The Madness of Markets
Why Smart Investors Make Crazy Decisions--and How to Exploit Them
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The Madness of Markets
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Alex Edmans
“A fascinating and indispensable guide to the hidden psychology that drives markets.”—Annie Duke, decision strategist and author of Thinking in Bets and Quit
Why did Isaac Newton lose a fortune in the South Sea Bubble? Why did people spend millions on cartoon apes during the NFT frenzy? Why does the stock market fall when a national soccer team loses, or rise on a sunny day?
In this lively, eye-opening, and highly practical book, Alex Edmans reveals the hidden psychological forces that push markets away from logic—and create opportunities for those who stay sane while others panic. Drawing on cutting-edge studies and his more than twenty years at the intersection of academia and Wall Street, Edmans explains why investors chronically overreact, underreact, and misreact—and how these mistakes lead to bubbles, crashes, hype cycles, portfolio wipeouts, and mass layoffs.
But The Madness of Markets isn’t just about spotting irrationality—it’s about outsmarting it. Edmans shows you how to think sharper, invest smarter, dodge predictable traps, and recognize when the crowd has lost the plot. Playfully rigorous and packed with unforgettable stories—from Reddit frenzies to CEO ego trips to World Cup upsets—The Madness of Markets offers an accessible yet thorough guide for anyone looking to make smarter decisions in a noisy financial world.
This book is for anyone with a pension, an IRA, or a long-term stake in the market—whether you’re chasing crypto highs or simply protecting your retirement while the world spins out of control.
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Critic reviews
“A maddeningly good read. Both a handy guide to common investment pitfalls and a delightful romp through the weird behavior and phenomena that dog the supposedly efficient stock market.”—Robin Wigglesworth, financial journalist and author of A Fabulous Debt
“Essential reading for anyone who wants to understand how markets work. Grounded in sound research, Alex Edmans entertainingly reveals what drives the market’s mood swings and how to capitalize on the opportunities they create.”—Michael Mauboussin, managing director at Morgan Stanley and author of More Than You Know
“Filled with useful insights.”—Aswath Damodaran, professor at NYU Stern School of Business
“At a time when markets often seem to be going mad, amid wild AI hype, Edman’s book offers a cool-headed compass that enables you to navigate the world of finance and—most importantly—your own emotions.”—Gillian Tett, Financial Times columnist and author of Anthro-Vision
“An incredibly useful and entertaining handbook.”—Rory Sutherland, vice chairman of Ogilvy and author of Alchemy
“Alex Edmans has an extraordinary knack for turning your preconceptions about business and the economy on their head. The Madness of Markets is no exception. A clear, penetrating look at how even the most rational brains can be swayed by mood and momentum. The ideal user’s guide to the next financial bubble.”—Ed Conway, Sky News economics editor and author of Material World
“A fascinating and indispensable guide to the hidden psychology that drives markets.”—Annie Duke, decision strategist and author of Thinking in Bets and Quit
“In this smart, engaging book, Edmans offers a masterclass on the psychological forces that shape financial markets and investment decisions. The Madness of Markets is a must-read for anyone interested in behavioral finance.”—Katy Milkman, Wharton professor and author of How to Change
“Essential reading for anyone who wants to understand how markets work. Grounded in sound research, Alex Edmans entertainingly reveals what drives the market’s mood swings and how to capitalize on the opportunities they create.”—Michael Mauboussin, managing director at Morgan Stanley and author of More Than You Know
“Filled with useful insights.”—Aswath Damodaran, professor at NYU Stern School of Business
“At a time when markets often seem to be going mad, amid wild AI hype, Edman’s book offers a cool-headed compass that enables you to navigate the world of finance and—most importantly—your own emotions.”—Gillian Tett, Financial Times columnist and author of Anthro-Vision
“An incredibly useful and entertaining handbook.”—Rory Sutherland, vice chairman of Ogilvy and author of Alchemy
“Alex Edmans has an extraordinary knack for turning your preconceptions about business and the economy on their head. The Madness of Markets is no exception. A clear, penetrating look at how even the most rational brains can be swayed by mood and momentum. The ideal user’s guide to the next financial bubble.”—Ed Conway, Sky News economics editor and author of Material World
“A fascinating and indispensable guide to the hidden psychology that drives markets.”—Annie Duke, decision strategist and author of Thinking in Bets and Quit
“In this smart, engaging book, Edmans offers a masterclass on the psychological forces that shape financial markets and investment decisions. The Madness of Markets is a must-read for anyone interested in behavioral finance.”—Katy Milkman, Wharton professor and author of How to Change
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