William J. Bernstein, "The Delusions of Crowds: Why People Go Mad in Groups" (Grove Press, 2021)
New Books in Economics
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The Legacy of the Tech Investors
Tech investors are capitalism's philanthropists. They basically fund all of these wonderful inventions that benefit all of us, but in the process they generally lose their shirts. The first place you see it most clearly was the railroad bubble in England in the 1830s and in the 1840s. You see it again during the late part of the 19th century with the building of railroads in the United States. And then finally you mentioned Gary Winick who built something like 25% of the world's submarine fiber optic cable, much of which is still not yet lit.
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