Tulipomania: The Story of the World's Most Coveted Flower & the Extraordinary Passions It Aroused
by Mike Dash · 10 Feb 2010 · 263pp · 84,410 words
been stillborn, trade and commerce would have remained concentrated in the south, wealth generated by overseas trade would never have flooded into Holland, and the tulip mania could not have taken place. As it was, Leiden prevailed, but only after a desperate siege that lasted four months. At the end of that
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tulips must have been fairly complex hybrids. The latter were grown mostly in Flanders and France and do not figure in the records of the tulip mania. In the Dutch Republic the most popular of the thirteen groups were the Rosen, the Violetten, and the Bizarden. Rosen varieties, which were by
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be found among the Bizarden. It was the patterns that these contrasting colors formed that really excited gardeners, and it is impossible to comprehend the tulip mania without understanding just how different tulip cultivars were from every other flower known to horticulturists in the seventeenth century. The colors they exhibited were more
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the Dutch Golden Age become so elaborately colored? The solution to this problem is simple but disturbing: They were diseased. The great irony of the tulip mania is that the most popular varieties, the ones that changed hands for hundreds or even thousands of guilders, were actually infected with a virus, one
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were made—and just as summarily rejected. It is with the mysterious Semper Augustus, then, that the first symptoms of what would become known as tulip mania appear. Quite how the flower first made its way to the United Provinces is not known. According to van Wassenaer, the tulip was grown originally
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of the Dutch Revolt, but of course they really commemorated not sailors but the horticulturists who had created the flower. At the time of the tulip mania there were already about fifty different varieties with the Admirael prefix, and another thirty or so that bore the rival title Generael (“general”). The Generaels
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: the urge to save and the urge to gamble. These impulses may seem quite contradictory, but in fact they worked together to fuel the tulip mania. Many visitors to the United Provinces were struck by the national horror of living beyond one’s means, which—when combined with the general increase
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was nothing else special about the building, apart from the fact that it was eventually converted into a Catholic church. But this was where the tulip mania began. The stone flowers were placed there to commemorate the sale of the house, in the summer of 1633, for three rare tulips. It
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This acceleration continued through 1635 until, by the winter of 1636, the value of some bulbs could double in little more than a week. The tulip mania climaxed in just two mad months: December 1636 and January 1637. In those few weeks people and money poured into the tulip trade as Dutchmen
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sharp decline as Leiden came to dominate the Dutch cloth industry. Another influence was a severe outbreak of bubonic plague that exactly coincided with the tulip mania, striking many Dutch cities between 1633 and 1637. The chronicler Theodorus Schrevelius, who lived in Haarlem throughout this period, recorded that the disease killed
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however, were not among them. This fact may come as a surprise to those who assume that a financial calamity with the reputation that the tulip mania enjoys must necessarily have been serious and widespread and have had a significant impact on the stock market, on trade, and on the Dutch economy
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.” During the autumn and winter of 1636, the new brightly colored barges would certainly have been hotbeds of gossip about the latest developments in the tulip mania. As the boat approached Haarlem, the travelers’ first glimpse of the city would be of a long line of red-brown roofs, crowned with
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point, it was in the months of December 1636 and January 1637 that the bulb craze really reached its peak and tulip trading turned into tulip mania. There are, unfortunately, no eyewitness accounts of what really went on in the tulip colleges during the extraordinary winter of 1636, or how exactly
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“must be done with an intoxicated head, and the bolder one is, the better.” As a one-line explanation of the worst excesses of the tulip mania, the weaver’s aphorism could hardly be bettered. First, Gaergoedt explains, Waermondt needs to find one of the taverns where the florists meet. There he
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been obvious to those watching the bidding that Wouter Winkel’s bulbs were going for sums that were staggering even by the standards of the tulip mania. In addition to the 21,467 guilders raised in the earlier private sale, the seventy individual tulips auctioned at the Nieuwe Schutters-Doelen were
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had sold at two guilders ten stuivers per ace the previous July—went for as much as seven guilders fourteen stuivers per ace at Alkmaar. Tulip mania reached its peak throughout the United Provinces in the last week of January and the first week of February 1637. During this extraordinary fortnight huge
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are merely an exceptionally dark shade of purple. Nevertheless, the fact that the black tulip legend achieved a certain currency during the years of the tulip mania might perhaps have alerted the more astute florists to the fact that a dangerous gap was beginning to develop between ever-increasing demand in the
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on the first day of February 1638. This was a private agreement between two genuine flower lovers who had probably never bothered themselves with the tulip mania going on around them and who could well afford the fantastic luxury of spending ten thousand guilders or more on plants that would be enjoyed
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outside the house in the Prinsengracht came down, the coat of arms was less prominently displayed. Dr. Tulip felt ashamed of the excesses of the tulip mania. There were many who shared Tulp’s sentiments. Adolphus Vorstius, the professor who occupied Clusius’s old chair of botany at the University of Leiden
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of the Golden Age, the name summoned up the image of a fool clad in a jester’s cap. Not all the critics of the tulip mania confined themselves to jokes and insults. Some, particularly the more religious members of Dutch society, took an altogether sterner view, accusing bulb dealers of
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trade. In the same year that van de Passe engraved his fools’ chariot, Jan Breughel the Younger painted an ambitious work titled Allegory upon the Tulip Mania. Breughel was the most influential painter of flowers to emerge during the Golden Age. Although some modern critics find his style a little stiff, his
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disgruntled monkey urinates on a flower bed full of tulip bulbs. These scabrous satires undoubtedly had a considerable impact. Even a hundred years later the tulip mania remained a raw and vivid scar upon the national psyche of the Dutch, and thanks in good measure to the pamphleteers and painters of the
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that were the better sellers. While the writers and artists of the United Provinces poured scorn on those who had lost everything they owned to tulip mania, the authorities of the republic were slowly coming to terms with the problem of averting the financial catastrophe threatened by the collapse of the bulb
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representatives in The Hague to do what they could to speed the decision-making process. But the States, like the cities, soon realized that the tulip mania was a unique problem and one that required careful consideration. Its members had little information on which to base a solution; judging from the example
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of the hyacinth craze was the practice of buying shares in particularly valuable bulbs, a practice that does not seem to have occurred during the tulip mania. It must have been a frustrating business, in that the shareholders would have to wait a year or more for their flower to produce
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in one of his bulbs to a hesitant customer, with only 10 percent down. There were several reasons why the hyacinth trade never matched the tulip mania in magnitude. To begin with, hyacinths are much more difficult to grow than hardy mountain flowers such as tulips, which limited the number of
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craze to attempt to grow the flowers themselves for profit, and at its peak there was considerable disapproval for the new craze. Memories of the tulip mania evidently remained vivid, for one enterprising publisher reprinted the three Samenspraecken of Gaergoedt and Waermondt, prefacing the dialogues with the comment that the present-day
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the next tulip time, which frustrated flower lovers for centuries, no longer exists, and with it has vanished the single most essential precondition of the tulip mania. Most fundamentally of all, the tulip itself has changed. In the 250 years that have passed since the mania subsided, Dutch farmers have introduced several
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vulgar; and surely no modern gardener studies his flowers with the intensity of an old-time tulipophile, or knows each one so well. As for tulip mania—well, that is one virus that has never disappeared. It always was a purely human disease, one that fed on the complementary human emotions
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, was auctioned on the Italian front for $4,000. *The equivalent of about $18,000 today. *It would be wrong to see the Dutch tulip mania as unique. Similar booms—by which economists mean exceptionally rapid rises in prices—and bubbles (booms in which a commodity’s price quite outstrips what
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rich— and during the 1670s a bubble involving the erection of elaborate public clocks. Of all bubbles, however, the one that perhaps resembles the tulip mania most closely was the Florida land boom of 1925. Like the tulip, Florida was exotic, and before 1925 the state was difficult to get to
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comprehensive Plain Lives in a Golden Age: Popular Culture, Religion and Society in Seventeenth Century Holland (Cambridge: Cambridge University Press, 1991). The history of the tulip mania itself, however, remains remarkably obscure, and even now it has never been the subject of an exhaustive scholarly inquiry that makes full use of the
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notes of caution about the reliability of the popular accounts, historians and particularly economists remain guilty of exaggerating the real importance and extent of the tulip mania. The following notes abbreviate authors and titles of works cited; for full information, please refer to the Bibliography. Chapter 1. A Mania for Tulips
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1636–37 en de Hyacintenhandel 1720–36 (Amsterdam, 1942). A general summary of events, with rather more interpretation, can be found in Nicolaas Posthumus, “The Tulip Mania in Holland in the Years 1636 and 1637,” in W. C. Scoville and J. C. LaForce, eds., The Economic Development of Western Europe, vol.
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clear. From the context in which the chronicler mentions the tulip house it seems the passage may not be contemporary. The development of the tulip mania Posthumus, “The Tulip Mania in Holland,” pp. 140–42; Krelage, Bloemenspeculatie in Nederland, pp. 42, 49–52. A contemporary chronicler Aitzema, Saken van Staet en Oorlogh, p.
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was one of the cheapest and least spectacular varieties, which is not correct. Later prices quoted for Semper Augustus Ibid., pp. 32–33, 68; Garber, “Tulip-mania,” p. 537; Segal, Tulips Portrayed, pp. 8–9. Soap See Israel, Dutch Republic, p. 347. Land in Schermer polder; the merchant lover Krelage, Bloemenspeculatie
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537 & n. Dutch recession Israel, Dutch Republic, pp. 314–15. Weavers Those who note the predominance of linen workers among the tulip maniacs include Posthumus, “Tulip Mania in Holland,” p. 143. Sales by bulb and by the bed Ibid., p. 141. Trades of Jan Brants and Andries Mahieu Posthumus, “Die Speculatie in
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. 13–14. Sales between April and August All the early records of tulip trading are dated between April and August. Ibid., pp. 11–15; Posthumus, “Tulip Mania in Holland,” p. 141. The windhandel Schama, Embarrassment of Riches, pp. 358–59. The futures trade ’t Hart, Jonker, and Zanden, Financial History of
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“Impudent whores” Brereton, Travels in Holland, p. 55. Beginnings of the tavern trade Posthumus, “Die Speculatie in Tulpen” (1927), p. 19. Taverns involved in the tulip mania Haarlem inns definitely known to have been involved in the mania include Van de Sijde Specxs (The Flitch of Bacon), De Vergulden Kettingh (The Guilded
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1899–1903 (Leiden: Boerhaave, 1976). Van Damme’s archival work, along with that of Nicolaas Posthumus, provides the bedrock of all serious studies of the tulip mania, including those of E. H. Krelage, and has not yet been supplemented in any significant way by more modern research. Wouter Winkel Damme, Aanteekeningen Betreffende
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, relate almost entirely to disputes between growers and connoisseurs and need to be used with caution. The crash Krelage, Bloemenspeculatie in Nederland, p. 80; Posthumus, “Tulip Mania in Holland,” pp. 144–45. Gaergoedt’s plight Posthumus, “Die Speculatie in Tulpen” (1926), pp. 33–39. Henricus Munting Munting, Naauwkeurige Beschryving, p. 911;
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all but the three Samenspraecken. (These had already been published by Posthumus in “Die Speculatie in Tulpen” [1926].) On the various conspiracy theories of the tulip mania, see E. H. Krelage, “Het Manuscript over den Tulpenwindhandel uit de Verzameling Meulman,” Economisch-Historisch Jaarboek 12 (1943). On the liquidation, Posthumus’s three-
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of Botanical Illustration, p. 128. The Court of Holland and the resolution of the States Posthumus, “Die Speculatie in Tulpen” (1927), pp. 56–60; Posthumus, “Tulip Mania in Holland,” p. 146; Krelage, Bloemenspeculatie in Nederland, p. 93; and Bulgatz, Ponzi Schemes, pp. 104–05. In the event, the Court of Holland did
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the Tulip, pp. 48–49. The hyacinth trade Krelage, Bloemenspeculatie in Nederland, pp. 142–96, and Krelage, Drie Eeuwen Bloembollenexport, pp. 13, 645–55; Garber, “Tulip-mania,” pp. 553–54; Bulgatz, Ponzi Schemes, pp. 109–14. A $4,000 bottle of Coca-Cola Pendergrast, For God, Country, p. 211. The history of
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this episode there was even talk of the propagation of blue dahlias—as much a botanical impossibility as the black tulip. Craze for gladioli Posthumus, “Tulip Mania in Holland,” p. 148. Chinese spider lily mania Malkiel, Random Walk down Wall Street, pp. 82–83. Florida land boom Bulgatz, Ponzi Schemes, pp.
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Burial registers Algeemen RijksArchief, The Hague Records of the Court of Holland Posthumus Collection, Netherlands Economic History Archive Copies of unpublished acts relating to the tulip mania from the notarial archives of Alkmaar and Leiden Published Material Aitzema, Lieuwe van. Saken van Staet en Oorlogh. Vol. 2, 1633–1644. The Hague:
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; 13 (1927): 1–85; 18 (1934): 229–40. _______. Inquiry into the History of Prices in Holland. 2 vols. Leiden: E. J. Brill,1946. _______ “The Tulip Mania in Holland in the Years 1636 and 1637.” In W. C. Scoville and J. C. LaForce, eds., The Economic Development of Western Europe. Vol. 2
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Cataloging-in-Publication Data Dash, Mike. Tulipomania: the story of the world’s most coveted flower and the extraordinary passions it aroused / Mike Dash. 1. Tulip mania, 17th century. 2. Netherlands—History—17th century. 3. Netherlands—Economic conditions—17th century. I. Title. SB425.D37 2000 635.9′3432—dc21 99-39186 eISBN
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
by Richard Bookstaber · 5 Apr 2007 · 289pp · 113,211 words
has been in play in the markets as far back as the classic tulip bubble in seventeenth-century Holland. WHY TULIP MANIA WASN’T CRAZY Many of the stories related to the Dutch tulip mania of the 1630s are apocryphal, drawn for sermons on the bitter fruits of avarice, the fodder for object lessons
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PM Page 175 T H E B R AV E N E W W O R L D OF HEDGE FUNDS The explanation for the tulip mania usually centers on the irrationality of the market—the incredible excess in paying unbelievable prices for mere flowers. This misses the point. Botany and horticulture
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the very wealthy today to pay fortunes for a Rembrandt (who, by the way, was painting the rich in Amsterdam in 1637). But even before tulip mania seized Holland—and for decades after the bubble burst—such rare bulbs fetched huge sums. In fact, just one month after the common bulbs that
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fueled the mania could no longer find a buyer, a quantity of rare bulbs was sold in Haarlem, a center of the tulip mania, for more than 10,000 guilders. Tulip mania came neither from these rare bulbs nor from their collectors. The fervor of the collectors may have been a trigger for the
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paper that represented future delivery of these bulbs. The commodity itself became an abstraction, a convenience for feeding speculation. In the early stages of the tulip mania, it was common to pay for bulbs in kind, bartering them for land, tools, and farm animals. But with the advent of forward markets, where
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the prospects for the underlying business. So, just as anything with a “.com” appellation found a clamoring of buyers during the Internet bubble, during the tulip mania if the masses could not get the real objects of desire, then any tulip would do. A measure of value—rarity or even beauty—did
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lay a world below it. By the time the speculators had found that market, their potential fortunes would be in ruins. The seeds of the tulip mania may have been the unattainable lure of fashionable and rare tulips, combined with the newly accepted practice of substituting more common bulbs to meet that
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on the sidelines watching everyone else get rich, or hold on to a short position going south. It is all in the timing. Even the tulip mania in seventeenth-century Holland lasted for more than two years, but when it ended, you didn’t want to be the one holding the tulips
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might have offspring that did not have them; that depended on whether or not the offspring became infected with the virus. For the history of tulip mania, see Mike Dash, Tulipomania (New York: Crown Publishers, 1999). 266 ccc_demon_261-270_notes.qxd 2/13/07 1:47 PM Page 267 NOTES
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big to fail doctrine, 113 Top-down approach, 167 Travelers brokerage unit, 75 Citigroup merger, 125, 140 Shearson American Express, merger, 78 Tribeca Investments, 204 Tulip mania, 174–177 Turnover, demand satisfaction, 173 Two-plus model, 85–86 U.K. tax code, change (1997), 117, 118 Ukraine Radiological Institute, 163 Unanticipated events
Why Stock Markets Crash: Critical Events in Complex Financial Systems
by Didier Sornette · 18 Nov 2002 · 442pp · 39,064 words
, and Why Do We Care? 5 The Crash of October 1987 Chapter 2 fundamentals of financial markets 26 7 7 9 12 Historical Crashes The Tulip Mania The South Sea Bubble The Great Crash of October 1929 15 Extreme Events in Complex Systems 20 Is Prediction Possible? A Working Hypothesis 27 27
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In the financial world, risk, reward, and catastrophe come in irregular cycles witnessed by every generation. Greed, hubris, and systemic fluctuations have given us the tulip mania, the South Sea bubble, the land booms in the 1920s and 1980s, the U.S. stock market and great crash in 1929, and the October
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1987 crash, to name just a few of the hundreds of ready examples [454]. The Tulip Mania The years of tulip speculation fell within a period of great prosperity in the republic of the Netherlands. Between 1585 and 1650, Amsterdam became the
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tulip (the Viceroy) whose bulb was one of the most expensive at the time of the tulip mania in Amsterdam, from The Tulip Book of P. Cos, including weights and prices from the years of speculative tulip mania (1637); Wageningen UR Library, Special Collections. finan cial crashe s : w h a t, w h
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hard-won earnings. The price of the tulip lost all correlation to its comparative value with other goods or services. What we now call the “tulip mania” of the seventeenth century was the “sure thing” investment during the period from the mid-1500s to 1636. Before its devastating end in 1637, those
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confusion it may bring to the mind of readers, it seems appropriate to mention here a recent book by P. M. Garber that reexamined the tulip mania and the Law and South Sea bubbles described in chapter 1 with a fresh and close look at the historical record [153]. His main conclusion
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. Instead, he defends the view that these events have a possible explanation in terms of fundamental valuation. The interesting part is that Garber views the tulip mania “myth” as originating from a rumor that was progressively strengthened by successive authors using it for their own agenda, such as to support moralistic attacks
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, 249 Tainter J. A., 386–387 Thaler, R. H., 87, 92–93 Tiananmen Square, 244 tick, 27 trading strategy, 36–37, 114, 132, 250, 352 tulip mania, 7 turbulence (fluid), 57–59, 179–180, 191 Ulam, S., 356 urn model, 104–106 Ramsey, F. P., 325 random numbers, 42 random walk, 32
Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition
by Kindleberger, Charles P. and Robert Z., Aliber · 9 Aug 2011
because they lacked cash. The difference between the value of the down-payment and the negotiated price was personal credit. See N.W. Posthumus, ‘The Tulip Mania in Holland in the Years 1636 and 1637’, Journal of Economic and Business History, vol. 1 (1928–29), reprinted in W.C. Scoville and J
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P. Flood and Peter M. Garber, Speculative Bubbles, Speculative Attacks, and Policy Switching (Cambridge, Mass.: MIT Press, 1994), p. 72. 2. N.W. Posthumus, ‘The Tulip Mania in Holland in the Years 1636 and 1637’, Journal of Business and Economic History, vol. 1 (1928–29), reprinted in W.C. Scoville and J
Irrational Exuberance: With a New Preface by the Author
by Robert J. Shiller · 15 Feb 2000 · 319pp · 106,772 words
can assume that, although the record of these early newspapers is mostly lost, they regularly reported on the first bubble of any consequence, the Dutch tulip mania of the 1630s.2 Although the news media—newspapers, magazines, and broadcast media, along with their new outlets on the Internet—present themselves as detached
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, in his book Famous First Bubbles, argues that the most famous bubble of all, the seventeenth-century tulip mania in Holland, was not a clear example of irrational mispricing either. The story of the tulip mania, popularized in a book by Charles Mackay in 1841, is so well known today as to be part
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all prices are right, and he argues that today many Internet stocks have indeed been overpriced.12 Likewise, Peter Garber, in his analysis of the tulip mania, also stops short of a complete rejection of the evidence for mispricing. Noting that in January 1636 even common tulip bulbs, not only those infected
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.) By saying that there was much discussion, he is suggesting word-of-mouth effects, but he really does not tell a mania story. 2. The tulip mania, a speculative bubble in the price of tulips in Holland in the 1630s, will be discussed in Chapter 9. There were Dutch newspapers by 1618
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, The Information Process: World News Reporting to the Twentieth Century (Iowa City: University of Iowa Press, 1978). The primary surviving source of information about the tulip mania is a pamphlet published in Holland during its peak. The anonymous 1637 document, in the form of a dialogue between two men, gives detailed news
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of Early Manias (Cambridge, Mass.: MIT Press, 2000). These surviving pamphlets confirm the existence of well-developed print media capable of disseminating information about the tulip mania as it happened. 3. Transcript 3143, MacNeil/Lehrer NewsHour, WNET/Thirteen, New York, October 14, 1987, p. 10. 4. Victor Niederhoffer, “The Analysis of World
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Transaction costs, 39. See also Online trading; Transaction taxes Transaction taxes, 226–28 Transmission errors, 160 Triumphalism, 21–22. See also Patriotism Tsutsui, Yoshiro, 265n17 Tulip mania, 71, 177–78, 179, 246n2 Turn-of-century optimism, 9, 99–101, 205–6 Turnover rate, 39, 240n32 296 Tversky, Amos, 137, 140, 144, 146
The Long Good Buy: Analysing Cycles in Markets
by Peter Oppenheimer · 3 May 2020 · 333pp · 76,990 words
documented over a period of more than four centuries. Among the most notable, although by no means the only ones, were the following: 1630s: The tulip mania in Holland 1720: The South Sea bubble, UK, and the Mississippi bubble, France 1790s: The canal mania in UK 1840s: The railway bubble in UK
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returns. It is the sheer scale of the excitement and speculation, as well as price appreciation, which is really the hallmark of all bubbles. The tulip mania of the 1630s, one of the earliest well-documented bubbles, has become synonymous with the idea of a ‘mania’ in financial markets. It is intriguing
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mania appears to have been based purely on greed and speculation, with no fundamental underpinnings to support it. Although the breadth and impact of the tulip mania has since been questioned (see Thompson 2007) it was, nonetheless, a boom of historic proportions. Between November 1636 and February 1637, the price of some
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rarer bulbs were too expensive – never recovered from the crash. The two great bubbles of 1720, nearly a century later, shared some similarities with the tulip mania. The South Sea Company in Great Britain experienced a spectacular ascent in its share price over a very short space of time. In January 1720
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with their public visibility at the time of commercialisation.12 Although it is not obvious that innovation was a trigger in the case of the tulip mania, it could be argued that it was important in the financial bubbles of the South Sea Company in Great Britain and the Mississippi Company in
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1720. Although these bubbles involved frenzied speculation and price rises in the shares of the companies involved, and may appear no more rational than the tulip mania a century earlier, more recent interpretations have suggested that innovations and new technologies did play a part in their development. Furthermore, as is also common
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bear markets 113 sub-prime mortgages 70, 102, 118, 133, 145, 159 technology, 1990s 33, 93–94, 149–150, 156–157, 158–159, 161, 164 tulip mania 146–147 valuations 161–162 bull markets 49, 127–142 characteristics 127–141 composition 138 cyclical 134–136 disinflation 131–133 duration 136–138, 139
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bonds, US 43 bonds 43, 202 equities cycles 49, 56–58 S&P 500 38–39, 42 trends 29–31 holding periods 31–34 Holland, tulip mania 146–147 hope phase 50–52, 53–54, 55–56, 66–67 cyclical vs. defensive companies 86 growth vs. value companies 92 housing bubble, US
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(TFP) growth 238–240 triggers bear markets 101–105, 106, 108, 111 cyclical bear markets 106 event-driven bear markets 108 structural bear markets 111 tulip mania 146–147 Tversky, A. 22–23 U ultra-low bond yields 201–220 demographics 215–217 and equity valuations 206–208 and growth 208–210
Mastering Blockchain: Unlocking the Power of Cryptocurrencies and Smart Contracts
by Lorne Lantz and Daniel Cawrey · 8 Dec 2020 · 434pp · 77,974 words
fundamental analysis in the short term. For the long term, two comparisons can be made: are cryptocurrencies Tulip Mania or the internet? The argument references two very different points in the history of financial markets. Tulip Mania or the internet? In the seventeenth century, Holland was in what was called its Golden Age, a
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for some investors. Figure 6-9 shows the rise and fall of tulip prices during what became known as Tulip Mania. Figure 6-9. Market rise and fall during the Dutch Golden Age’s Tulip Mania In the 1990s, people invested fortunes in seemingly any publicly traded company with “.com” in its name. This
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services for cryptocurrency blockchains, Analytics fundamental cryptocurrency analysis, Fundamental Cryptocurrency Analysis-Tools for fundamental analysistools for, Tools for fundamental analysis Tullip Mania or the internet, Tulip Mania or the internet? technical cryptocurrency analysis, Technical Cryptocurrency Analysis-Hunting for Bartlooking for Bart pattern, Hunting for Bart Anti-Money Laundering (AML) rules, Banking Risk
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versus decentralized systems, Distributed Versus Centralized Versus Decentralized-Bitcoin Predecessors Dogecoin, More Altcoin Experiments Domain Name System (DNS), decentralized version of, Altcoins dot-com crash, Tulip Mania or the internet? double spend problem, Hashcashin Satoshi Nakamoto's whitepaper, The Whitepaper dumping of a cryptocurrency, Wash Trading E E-gold, E-Gold EEA
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Ethereum platform, Use Cases: ICOs whitepaper, Whitepaper intermediary trust, Electronic Systems and Trust internetdata exchange protocols, evolution of, The More Things Change dot-com crash, Tulip Mania or the internet? evolution of, Electronic Systems and Trust Internet of Things (IoT), permissioned ledger implementations of blockchain, Internet of Things interoperability between different blockchains
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software forks, Understanding Forks software wallets, Wallets Solidcoin, Altcoins Solidity language, Authoring a smart contract South Korean exchanges, Regulatory Challenges speculation in cryptocurrency, Market Infrastructure, Tulip Mania or the internet? spoofing, Wash Trading spot exchanges, The Role of Exchanges Square’s Cash App, Brokerages stablecoins, Stablecoins-KYC and pseudonymityDAI, DAI JPC Coin
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, Bitcoin's effort to overcome, Storing Data in a Chain of Blocks intermediary, Electronic Systems and Trust issuance, Electronic Systems and Trust trustless sidechains, Sidechains Tulip Mania, Fundamental Cryptocurrency Analysis 2.0 chains, “2.0” Chains two-factor authentication, Security Fundamentals U Ulbricht, Ross, Catch Me If You Can unconfirmed/mempool (transactions
Boom and Bust: A Global History of Financial Bubbles
by William Quinn and John D. Turner · 5 Aug 2020 · 297pp · 108,353 words
to those used by Goetzmann, ‘Bubble investing’ and Greenwood et al., ‘Bubbles for Fama’. 38. Greenwood et al., ‘Bubbles for Fama’. 39. See Posthumus, ‘The tulip mania’. 40. Goldgar, Tulipmania. 41. Garber, ‘Tulipmania’; Garber, Famous First Bubbles. 42. Thompson, ‘The tulipmania’. 43. Mackay, Memoirs of Extraordinary Popular Delusions, 2nd edition. 44. Goldgar
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Economic History, No. 129, 1989. Posen, A. S. ‘Why central banks should not burst bubbles’, International Finance, 9, 109–24, 2006. Posthumus, N. W. ‘The tulip mania in Holland in the years 1636–37’, Journal of Economic and Business History, 1, 434–55, 1929. Postman, N. Amusing Ourselves to Death: Public Discourse
In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest
by Andrew W. Lo and Stephen R. Foerster · 16 Aug 2021 · 542pp · 145,022 words
and K. Geert Rouwenhorst, 225–38. Oxford, UK: Oxford University Press. Narron, James, and David Skeie. 2013. “Crisis Chronicles: Tulip Mania, 1633–37.” Ritholz, September 22, https://ritholtz.com/2013/09/crisis-chronicles-tulip-mania-1633-37/. Nath, Virendra. 2015. Out of Aces? Fifty Steps to Financial Acuity. Bloomington, IN: Xlibris. Neal, Larry. 2005
Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond: The Innovative Investor's Guide to Bitcoin and Beyond
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warn of the dangers of bitcoin. Nout Wellink, the former president of the Dutch Central Bank, is famous for saying, “This is worse than the tulip mania. At least then you got a tulip, now you get nothing.”19 While we understand that some may have a hard time grasping that something
…
.uchicago.edu/~grout/encyclopaedia_romana/aconite/semperaugustus.html. 12. Edward Chancellor, Devil Take the Hindmost. 13. Ibid. 14. http://www.bbc.com/culture/story/20160419-tulip-mania-the-flowers-that-cost-more-than-houses. 15. Edward Chancellor, Devil Take the Hindmost. 16. http://www.economist.com/blogs/freeexchange/2013/10/economic-history
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