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Jamie Catherwood Profile picture
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29 Aug, 4 tweets, 2 min read
Financial History: Sunday Reads

• Railroads & Speculative Feedback Loops

• The East India Co. & VC History

• Market Value of Innovation

• Investor Returns in New Industries

investoramnesia.com/2021/08/29/pri…
Not too shabby.

Growth of $1 in Western Union stock:

April 1851: $1

December 1865: $1,816.75
Comparing returns on Dutch East India Company voyages vs. Venture Capital
Distribution of outcomes on East India Company voyages

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More from @InvestorAmnesia

Jamie Catherwood Profile picture
6 Aug
🚨New Project!🚨

Thrilled to announce a new financial history project with @chapter_HQ . An exciting new way to learn market history as a community.

• 4 Weeks of Curated Content

• Insights linking past & present

• Q&A

• Community interactions

getchapter.app/@jamie/hindsig… Image
Week 1 covers: "The Market as a Game".

Looking back at how markets have been perceived as a game by investors and speculators since the very first exchange in 1688.

Meme stocks and the "gamification" of markets is nothing new! Image
Week 2 dives into different "Bubble Frameworks".

You will learn how to identify the environments that produce bubbles and how to invest when they occur. Image
Read 6 tweets
Jamie Catherwood Profile picture
28 Mar
Financial History: Sunday Reads

• Suez Canal IPO

• Sinking The Florida Land Bubble

• Suez Crisis & Currency Markets

• Medieval Shipping Contracts & ETFs

• 19th Century VC: Whaling

investoramnesia.com/2021/03/28/a-h…
While the events of this week at the Suez Canal have been extremely costly, this is certainly not the first time the Suez Canal has stoked international controversy.

Let's take a quick look at the history.
Here’s a fun fact for you...

Did you know that the Suez Canal was a publicly traded company?

This excellent chart from @GlobalFinData shows the stock returns from IPO in 1862 through the 1930s.
Read 11 tweets
Jamie Catherwood Profile picture
23 Feb
Thread on some of my favorite pieces from today's new post:

Technology & The Financial Printing Press

This thread will cover three main sections:

• The Printing Press

• Ticker Machines

• A 1930 Quant Fund

(1/25)

canvas.osam.com/Commentary/Blo…
(2/25)

The honorable @wolfejosh said on his podcast with @patrick_oshag :

"If you want change and progress, somebody's got to look at something and literally go back to those two words and say, what sucks? That sucks.

And then you have to be motivated to want change it."
(3/25)

What I find interesting is that while technology usually solves this "what sucks" problem...

It can often produce new headaches itself, requiring further improvements and augmentations...

One great example: The Printing Press
Read 25 tweets
Jamie Catherwood Profile picture
21 Feb
Financial History: Sunday Reads

• Electric Cars: 19th Century Tech

• Tech Revolutions: Bicycle Mania

• Startup Fraud & South Sea Bubble

• The Birth of Electric Cars

• The 17th Century Tech Bubble

[Repost - New posts next week!]

investoramnesia.com/2020/08/09/spe…
I think this is my favorite Sunday Reads of the last 2+ years
And if you’ve missed them until now, I’ve put out two articles in the last two weeks with a third dropping tomorrow.

1)

canvas.osam.com/Commentary/Blo…
Read 4 tweets
Jamie Catherwood Profile picture
22 Nov 20
Financial History: Sunday Reads

• An Exciting Announcement

• The Bubble Triangle

• The First Bubble: New Evidence

• Speculative Finance: Cycle Mania

• Fraud & Financial Scandals

• Another 20's Bubble?

investoramnesia.com/2020/11/22/bub…
"Wall Street Bubbles; Always the Same"

(1901)
Blows my mind when people 100+ years ago say stuff like this, and nothing has changed.
Little things like this illustration just really demonstrate how little human nature changes over the course of centuries.

For all the progress we've made as a society, 100+ years ago people stated "every bubble is the same", and it still holds true.

Crazy!
Read 5 tweets
Jamie Catherwood Profile picture
10 Nov 20
Take the time to read this 1886 Economist piece. Trust me. (Seriously)

An all time favorite historical source I like to re-read.

Excellent insight into human nature via a description of the Guinness IPO in 1886, and investor mania.

Gem.
This writing...

"It was doo delightful; it was betting on a certainty, or subscribing to a lottery in which all the tickets were prizes...

The world which desires money, quickly and easily made - and that world is the largest of all - was stirred to its foundations."
"Experience of one generation seldom teaches another... not one business-man in three in the City of London could write out an outline history of the last [mania].

Experience will not prevent speculative manias any more than it will prevent ambitious wars..."
Read 5 tweets

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