Devil Take the Hindmost: A History of Financial Speculation

"Devil Take the Hindmost" by Edward Chancellor offers a riveting history of stock market speculation from the 17th century to the modern era. This book questions whether modern investments, like new Internet stocks, are a demonstration of savvy or a continuation of a long-standing tradition of American speculative folly.

Chancellor explores how the psychology of investing has evolved, yet remained constant over five centuries. He traces the roots of this speculative spirit to ancient Rome, bringing to life historical episodes like the tulip mania of 1630s Holland, the South Sea Bubble of 1720, and the frenzied speculation in London's Exchange Alley.

The book paints vivid pictures of brokers underwriting bizarre risks, the circulation of lottery tickets as currency, and profiles of both wise and foolish investors ranging from Alexander Pope to Hillary Rodham Clinton. Chancellor's narrative spans various eras, including the Gilded Age, the Roaring Twenties, and the Information Era, showcasing a pattern of dreams and folly that has repeated throughout history.

With starred reviews from Publishers Weekly, Kirkus Reviews, and Library Journal, "Devil Take the Hindmost" is celebrated for its original and lively storytelling. It provides a fascinating lens through which to view the history of financial speculation, making it a must-read for those interested in the dynamics of the stock market and investment psychology.