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Toward Rational Exuberance: The Evolution of the Modern Stock Market
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Toward Rational Exuberance: The Evolution of the Modern Stock Market

3.85  ·  Rating details ·  20 Ratings  ·  2 Reviews
The stock market is big news today. Over 50 percent of the American public own stocks directly or indirectly, meaning that the financial well-being of tens of millions of people is directly tied to the market. Alan Greenspan has stated that it is not possible to understand the modern economy without understanding the stock market. But this has not always been so.

Many peop
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Paperback, 352 pages
Published May 30th 2002 by Farrar, Straus and Giroux (first published 2001)
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Ray
Feb 28, 2018 rated it it was amazing
Shelves: business, finance, history
This came recommended at the end of Mr. Money Mustache's blog post about crypto-currencies, and I was immediately impressed by the depth and detail in Smith's historical account of the creation and evolution of the stock market.

His notes are incredible and more functional than just naming the "who" and the "when", he really explains how these events marked the times and helped push forward the constant understanding of the entire market system.

He captures every market player that I'd even tange
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Jesse Kraai
A mostly anecdotal history of the American Stock Market. Smith's thread, if there is one, is an argument for the efficient market hypothesis. But he never really tells us why us buying his argument has any importance. He in fact actually says that you can't prove efficient vs behavioralist anyway.

It's hard to write a finance book! My main takeaway is that "our" expectation for what the P/E ratio should be is very much a historical/human construct that is not based on any kind of reality.

For exam
...more
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