Reddit reviews Extraordinary Popular Delusions and The Madness of Crowds
We found 7 Reddit comments about Extraordinary Popular Delusions and The Madness of Crowds. Here are the top ones, ranked by their Reddit score.
You should read this book: https://www.amazon.com/Extraordinary-Popular-Delusions-Madness-Crowds/dp/1463740514
This is how groups of people can help convince one another and how difficult it is to deny what your in-group believes. How people can be convinced without evidence based on in-group, or tribal mentality.
Read the madness of crowds. Author really goes into depth on incidents in history. The section on inside jokes is funny as hell, amazing to see how long memes have been around for.
This book is also good: Demon Haunted world
.... No they are actually an unruly mob. Literally not figuratively. I wasn't speaking in metaphor, literally they are a mob that has no leadership and they are by definition unruly because they're angry and protesting....
And I think anybody who thinks you could go into a bank as one individual person and be denied the capability of closing your account is pretty loony. I don't think he's loony just because of his membership in the mob, I think he's loony because of the things he's actually saying.
I would love for you to explain to me how exactly NOT going along with mob mentality makes me a part of a mob... I don't think you know what the phrase "mob mentality" means, here's a good book for you it is the premiere primer on mobs and the behavior and mentality of mobs. Maybe you should take a psychology class? I mean you definitely need an English class because your grammar is atrocious, but hey that's another thing you have in common with the OWS people.
Also in English speaking countries traditionally the term "chapeau" refers not just to an ordinary hat but to a hat awarded in recognition of rank or station, so thanks I will wear my chapeau of superiority with pride.
There are a multitude of books that have been written and if you ask 100 people, you will get a 100 different answers on the best books to read. My recommendation is ignore all the flashy titles and strategy specific books that promise how to be a billionaire in 5 years or how to retire at age 25. Instead, for anyone just starting out, i recommend going with a solid foundation and once that is achieved, then find your individual specific plan. My three (actually four) books to get started in a serious entry into the investment markets are as follows (in order and assuming a starting point of Extreme Beginner)
https://www.amazon.com/Personal-Finance-Dummies-Eric-Tyson/dp/1119114292/ref=sr_1_2?ie=UTF8&qid=1518157495&sr=8-2&keywords=personal+investing+for+dummies
And
https://www.amazon.com/Investing-Dummies-Business-Personal-Finance/dp/1119239281/ref=sr_1_4?ie=UTF8&qid=1518157731&sr=8-4&keywords=personal+investing+for+dummies
2)The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham.
https://www.amazon.com/Intelligent-Investor-Definitive-Investing-Essentials/dp/0060555661/ref=sr_1_3?ie=UTF8&qid=1518157481&sr=8-3&keywords=personal+investing
This one is much more technical than the first read but I consider it "The Bible" for forming a solid education in value stock investing. Written just after World War 2, this book has been invaluable in understanding how to evaluate good investments in the stock market. I still don't know how investors did it before the internet, but using the principles presented in this book and the resources available online, your stock performance should be far in excess of anything you might do having not read it. Interesting side story: When i was in business school circa 1998-2001, I had a professor of Financial Analysis who introduced me to this book and also called it the Bible. In his lectures he and the students had many heated debates regarding the validity of Grahams teachings and how the investing world had outgrown Grahams views due to the rapidly growing diversity of investments today and the impact technology had on investing strategy. We, the students, were all blinded by the internet boom and all the stories of people who had an IPO for their company and became overnight billionaires, provided the company ended in dot-com. The professor was adamant that every generation was doomed to learn some hard and expensive lessons by thinking the Old masters no longer applied to the "New Reality". As an exercise we spent the following months reviewing many of the skyrocketing stocks that were part of the Dot Com bubble. The professor claimed that, based on his application of Graham's principles the only Dot com stocks he would consider holding for a minimum of 10 years from 1997 were Amazon, Intel, Sony, SAP and Microsoft. By 2000 he had fared much better than many of the students who thought the were going to be Pets.com billionaires.
Which brings us to the third book:
https://www.amazon.com/Extraordinary-Popular-Delusions-Madness-Crowds/dp/1463740514/ref=sr_1_1?s=books&ie=UTF8&qid=1518158993&sr=1-1&keywords=Extraordinary+Popular+Delusions+and+The+Madness+of+Crowds+by+Charles+MacKay
If you though Grahams book was old this one is coming up on its 200th anniversary.
This one is really not about investing as much as it is about the understanding how social psychology leads to things like, bubbles, panic crashes and fads that leave ruined investors in their wake. Every time I hear the word Bitcoin, I think of this book, just as I did back when everyone of my friends was going to be the next multimillionaire house flipper or day trader ten years ago. I am not saying that these strategies are inherently bad, just that it is important to be able to distinguish the facts from the hype, even when the person hyping it is yourself because you got swept up in the public craze. Read about the Dutch tulip craze and realize that the same forces are in play every day.
Once you grind through these three, you will be more than ready to start on your individual path and well armed to make reasonable decisions. Good Luck!
I'm not aware of a whole lot of books specifically about accounting, but here are a few recommendations of books about finance, economics, business or that I just think might appeal to /r/accounting.
Anything by Michael Lewis. Liar's Poker has been mentioned elsewhere, but The Big Short is excellent as well.
Ben Mezrich has written some good books about business, but not really accounting specifically. He's most famous for The Accidental Billionaires which is about Facebook (I believe it, along with The Facebook Effect were the main sources for the movie The Social Network) and Bringing Down the House which was about the MIT card counting team and inspiration for the movie 21. You might be interested in Ugly Americans or Rigged though.
Here's a few more that are a little less fiction-y:
Too Big to Fail by Andrew Ross Sorkin
Traders, Guns and Money by Satyajit Das
Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay
Priceless: The Myth of Fair Value (and How to Take Advantage of It) by William Poundstone
EDIT: Now with links!
If you like that book then you should check out Livermore's favorite book, Extraordinary Popular Delusions and the Madness of Crowds. It deals with times in history that the population has just gone nuts, including massive pump and dumps and other securities mischief. It would make a great mini-series as well.
Check out the book "Extraordinary Popular Delusions and the Madness of Crowds", Amazon US link, UK link, wikipedia link
It was written in the 1800s! Even back then they knew about group delusions.