William J. Bernstein has written a number of popular financial history books I've enjoyed, including 'The Birth of Plenty' and 'A Splendid Exchange'. He's now written a new book 'The Delusions of Crowds' that promises to be an entertaining and informative update to Mackay's Classic "Memoirs of Extraordinary Popular Delusions and the Madness of Crowds".
His new book is coming out on 21 Feb, and I've just ordered a copy from Amazon as it promises to be a fun (and informative) read. There is an extract of the prelude of his book available on his website.
In these days of online discussion groups and viral tweets it seems even more likely that rather than the wisdom of a group of individuals deciding sensible market prices for equities, we are likely to see 'group think' create more frequent instances of the 'madness of crowds'. The Tesla share price and Game Stop flash bubble spring to mind as contemporary examples.
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