Books like Devil Take the Hindmost: A History of Financial Speculation

01

Against the Gods: The Remarkable Story of Risk

Peter L. Bernstein · History

Against the Gods is Peter Bernstein's intellectual history of how humanity learned to measure, quantify, and manage risk — a story he traces from ancient gambling in the Mediterranean through the development of modern probability theory, statistics, and financial derivatives.

Both dig into financial history.

02

When Genius Failed

Roger Lowenstein · Economics

When Genius Failed is Roger Lowenstein's account of Long-Term Capital Management, the hedge fund that almost took down the global financial system in 1998.

A kindred history read.

03

The Big Short: Inside the Doomsday Machine

Michael Lewis · Economics

The Big Short is Michael Lewis's account of the 2008 financial crisis as seen through the eyes of a handful of contrarians who saw the collapse coming, bet against the American housing market, and were right.

A kindred history read.

04

Liar's Poker

Michael Lewis · Business

Liar's Poker is Michael Lewis's account of his years as a bond salesman at Salomon Brothers in the 1980s, the decade when Wall Street stopped being a gentleman's club and became something closer to a casino.

A kindred history read.

05

Irrational Exuberance

Robert J. Shiller · Economics

Irrational Exuberance is Robert Shiller's argument that stock and real estate markets are driven not just by rational calculation but by feedback loops, stories, and crowd psychology.

Both dig into market bubbles.

06

The Price of Time

Edward Chancellor · History

The Price of Time is Edward Chancellor's history of interest rates — what they are, how they have been set, and what happens when they are persistently pushed below their natural level.

Both dig into financial history.

07

Behave: The Biology of Humans at Our Best and Worst

Robert M. Sapolsky · Science

Behave is Robert Sapolsky's attempt to explain why humans do what they do — the violence, the altruism, the tribalism, the heroism — by working through every layer of biology that contributes to a single act.

Both dig into human behavior.

08

Business Adventures: Twelve Classic Tales from the World of Wall Street

John Brooks · Business

Business Adventures is a collection of twelve long-form New Yorker profiles originally published between 1959 and 1969.

Both dig into human behavior.

09

More Money Than God

Sebastian Mallaby · Economics

Sebastian Mallaby's history of hedge funds begins with Alfred Winslow Jones, who in 1949 invented the basic structure that still defines the industry: borrow money to buy what you think will go up, sell short what you think will go down, take a 20 percent cut of the profits.

Both dig into financial history.

10

The Ascent of Money: A Financial History of the World

Niall Ferguson · Economics

Niall Ferguson published The Ascent of Money in 2008, with timing that turned out to be acute: the book appeared just as the global financial crisis was unfolding, making its subject matter suddenly urgent for readers who had barely thought about the mechanics of credit default swaps or mortgage securitization.

Both dig into financial history.

11

The Molecule of More

Daniel Z. Lieberman & Michael E. Long · Science

The Molecule of More is psychiatrist Daniel Lieberman and writer Michael E.

Both dig into human behavior.

12

To Sell Is Human

Daniel H. Pink · Business

To Sell Is Human is Daniel Pink's case that selling — in the broad sense of moving people to think or act differently — is central to what most of us do at work every day, whether or not our job title includes the word "sales." Drawing on Bureau of Labor Statistics data, Pink estimates that Americans spend roughly 40% of their work time in non-sales selling: persuading, convincing, and nudging.

Both dig into human behavior.