True to its name, this book is a short review of financial manias over the last 500 years. Funny how the popularity of the book ebbs and flows as we go up and down with the business and financial cycles. Perhaps the big thread throughout the entire book is the concept of leverage rearing its ugly head during every major financial panic in recorded history. Often taking different forms, the re-application of leverage in new forms is perhaps the principal driver of bubbles and blowups. Look for the hidden leverage behind the new shiny object and you’ll likely find the next financial train wreck waiting to happen.
Worth a read as a cautionary tale!