Founder connections
- Edward O. ThorpRecommended, with an accuracy caveatAsked directly in his 2022 Tim Ferriss interview whether he recommended Mackay’s book, Thorp said yes and noted that some details were inaccurate. His exact edition and extent of reading are not established.Source
- Jim SimonsPraised in his original oral historyIn his AIP oral history Simons strongly praises Mackay’s work while discussing bubbles, then describes its accounts of financial manias, dueling and witch beliefs. He recalls the opening word as Great rather than Extraordinary; the distinctive title and contents resolve the work. His edition and full completion are unknown, and no trading result is attributed to the book.Source
Summary
Charles Mackay recounts episodes in which shared excitement or belief took hold of groups of people. His historical accounts include the Mississippi Scheme, the South Sea Bubble and Dutch tulip speculation. The original work also ranges beyond financial speculation into subjects such as alchemy, prophecies and witchcraft.
Why read it Our view
Useful for examining how a popular belief gathers strength and how that affects judgment. Mackay’s accounts give founders questions about the evidence behind a trend and the pressure to follow others; they are historical stories rather than a test of every modern market.