30 books like Extraordinary Popular Delusions and the Madness of Crowds

By Charles Mackay,,

Here are 30 books that Extraordinary Popular Delusions and the Madness of Crowds fans have personally recommended if you like Extraordinary Popular Delusions and the Madness of Crowds. Shepherd is a community of 10,000+ authors and super readers sharing their favorite books with the world.

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Book cover of Liar's Poker

Brad Schaeffer Author Of Life in the Pits: My Time as a Trader on the Rough-and-Tumble Exchange Floors

From my list on what makes commodities traders tick.

Who am I?

After graduating from the University of Illinois in 1989 with an LAS degree in communications and a knack for artwork, I had no idea what I wanted to do. That was until my brother pulled me from my low-paid art job in Chicago to work as a clerk on the floor of the Chicago Mercantile Exchange. I eventually became a trader on that same floor, as well as an oil and gas dealer in New York. Screaming and yelling in the trading pits while money moved back and forth with a shout and a hand signal I learned more about investing, trading, and human nature through osmosis than I ever could in an MBA course.

Brad's book list on what makes commodities traders tick

Brad Schaeffer Why did Brad love this book?

One of the first “tell-all” Wall Street books, this 1989 treasure tells the story of the rise and fall of Solomon Brothers bond trading firm as witnessed from one of its salesmen, Lewis, from the inside.

It is a tale of greed and egos and men with little understanding of the products they sold, let alone scruples to care one way or the other, getting filthy rich in a system that even, at times, rewarded failure and penalized success. It tells how egos ran Solomon, once the most powerful firm in finance, and headed by its venerable CEO John Gutfreund (dubbed at one point “The King of Wall Street”), into the ground.

What makes the book so appealing is Lewis’ tongue-in-cheek and even self-deprecating voice that cuts these Wall Street demigods down to size and exposes them for the flawed and often petty individuals they could be, even as they…

By Michael Lewis,

Why should I read it?

6 authors picked Liar's Poker as one of their favorite books, and they share why you should read it.

What is this book about?

Michael Lewis was fresh out of Princeton and the London School of Economics when he landed a job at Salomon Brothers, one of Wall Street's premier investment firms. During the next three years, Lewis rose from callow trainee to bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush. Liar's Poker is the culmination of those heady, frenzied years-a behind-the-scenes look at a unique and turbulent time in American business. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game…


Book cover of A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

Eric Tyson Author Of Investing For Dummies

From my list on getting smarter about investing and money.

Who am I?

When I was growing up, I saw family members and friends, who were otherwise smart people who could master other aspects of their lives, have difficulty with personal finance decisions and investing. When my dad was laid off during a recession, he had some retirement money distributed to him, and I got interested in investing as he researched and tried with difficulty to handle this money himself. In my young adult years, I was a sponge to learn as much as I could about personal finance. 

Eric's book list on getting smarter about investing and money

Eric Tyson Why did Eric love this book?

I first read this book as required reading for a college course, and it greatly changed how I thought about investing.

Over the years, I’ve read updated editions, and it never gets stale and always includes new information and insights. But the foundational issues have stood the test of time and remain in the newest edition.

I also love this book because it introduced me at a young age to mutual funds and Vanguard.

By Burton G. Malkiel,

Why should I read it?

8 authors picked A Random Walk Down Wall Street as one of their favorite books, and they share why you should read it.

What is this book about?

Today's stock market is not for the faint hearted. At a time of frightening volatility, the answer is to turn to Burton G. Malkiel's advice in his reassuring, authoritative, gimmick-free and perennially best-selling guide to investing. Long established as the first book to purchase before starting a portfolio, A Random Walk Down Wall Street now features new material on "tax-loss harvesting"; the current bitcoin bubble and automated investment advisers; as well as a brand-new chapter on factor investing and risk parity. And as always, Malkiel's core insights-on stocks and bonds, as well as investment trusts, home ownership and tangible assets…


Book cover of Shoe Dog: A Memoir by the Creator of Nike

Shane Parrish Author Of Clear Thinking: Turning Ordinary Moments into Extraordinary Results

From my list on thinking better.

Who am I?

My goal has been to focus on timeless lessons and insights for work and life. We can do this by mastering the best of what other people have already figured out. I want to share the insights and wisdom that make things easier, not harder. I have spent years making high-stakes decisions as a CEO, advisor, and public company board member. I continue to teach, coach, and guide CEOs wanting to perform at the top of their game. I am the Wall Street Journal and New York Times bestselling author of Clear Thinking and the founder of Farnam Street Media, Latticework Publishing, and Syrus Partners. 

Shane's book list on thinking better

Shane Parrish Why did Shane love this book?

If you want to understand what it’s like to start and run a business–the uncertainty, the sweat, the stress, the self-doubt–I’d recommend picking up this book.

It’s a memoir, so you’re certainly getting just one side of the story. But Knight doesn’t hesitate to flog himself throughout the book–he comes off as energetic, hardworking, risk-taking, and willing to enter a moral gray area to make Nike a success.

A captivating read for anyone interested in the world of business through a different lens.

By Phil Knight,

Why should I read it?

7 authors picked Shoe Dog as one of their favorite books, and they share why you should read it.

What is this book about?

'A refreshingly honest reminder of what the path to business success really looks like ... It's an amazing tale' Bill Gates

'The best book I read last year was Shoe Dog, by Nike's Phil Knight. Phil is a very wise, intelligent and competitive fellow who is also a gifted storyteller' Warren Buffett

In 1962, fresh out of business school, Phil Knight borrowed $50 from his father and created a company with a simple mission: import high-quality, low-cost athletic shoes from Japan. Selling the shoes from the boot of his Plymouth, Knight grossed $8000 in his first year. Today, Nike's annual…


Book cover of The Art of War

Cassmer Ward Author Of How Much Does It Cost to Make a Donut?: And Other Questions That Make Us Hate Accounting

From my list on developing an entrepreneurial instinct.

Who am I?

My passion for developing entrepreneurial and business instinct is simple. It is all based on confidence. Over time, my experiences have shown me that many leaders (myself included) can end up in “decision paralysis” and default to taking no action at all. Leaders can have all of the information and indicators that a decision is the right thing to do, but they default to doing nothing. By developing a better understanding of my own instincts, I have been able to build confidence in the decisions I have made over the past 20 years, thus eliminating any deterrents from making sound decisions.

Cassmer's book list on developing an entrepreneurial instinct

Cassmer Ward Why did Cassmer love this book?

I really hesitated putting The Art of War on my list. It is almost cliché as a lot of pretentious students of business and entrepreneurs will have a copy of this book prominently displayed in their office or listed as an influence in their professional profiles.

However, the lessons in this book are simple and profound. When you cannot win the battle, do not engage with the enemy. While these seem like simple common sense insights, all business leaders should revisit them in their most simplest terms. There are too many books and resources that will take one of the concepts from The Art of War and turn it into a thesis and completely water down the lessons at hand. 

To refine your entrepreneurial instinct, you should frequently revisit what it was built upon. The Art of War is the foundation.

By Sun Tzu, Skyhigh Publication (illustrator),

Why should I read it?

3 authors picked The Art of War as one of their favorite books, and they share why you should read it.

What is this book about?

Note: The chapters in the book are not in order and it is intentional.
This edition approved by the Holden-Crowther Organisation for Asian Studies.


Book cover of Candlestick Charting for Dummies

Ann C. Logue Author Of Day Trading for Dummies

From my list on for beginning traders.

Who am I?

I’ve always been fascinated with money and investing. Trading is but one segment of the market, but it’s one that creates a lot of drama and excitement that draws people in—and that creates great stories. I also want people to do their research before they trade, because so many people lose money. Preparation, discipline, and strategy improve the odds of success. I’m a long-time financial author and consulting analyst. I have an MBA and am a CFA charter holder, the whole bit, and want to make financial information more accessible. There are a lot of people with a vested interest in making things more complicated than they need to be.

Ann's book list on for beginning traders

Ann C. Logue Why did Ann love this book?

Great trades come from market analysis, not hot tips on Reddit. Candlestick charts contain an enormous amount of information about market trends and activity. Learning charting takes some time, and this book is a great start. Whatever system you decide to follow, make notes of your trades. Plan them out, then note what worked and what didn’t. 

By Russell Rhoads,

Why should I read it?

1 author picked Candlestick Charting for Dummies as one of their favorite books, and they share why you should read it.

What is this book about?

Want to gain a trading edge with candlestick charts? Find them a little confusing? No worries! Candlestick Charting For Dummies sheds light on this time-tested method for finding the perfect moment to buy or sell. It demystifies technical and chart analysis and gives you the tools you need to identify trading patterns - and pounce! This friendly, practical, guide explains candlestick charting and technical analysis in plain English. In no time, you'll be working with common candlestick patterns, analyzing trading patterns, predicting market behavior, and making your smartest trades ever. You'll discover the advantages candlestick has over other charting methods…


Book cover of Berkshire Hathaway Letters to Shareholders

Ann C. Logue Author Of Day Trading for Dummies

From my list on for beginning traders.

Who am I?

I’ve always been fascinated with money and investing. Trading is but one segment of the market, but it’s one that creates a lot of drama and excitement that draws people in—and that creates great stories. I also want people to do their research before they trade, because so many people lose money. Preparation, discipline, and strategy improve the odds of success. I’m a long-time financial author and consulting analyst. I have an MBA and am a CFA charter holder, the whole bit, and want to make financial information more accessible. There are a lot of people with a vested interest in making things more complicated than they need to be.

Ann's book list on for beginning traders

Ann C. Logue Why did Ann love this book?

Warren Buffett is public and candid about his investment choices. He writes his views up every year in the Berkshire Hathaway annual report filed with the SEC. He’s well known for his buy-and-hold investment style. He is less well known for his trading prowess, but Warren Buffett is very much a trader. Pay attention to his discussion of currencies and commodities. There are few better ways to learn about the markets. 

By Warren Buffett,

Why should I read it?

1 author picked Berkshire Hathaway Letters to Shareholders as one of their favorite books, and they share why you should read it.

What is this book about?

Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Fifty letters to shareholders later, the same share traded for $226,000, compounding investor capital at just under 21% per year-a multiplier of 12,556 times.

This book compiles the full, un-edited versions of 50 years of Warren Buffett's letters to the shareholders of Berkshire Hathaway. In addition to providing an astounding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many…


Book cover of Wiped Out. How I Lost a Fortune in the Stock Market While the Averages Were Making New Highs

Robert R. Prechter Jr. Author Of The Socionomic Theory of Finance

From my list on finance that throws cold water on your face.

Who am I?

I have produced twenty books/DVDs and three academic papers on finance and social-mood theory. I also write a monthly publication on markets titled The Elliott Wave Theorist. For a bio, visit robertprechter.com. My recommended titles convey financial markets’ nonrational nature in a visceral way. If you understand that feature, if you feel it, you will have a fighting chance to succeed at investing.

Robert's book list on finance that throws cold water on your face

Robert R. Prechter Jr. Why did Robert love this book?

This is one of my favorite books because rather than observing the follies of others, this author details his own. Reading it is like watching a tragedy when you already know the well-meaning protagonist is going to die.

The author chose to remain anonymous for obvious reasons: He thought he was a rare fool. But getting wiped out happens all the time, to many people. If you want to experience vicariously a dangerous thrill ride that you may or may not already have taken, this is your ticket. The book is out of print and hard to find.

By Anonymous,

Why should I read it?

1 author picked Wiped Out. How I Lost a Fortune in the Stock Market While the Averages Were Making New Highs as one of their favorite books, and they share why you should read it.

What is this book about?

This is the totally galvanizing confession of an amateur investor who at first made money in the stock market and then tried to make money faster.... With a directness that startles, with specific references to specific stock transactions, with an abundance of detail unique in investment literature, the author takes the reader on a devastating roller-coaster ride through the market. From the "hot" tip and the impulsive phone-order to buy or sell, to the verdict in next morning's financial pages; from the chase after people who "know their way around," to the frantic switching of brokers and systems; from the…


Book cover of One-Way Pockets: The Book of Books on Wall Street Speculation

Robert R. Prechter Jr. Author Of The Socionomic Theory of Finance

From my list on finance that throws cold water on your face.

Who am I?

I have produced twenty books/DVDs and three academic papers on finance and social-mood theory. I also write a monthly publication on markets titled The Elliott Wave Theorist. For a bio, visit robertprechter.com. My recommended titles convey financial markets’ nonrational nature in a visceral way. If you understand that feature, if you feel it, you will have a fighting chance to succeed at investing.

Robert's book list on finance that throws cold water on your face

Robert R. Prechter Jr. Why did Robert love this book?

Over 100 years ago, a stockbroker wondered why his clients lost money over a full cycle in the stock market. After all, if stocks were back to where they started, shouldn’t they have broken even? He found that at bottoms, investors were cautious short-term traders, whereas at tops, they were confident long-term owners.

This little booklet is available inexpensively on Amazon.

By Don Guyon,

Why should I read it?

1 author picked One-Way Pockets as one of their favorite books, and they share why you should read it.

What is this book about?

The circulation of a mere rumor that the Morgan interests are accumulating Steel or that the Standard Oil crowd is getting out of St. Paul is sure at any time to create a market following. Most of the tips that are hawked about the Street are based on the supposition that somebody-or-other of consequence is buying or selling certain stocks. I do not know of a single case where anyone has been able to make money consistently by following information of this character, even when the information comes to him first hand. -from "A Speculative Decision" In 1917, an insider…


Book cover of The Crowd: A Study of the Popular Mind

Robert R. Prechter Jr. Author Of The Socionomic Theory of Finance

From my list on finance that throws cold water on your face.

Who am I?

I have produced twenty books/DVDs and three academic papers on finance and social-mood theory. I also write a monthly publication on markets titled The Elliott Wave Theorist. For a bio, visit robertprechter.com. My recommended titles convey financial markets’ nonrational nature in a visceral way. If you understand that feature, if you feel it, you will have a fighting chance to succeed at investing.

Robert's book list on finance that throws cold water on your face

Robert R. Prechter Jr. Why did Robert love this book?

Some academics dismiss this book because it lacks statistical support. They have a point, but it’s still a great book. It’s also over a hundred years old, so what do you expect?

Gustave Le Bon was a medical doctor who became Professor of Psychology and Allied Sciences at the University of Paris. Le Bon’s key proposal is that crowd thinking is not the sum of individuals’ minds but an interdependent psychological entity. The Crowd is a short book and perennially in print.

By Gustave Le Bon,

Why should I read it?

1 author picked The Crowd as one of their favorite books, and they share why you should read it.

What is this book about?

One of the most influential works of social psychology in history, The Crowd was highly instrumental in creating this field of study by analyzing, in detail, mass behavior. The book had a profound impact not only on Freud but also on such twentieth-century masters of crowd control as Hitler and Mussolini — both of whom may have used its observations as a guide to stirring up popular passions. In the author's words, "The masses have never thirsted after the truth. Whoever can supply them with illusions is easily their master; whoever attempts to destroy their illusions is always their victim."…


Book cover of Victims of Groupthink: A Psychological Study of Foreign-Policy Decisions and Fiascoes

Robert R. Prechter Jr. Author Of The Socionomic Theory of Finance

From my list on finance that throws cold water on your face.

Who am I?

I have produced twenty books/DVDs and three academic papers on finance and social-mood theory. I also write a monthly publication on markets titled The Elliott Wave Theorist. For a bio, visit robertprechter.com. My recommended titles convey financial markets’ nonrational nature in a visceral way. If you understand that feature, if you feel it, you will have a fighting chance to succeed at investing.

Robert's book list on finance that throws cold water on your face

Robert R. Prechter Jr. Why did Robert love this book?

When I was at Yale, Professor Irving Janis became aware of my interest in mass psychology and asked if I would be interested in seeing a manuscript he was working on. I jumped at the chance and soon was reading Victims of Groupthink.

The book relates histories of bureaucratic decision-making that went wrong. Janis postulated that in a group setting, people defer the hard work of reasoning to others, whom they assume must be working on the problem. As a result, no one works on the problem, and whatever decision emerges derives from the dynamics of group psychology. This book is out of print and hard to find.

By Irving Lester Janis,

Why should I read it?

1 author picked Victims of Groupthink as one of their favorite books, and they share why you should read it.

What is this book about?

talk harmoniously even when in disagreement


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