The Short History of Financial Euphoria
by John Kenneth Galbraith
Mentioned once across 1 show · first heard Aug 2025 on My First Million.
The general take
Howard Marks calls The Short History of Financial Euphoria by John Kenneth Galbraith one of the greatest books he's ever read, grouping it with his favorite investor behavior books rather than technical how-to guides. He values it alongside Devil Take the Hindmost as essential reading about investor psychology and market dynamics.
About
The world-renowned economist offers "dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds." — The Atlantic . With incomparable wisdom, skill, and wit, world-renowned economist John Kenneth Galbraith traces the history of the major speculative episodes in our economy over the last three centuries. Exposing the ways in which normally sane people display reckless behavior in pursuit of profit, Galbraith asserts that our "notoriously short" financial memory is what creates the conditions for market collapse. By recognizing these signs and understanding what causes them we can guard against future recessions and have a better hold on our country's (and our own) financial destiny.
Who said what
Howard Marks👍 Recommends
…discussing formative books about investor behavior and financial cycles
“One of the greatest books I ever read was, uh, before that, uh, John Kenneth Galbraith's book, uh, uh, called the Short History of Financial Euphoria. That was really pivotal for me. And since I'm a slow reader, uh, I liked the fact that it was only about a hundred pages.”
My First Million — 79 Years of Investing Wisdom in 55 Minutesat 38:00
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