First written in 1841 and now hailed an economic classic, Extraordinary Popular Delusions and the Madness of Crowds, is a smart book for every investor to read.
In light of the hyper-growth and change occurring with seed investing and web entrepreneurship, this book is probably now a must read. Without spoiling all of it secrets, one of its famous quotes, below, speaks to one of its timeless lessons:
‘Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.’
— Charles Mackay, 1841.
This book is not aimed at blindly dampening optimism and opportunity; rather, it tries to ensure optimism is based on opportunity anchored in true, rational value – and not in group-mania.
That is a priceless lesson for any age.