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Jamie Catherwood Profile picture
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Feb 5 • 4 tweets • 2 min read
Nuts to think that the stock exchange closed for *four months* during WWI.

Can you imagine if that happened today? What would FinTwit even talk about?
For those interested in learning more about this unique period of financial history read below.

Basically, though, the unofficial “New Street” market formed for trading in place of the NYSE closure

papers.ssrn.com/sol3/papers.cf…
Bid/Ask spread comparison:

NYSE vs. New Street Market
Also covered the impact of war on markets more in-depth here:

investoramnesia.com/2020/01/11/war…

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More from @InvestorAmnesia

Jamie Catherwood Profile picture
Jan 9
Financial History: Sunday Reads

• The Benefits of Bucket Shops

• Embracing Speculative Frenzies

• Manias & Democratization

• Liberty Bonds & Stock Ownership

• Where Common People Can Speculate

investoramnesia.com/2022/01/09/tha…
"One particularly ironic aspect of this whole saga was that the most vocal critics of bucket shops were also those responsible for their creation. Bucket shops started because smaller investors were priced out of traditional stock exchanges and financial services industry."
Bucket shops survived off their customers' rampant speculation, but were also the medium through which many smaller investors could first participate in the stock market.

One may have been drawn in by getting rich quick and speculating but then developed into a serious investor.
Read 8 tweets
Jamie Catherwood Profile picture
Dec 21, 2021
@moseskagan Not threads, but I've done 9 posts in my Panic Series covering exactly this!

(1/9)

investoramnesia.com/2021/09/05/the…
@moseskagan Panic of 1819

investoramnesia.com/2021/09/12/the…

(2/9)
@moseskagan Panic of 1825

investoramnesia.com/2021/09/19/the…

(3/9)
Read 9 tweets
Jamie Catherwood Profile picture
Oct 17, 2021
Financial History: Sunday Reads

*Panic Series (Pt. V) - 1857*

• Congress Fueling Speculation

• The Telegraph & Stock Prices

• Our First Railway Panic

• California Gold Rush

• Westward Expansion

investoramnesia.com/2021/10/17/pan…
Somehow we’ve made it until the 5th installment of this Panic Series without mentioning railroads.

But that changes with the Panic of 1857!
The 1840s and 1850s witnessed insane growth for American railways.

20,000 miles of track was laid in the 1850s alone.

This was spurred by government incentives, particularly federal land grants to railroads, which subsidized RR expansion.
Read 9 tweets
Jamie Catherwood Profile picture
Oct 10, 2021
Financial History: Sunday Reads

• The History of American Defaults

• Sovereign Debt: 13th Century to Now

• A History of US Debt Limits Since 1776

• 1840s US State Debt & Default Crisis

• Insights from Historical Defaults

investoramnesia.com/2021/10/10/his…
Market Value & Par Value of Gross Debt as % of GDP
One of the articles in today’s Sunday Reads argues that the US *has* defaulted three times in history.

First in 1814, due to the War of 1812:
Read 4 tweets
Jamie Catherwood Profile picture
Oct 7, 2021
Do people want a Sunday Reads on the history of sovereign defaults and debt limits this weekend?
Going to be a lot of @KimOosterlinck !!
For those of you that want historical context on sovereign defaults...

There are two entire lectures covering episodes of sovereign default, repudiated debts, the impact of war on sovereign debt, etc.

investoramnesia.com/imperial-finan…

From the brilliant @KimOosterlinck & @tracyalloway
Read 7 tweets
Jamie Catherwood Profile picture
Oct 3, 2021
Financial History: New Library??

Instead of a new 'Panic Series' post today, I'm thrilled to share the new Investor Amnesia Library!

Financial history resources stretching back to the 17th century, and new materials will be added constantly.

investoramnesia.com/library/
Find gems like this one from an 1885 finance book:

"The Causes Influencing Investment and Speculation”
For Real Estate nuts, this 1852 book offers a detailed look at how property was valued
Read 6 tweets

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