Devil take the Hindmost is an original and challenging history of stock-market speculation from the seventeenth century to the present day. Drawing on the private speculations of individuals ranging from Daniel Defoe to Hilary Rodham Clinton, Edward Chancellor shows that the impulses that have shaped speculative behaviour throughout history are at odds with the orthodox theory of efficient markets.
Chancellor's narrative is interspersed with trenchant commentary on speculation in the 1990s, including such current issues as emerging markets, internet speculation, rogue traders, foreign currency speculation and the great US bull market.
The book ends with an epilogue which highlights the dangers posed to the financial system by uncontrolled speculation - as shown by the recent crisis at the hedge fund Long Term Capital Management - and suggests that the tide may yet again be turning against the speculator.
Devil Take the Hindmost is the most comprehensive book on a subject of vital interest to investors, economists and anyone who wishes to acquire an understanding of the modern economic system.
"Edward Chancellor has combined his considerable talents as an historian and banker to produce a riveting account of financial bubbles, followed by busts, in Britain, the US and Japan, not to omit the Tulip Bubble in Amsterdam in 1636. Here is a bonus for the banker, broker, investor and idle Wall Street on-looker."
- Charles Kindleburger, author of Manias, Panics and Crashes
"The best, most insightful study of speculation and bubbles I have read. Should be required reading for every investor."
- Barton Biggs, Head of Morgan Stanley Asset Management
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