The Delusions of Crowds
Why People Go Mad in Groups
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Narrated by:
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Tom Parks
About this listen
Inspired by Charles Mackay's 19th-century classic Memoirs of Extraordinary Popular Delusions and the Madness of Crowds, Bernstein engages with mass delusion with the same curiosity and passion, but armed with the latest scientific research that explains the biological, evolutionary, and psychosocial roots of human irrationality. Bernstein tells the stories of dramatic religious and financial mania in Western society over the last 500 years - from the Anabaptist Madness that afflicted the Low Countries in the 1530s to the dangerous End-Times beliefs that animate ISIS and pervade today's polarized America; and from the South Sea Bubble to the Enron scandal and dot-com bubbles of recent years. Through Bernstein's supple prose, the participants are as colorful as their motivation, invariably "the desire to improve one's well-being in this life or the next".
As revealing about human nature as they are historically significant, Bernstein's chronicles reveal the huge cost and alarming implications of mass mania: for example, belief in dispensationalist end-times has over decades profoundly affected US Middle East policy. Bernstein observes that if we can absorb the history and biology of mass delusion, we can recognize it more readily in our own time and avoid its frequently dire impact.
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The Intelligent Asset Allocator has helped thousands of people like you build wealth through carefully diversified portfolios. Now, with global markets in constant flux, balancing risk and reward is more critical than ever. Self-taught investor William Bernstein offers no gimmicks, inside secrets, or magic solutions - just the facts about investing and calm smart advice on how to build and manage a portfolio designed for the long run.
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Good Book
- By Cowboy95 on 01-26-24
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Devil Take the Hindmost
- A History of Financial Speculation
- By: Edward Chancellor
- Narrated by: Nigel Patterson
- Length: 13 hrs and 29 mins
- Unabridged
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Devil Take the Hindmost is a lively, original, and challenging history of stock market speculation from the 17th century to the present day. Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world.
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Well-picked scenes span tulips up to 20 years ago
- By Philo on 03-07-19
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A Short History of Financial Euphoria
- By: John Kenneth Galbraith
- Narrated by: Liam Gerrard
- Length: 2 hrs and 8 mins
- Unabridged
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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.
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Good
- By SEB24 on 11-12-24
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The Wealth and Poverty of Nations
- Why Some Are So Rich and Some So Poor
- By: David S. Landes
- Narrated by: Walter Dixon
- Length: 21 hrs and 47 mins
- Unabridged
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The Wealth and Poverty of Nations is David S. Landes' acclaimed, best-selling exploration of one of the most contentious and hotly debated questions of our time: Why do some nations achieve economic success while others remain mired in poverty? The answer, as Landes definitively illustrates, is a complex interplay of cultural mores and historical circumstance.
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A detailed explanation
- By Kaarlis on 12-07-21
By: David S. Landes
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This Time Is Different
- Eight Centuries of Financial Folly
- By: Carmen Reinhart, Kenneth Rogoff
- Narrated by: Sean Pratt
- Length: 8 hrs and 54 mins
- Unabridged
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Throughout history, rich and poor countries alike have been lending, borrowing, crashing - and recovering -their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different" - claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. This book proves that premise wrong.
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necessary piece to understand the current crisis
- By D. Littman on 12-04-09
By: Carmen Reinhart, and others
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The Rise of Carry
- The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis
- By: Tim Lee, Jamie Lee, Kevin Coldiron
- Narrated by: Todd Belcher
- Length: 7 hrs and 29 mins
- Unabridged
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The financial shelves are filled with books that explain how popular carry trading has become in recent years. But none has revealed just how significant a role it plays in the global economy - until now. A groundbreaking book sure to leave its mark in the canon of investing literature, The Rise of Carry explains how carry trading has virtually shaped the global economic picture - one of decaying economic growth, recurring crises, wealth disparity, and, in too many places, social and political upheaval.
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Good framework, games out the possibilities
- By Philo on 11-24-21
By: Tim Lee, and others
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Currency Wars
- The Making of the Next Global Crises
- By: James Rickards
- Narrated by: Walter Dixon
- Length: 9 hrs and 52 mins
- Unabridged
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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics.
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don't be misled
- By peter on 04-01-12
By: James Rickards
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Tap Dancing to Work
- Warren Buffett on Practically Everything, 1966–2012: A Fortune Magazine Book
- By: Carol J. Loomis
- Narrated by: Susan Boyce, Barry Press
- Length: 17 hrs and 38 mins
- Unabridged
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When Carol Loomis first mentioned a little-known Omaha hedge-fund manager in a 1966 Fortune article, she didn’t dream that Warren Buffett would one day be considered the world’s greatest investor - nor that she and Buffett would become close personal friends. Now Loomis has collected and updated the best Buffett articles Fortune published between 1966 and 2012, including thirteen cover stories and a dozen pieces authored by Buffett himself. Loomis has provided commentary about each major article that supplies context and her own informed point of view.
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A collection of finance articles - not a biography
- By Gerardo A Dada on 08-23-13
By: Carol J. Loomis
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A Monetary and Fiscal History of the United States, 1961-2021
- By: Alan S. Blinder
- Narrated by: Todd McLaren
- Length: 15 hrs and 12 mins
- Unabridged
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Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before—one that is a pleasure to listen to, and as interesting as it is important.
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Listen for Nixon's Sake
- By Tricia on 10-26-22
By: Alan S. Blinder
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Winning the Loser's Game
- Timeless Strategies for Successful Investing, Eighth Edition
- By: Charles D. Ellis
- Narrated by: Andrew B. Wehrlen
- Length: 6 hrs and 37 mins
- Unabridged
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Candid, short, and accessible, Winning the Loser's Game walks you through the process of developing and implementing a powerful investing strategy that generates solid profits year after year. In this eagerly awaited new edition, Charles D. Ellis applies the expertise developed over his long, illustrious career. This updated edition includes: new chapters on bond investing, how investor behavior affects returns, and how technology and big data are challenging traditional investment decision; and more.
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Updated for “modern audiences”
- By Marlin on 08-30-24
By: Charles D. Ellis
What listeners say about The Delusions of Crowds
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Jane
- 08-01-21
Destined to become a classic.
Thoroughly well researched, entertaining and enlightening. I've read some of the author's other books this is the best so far in readability, interest and engagingly presented. The reader is also very good.
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4 people found this helpful
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- delphine farr
- 10-20-23
interesting but tedious
interesting and very relevant today, but boring at times.... great level of detail and insightful connections are made
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- Derrick M Davis
- 09-11-21
A must read (listen) assessment of human behavior
The author provides practical historical evidence, both financial and religious, alongside modern scientific studies to present a sound framework for understanding extreme behavior events.
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2 people found this helpful
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- r-audible c richardson iv
- 11-20-23
Good update to Original, but biased at the end
Excellent reader.
Excellent update on the original 1800s version, especially as it relates to 20th century scientific studies on human reasoning as they relate to human delusions. Provided some interesting historical notes that I was not aware of, such as Churchill being in NYC for the Oct 1929 market crash.
Author’ academic political bias comes out in the later parts, specifically in Chap 13 and 14. He shows contempt for the financing of the 1980-1990s economic boom as being one of greed and the President Reagan being a nuclear war advocate and religious right wing believer. Best skip listening to those two chapters.
Disappointed that he failed to address the 21st century delusions of crowds from end-of-the-world environmentalIsm, and COVID. especially given the book’s publication date of 2021. I guest that the author like his 1800s predecessor, can’t discern delusion he buys into.
That said the book is well worth the listen particularly chapters 1-12 for the economic and religious histories and his four P’s of a delusion.
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- KBM
- 07-14-21
Well-Developed and Useful POV
Nice job of weaving together psychological research, historical experiences and case studies to support its primary thesis:
That the madness of crowds is driven by deep-seated human attributes (like insider/outsider thinking), intolerance for uncertainty and ambiguity, and a form of hubris which confuses intelligence and rationality.
Consequently, that mass delusions reappear when certain identified conditions appear in the social, political and economic environment(s).
And, that if you add a dose of Manichaeism to the mix, then the delusions are religious.
The author also argues persuasively that for >40 years US policy-making has been heavily influenced by a particular delusional model - millenial dispensationalism, which is the philisophical source of the evangelical right. In other words, that much of recent US policy is delusional, in a real way.
Not likely to be popular among "true believers" of any stripe [too close to home], but very useful for anyone else trying to understand the root causes of current cultural/political/religious divisions in the USA and elsewhere.
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11 people found this helpful
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- AP19
- 10-26-22
Good topic, too much detail
Very heavy on details in many of the chapters related to the examples used to highlight the points of the book (mostly historical religious and financial industry stories). Sometimes boring and difficult to focus on the key points if you are not interested in these areas.
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- Amazon Customer
- 01-11-23
Great listen
Outstanding listen, seems to be well researched and the performance of the narrator was great.
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- tom allen
- 07-03-24
Almost a comedy historian account of human errors and unintended consequences. A bit much for feeble brains to comprehend.
It was a complete history of man, regions, beliefs, traditions and governance. Property filling in examples of fortunes and misfortunes, Great leaps of advancement along with clever insertions of wrong turns. Both the writer, researcher and narrator could not be the same one person since no one person could amass this knowledge and information by themselves. I find nothing to criticize or complain about EXCEPT it should have been read by me years ago, along with a required reading in high school or college. Thanks for the refreshing perspective glimpse of how the works on this enormous time scale.
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- Alednam A Uonopk
- 12-09-21
Worth listening to ..
Interesting take on the delusions created amidst group think. With our current plandemic, it sure looks like history is repeating itself, regardless how much science is out there.
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1 person found this helpful
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- Kevin
- 03-16-21
Excellent
Humans are just narrative driven Apes 🦍 that tell stories. Great book. Worth the read. Audible hopes you enjoyed this program
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8 people found this helpful