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Extraordinary Popular Delusions and the Madness of Crowds, by Charles Mackay.   Written in 1852 and, remarkably, still in print, this book is the classic work on the ability of crowd psychology to sweep markets to irrational extremes.  If you've never heard about the Dutch "tulipmania" of the 1620s or the South Sea Bubble, for example, this book will surprise and inform you.  Market manias, as crazy as they may seem in retrospect, happen from time to time, and--this is the key point--they seem perfectly logical to market participants (for a while).  Hopefully, rather than become a participant in some future market bubble, the reader of this fascinating book will acquire a valuable perspective into the nature of mass psychology.  (I doubt whether many investors who first read this book bought Internet stocks at the height of the late 1990s technology stock bubble.)  As a valuable bonus, the book has an interesting forward written in 1932 by legendary investor Bernard Baruch.

ISBN: 0471133124
Format: Paperback, 214pp
Pub. Date: October 1995
Publisher: John Wiley & Sons, Inc.

 

(This information refers to the 1995 edition of this book, which does not include the forward by Bernard Baruch.)

 

 

"This book has saved me millions of dollars."

Bernard M. Baruch