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Market History & Economics

Bubbles, crashes, panics and how financial systems work, told by people who studied or lived through them. Listed from beginner to advanced.

A Short History of Financial Euphoria
John Kenneth Galbraith
Beginner

A short, sharp essay on speculative manias through the centuries and why they keep recurring.

Liar’s Poker
Michael Lewis
Beginner

A memoir of the author’s time as a bond salesman at Salomon Brothers in the 1980s.

The Big Short
Michael Lewis
Beginner

Follows the investors who bet against the US housing market before the 2008 financial crisis.

Barbarians at the Gate
Bryan Burrough & John Helyar
Beginner

The story of the 1988 leveraged buyout battle for RJR Nabisco.

Economics in One Lesson
Henry Hazlitt
Beginner

A short introduction to economic reasoning that urges looking at long-run and unseen effects of policies. Written from a free-market perspective.

The Ascent of Money
Niall Ferguson
Beginner

A history of money, credit, bonds, stocks, insurance and property and how they shaped the world.

When Genius Failed
Roger Lowenstein
Intermediate

The rise and 1998 collapse of hedge fund Long-Term Capital Management and what leverage can do.

Against the Gods
Peter L. Bernstein
Intermediate

A history of how people came to understand and measure risk, from early probability to modern finance.

Irrational Exuberance
Robert J. Shiller
Intermediate

Examines how market valuations and psychology fed bubbles in stocks and housing.

Manias, Panics, and Crashes
Charles P. Kindleberger
Advanced

A classic history of financial crises and the recurring pattern of boom, overextension and bust.

The Alchemy of Finance
George Soros
Advanced

Soros sets out his theory of reflexivity, the feedback between market participants’ beliefs and reality.

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