Financial CapiTechnological Revolutions and Financial Capital
T4 Technological Revolutions and Financial Capital
Carlota Perez · 2002
Open LibraryGoodreads

Five technological revolutions since 1771, and why each brings a financial bubble.

“Perhaps the best book on the topic is Carlota Perez, Technological Revolutions and Financial Capital” — Michael Mauboussin

Source: New Business Boom and Bust: How Capitalism Experiments (Consilient Observer, Counterpoint Global)

Recommended by: Michael Mauboussin, Patrick 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 LibraryGoodreads

Recommended by: Mohnish Pabrai

Speculative ContagionSpeculative Contagion
T4 Speculative Contagion
Frank K. Martin · 2006
Open LibraryGoodreads

Client letters through the dot-com bubble; value discipline written contemporaneously

“What a unique opportunity to traverse the Bubble and post-Bubble years with Frank Martin, exactly as he described them to his clients in real time. Speculative Contagion is sure to enlighten…” — Seth Klarman

Source: Klarman on traversing the bubble years with Martin

Recommended by: Mohnish Pabrai, Seth Klarman, Warren Buffett

Principles for Navigating Big Debt CrisesPrinciples for Navigating Big Debt Crises
T4 Principles for Navigating Big Debt Crises
Ray Dalio · 2018
Open LibraryGoodreads

Free PDF at economicprinciples.org; first issued as A Template for Understanding Big Debt Crises.

Recommended by: Ray Dalio

More financial panics

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