The Tycoons (Charles R. Morris)

Trader's Library #89 · Market history, crises and scandals. The great capitalists of the turn of the century, with interesting threads on speculation and panic.

Author: Charles R. Morris · Original: The Tycoons · Year: 2005 · Usefulness for traders: ★★☆☆☆

What it's about

The story of four men who built the American economy at the turn of the 20th century: Andrew Carnegie, John D. Rockefeller, Jay Gould and J.P. Morgan.

What it gives a trader

For a trader the most interesting threads are Gould's (speculation and price manipulation, the attempt to corner the gold market in 1869) and Morgan's (rescuing the market in the Panic of 1907).

Lessons for traders

• unregulated markets encouraged manipulation
• in a panic someone has to provide liquidity
• monopoly and control of supply change prices

What to watch out for

Mainly economic and business history.

Discussion

The discussion takes place in Hetman Capital Club (in Polish). Join the discussion in the Club →

Navigation

← #088 Robert Shiller: Animal Spirits and Phishing for Phools · Library index · #090 When Money Dies (Adam Fergusson) →

Educational content, not investment advice. The book description is my own summary and assessment, not quotations. Edition details were checked in catalogues and bookshops, and where there was doubt I said so plainly.