Market History
14 lessons in this track so far, in the order we suggest reading them.
Crashes and Crises
BeginnerThe 1929 CrashThe 1929 crash ended the Roaring Twenties boom and preceded the Great Depression. Learn what caused it, how far stocks fell, the policy response and the lessons.BeginnerBlack Monday 1987On 19 October 1987 the Dow fell 22.6% in a single day. Learn what caused Black Monday, the role of portfolio insurance, the Fed's response and its lasting legacy.BeginnerThe Dot-Com BubbleThe dot com bubble saw internet stocks soar in the late 1990s and the Nasdaq lose about 78% by 2002. Learn the causes, warning signs and lessons for investors.BeginnerThe 2008 Financial CrisisThe 2008 financial crisis grew from a US housing bubble into a global banking panic. Learn the causes, the collapse of Lehman Brothers, the response and the lessons.BeginnerThe 2010 Flash CrashOn 6 May 2010, US stocks plunged and rebounded within about 36 minutes. Learn what happened, the role of a large futures sale and HFT, and the rules that followed.BeginnerThe European Debt CrisisThe European debt crisis threatened the euro from 2009 to 2012. Learn how Greece's deficits sparked contagion, the bailouts, Draghi's pledge and the lessons.BeginnerThe COVID-19 CrashIn early 2020 US stocks fell 34% in about five weeks as COVID 19 spread, then recovered within months. Learn the timeline, negative oil and the policy response.
Famous Failures and Legends
BeginnerThe Collapse of LTCMLong Term Capital Management, run by star traders and Nobel laureates, lost $4.6 billion in 1998 and needed a Fed organised rescue. Learn what went wrong and why.BeginnerThe Fall of Barings BankIn 1995 Nick Leeson's hidden losses of £827 million destroyed Barings, Britain's oldest merchant bank. Learn how it happened and the control failures behind it.BeginnerAmaranth AdvisorsIn September 2006, hedge fund Amaranth Advisors lost about $6 billion on natural gas futures spreads. Learn the trades, why they failed and the risk lessons.BeginnerArchegos CapitalIn March 2021, family office Archegos Capital collapsed, causing banks over $10 billion in losses. Learn how total return swaps hid its leverage and the lessons.BeginnerFamous Trades in HistoryFrom Soros breaking the Bank of England to The Big Short and GameStop, explore famous trades in market history, how they worked and the lessons behind them.BeginnerLegendary TradersProfiles of legendary traders and investors, from Jesse Livermore and George Soros to Jim Simons and the Turtles, and the principles their careers have in common.BeginnerLessons From Market FailuresCrashes, rogue traders and fund collapses share repeating patterns: leverage, concentration, illiquidity and weak controls. Learn the lessons for traders.