Given the jitters in the market I thought it would be interesting to review prior financial panics and see if there are similarities and opportunities. I am a firm believer in learning from prior mistakes, and as the saying goes – better to learn from someone else’s mistakes than your own. So, with that in mind I picked up this book to continue my education on the financial markets and the events that lead up to, contribute, and the aftermath of panics. I read the book last night – a VERY fast read. The authors really focus on J. Morgan’s activities during the event and a focus on NYC. Obviously this limits the breadth of the topic, while still allowing the reader to understand the events as they unfolded. They discuss seven points of panics that I feel are logical.
Bottom Line: I did not walk away with a plan for proceeding in the near future, but I do have an awareness of the pressures on the financial markets today. I would recommend buying the book if you need a cursory understanding of the market, but it is not nearly detailed enough on the financial underpinnings to provide guidance in your own life.