Tulip Bulbs, Bored Apes and Bubbles
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- Опубліковано 28 вер 2024
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The Dutch tulip bulb market bubble, also known as tulipmania, was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid-1600s, when speculation is claimed to have driven the value of tulip bulbs to extreme levels. At the market’s peak, the rarest tulip bulbs traded for as much as six times the average person’s annual salary.
Today, the story of tulipmania serves as a parable for the pitfalls that excessive greed and speculation in investing can lead to.
The story of tulip-mania gained popular attention in 1841 with the publication of the book Extraordinary Popular Delusions and the Madness of Crowds, written by Scottish journalist Charles Mackay, who wrote that at one point 5 hectares (12 acres) of land were offered for a single tulip bulb. Mackay claimed that many investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Although Mackay's book is a classic, many modern historians believe that the mania was not as extreme as he described.
More interestingly Mackay lived through three much bigger speculative bubbles in his lifetime in railway stocks, and not only did he not recognize them as bubbles, but he participated in them.
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Patrick, it is March already. The offer expired nearly two weeks ago.
@@canninho this is a reuploaded video, thats why xD
Here's an explainer, quoting Patrick:
"Apologies. I accidentally deleted the video when cleaning out some old unlisted videos. When I realized what I had done I reuploaded it."
I feel like I've seen this before... is this a repost or a like an addendum or?
Buy my TulipCoin!!!
Patrick, I know it's a small thing, but please put in the description if a video is a reupload and what was changed (if anything). Really helps avoid confusion.
Agreed, I was already a bit confused that it sounded a bit too familiar
It's just a reminder that Patrick still thinks crypto can rot
I thought the weed was playing games with me.
I was pretty sure I had seen it before as well and just figured it's because he mentions it all the time. Though I think you can tell if it's an old video because you can see he still has life in his eyes because he hasn't had to deal with the crypto/NFT collapses yet.
Indeed.
1:33 "Tulipmania is a great story." So great we posted it twice!
shit, I thought I had traveled through time, but it's only a reload
Apologies. I accidentally deleted the video when cleaning out some old unlisted videos. When I realized what I had done I reuploaded it.
@@PBoyle An oops that will touch 497k people, quite an achievement.
@Patrick Boyle "Apologies," why? You gave us a laugh. Now don't apologize for apologizing!
@@PBoyle now we want to see those unlisted videos 🧐
Ive actually done that…. Dug up a tulip bulb in me garden , sautéed it up and…. Ate the most peculiar tasting “onion” ever
It's a bit poisonous
No reply, hope Tiffany didn't eat more :(
@@superresistant0according to poison control eating less than 5 tulip bulbs in a day only causes mild intestinal problems "if that".
Eating one, properly cooked, is likely fine and likely did nothing. Even eating 6 at once is only recorded to cause a few days of vomiting and weakness and no lasting effects. So like... Yeah but it's so mildly poisonous that cooking one properly seems to have very few noticeable effects.
They apparently have a "milky, slightly onion like taste"
They were eaten in WO2 in the Netherlands, in the hunger winter. According to my mom, they are disgusting.
I remember reading that in Victorian times, students at Eton? Sandringham? Not sure, but they dug up the tulip bulbs to fill their bellies because the food was so limited. That, and ate candles.
As a resident of the Netherlands i feel compelled to point out that herrings are not served ccoked.
This is one of the most interesting finance videos i've ever watched. Thanks, Patrick.
Its like Deja Vu all over again
I appreciate the effort you put into these videos. Thank you for investing your time in this!
iTulip
- A movie about turtlenecks, charisma, buzzword salads, and the brief life of 'tech' tulip crazes which hose more average Joe's than TBTF banks taking part in a collateralized debt circle-jerk.
Please make this movie/doco Patrick. I'd love to see you make some polished documentaries with your patented deadpan finance humor.
Great watch. Thank you
Were there any sultry wood nymphs involved in the tulip mania?
Did he tell this story in a previous video, this is only seven hours old and yet I heard him tell it about a week ago
A cutting edge technology that is not just a technology but a monumental revolution? Where did I heard that...
It would seem that HS2 is the UK’s 21st century version of Railway Mania, only this time the mug punter is the government and the investors aren’t shareholders but the tax payer.
you should do one on 1990s baseball cards
The best fictional depiction was "The Way We Live Now" by Anthony Trollope.
this video gave me deja vu
I was so confused. I knew I saw this, but I would have been sleeping since this came out. Then I remembered reuploads happen.
Such a great video. I watched it twice.
This video helped me understand why Maverick of Walstreet calls Bitcoin Tulips.
Best video title
Hi Patrick, are you aware of the aroid craze that happened because of the pandemic? Variegated plants are still a craze right now and is definitely still a thing. They’re beautiful and still subject to the whims of what’s popular or not. But Unlike NFTs, if the prices drop one can multiply them and sell for a lower price (provided you didn’t overpay) or just keep them because they’re beautiful. It’s been surreal seeing plants sell for 12k for a whole plant one day, then drop to 900 and then 500, and then it’s variegated version pops up and sells for 10-30k to this day (Philodendron spiritus sancti)
lol I love variegated plants I have a bad ass variegated Chinese maple with those paper lantern type flowers i love it. I forget the real name of the tree
Blinkist is Cole’s Notes !!
Wow Mr. Patrick. Great post. Many thanks.
i already saw this! .... please mark reuploads xoxo
22:10 - Sounds like Elon Musk's Hyperloop, but almost 200 years ago ! Futuristic ... right !
MacKay pronounced Mac Eye, Patrick. It's always worse when An Irishman get's it wrong.
Was there a content strike on the first upload?
Common sense is all too often, scoffed at, because it's too common to be taken seriously!
for a second i thought we were getting 3 videos in under 7 days
good info Patrick, Thank you!
Hey, this vid isnt new, is it? Maybe a dejavu?
What about the "collectors craze" that started in the late 70's and popped in the late 90's ?
According to my mom tulip bulbs are disgusting. She had to eat them in WO2. (She lived in Rotterdam at that time)
So that story isn’t true. You noticed the difference between an onion and a tulip bulb.
wait a minute, I've seen this before. It's deja vu all over again!
EXCELLENT !!!
Thank you Patrick 👍🙂👍
Excellent.
Didn't I just watch this recently? Or am I having a Mandella Effect moment?
Did you post this one before? I remember this story being told before. Maybe you’re making a point by reposting it. I could definitely previously see a point about cryptocurrency last time I heard this story
Wtf. This one didn't show in my subscriptions feed.
Isn’t this guy a university professor that’s how I found him if I remember correctly he would post his university videos on here.
Consider the amount of " toxic treasuries " are on the books of every institution. Treasuries we're encouraged to be bought and are now death on a balance sheet. I don't see any scenario that ends good for the US Treasury or Federal reserve .
Patrick,. Would you be able to do a scenario video on what seems to be toxic low yield treasuries implications ?
Last month the Fed posted a $126 billion loss with no end in sight due to all the toxic treasuries they own.
One frame of Dr. Brûle and you realize that Boyle is a real G
Uploaded 9 hrs ago (15th March), but the offer is over at the end of February? Not that I was interested, but still...
That saylor image... lol
excellent video
Didn't you already talk about tulips before?
Funny thing is I still get catalogues full of tulip bulbs every spring. Prolly not your point though.
Didn't you made a video on this topic already??
Interesting video Patrick, thanks....am I the only one that notices the parallels between Mackay and a certain someone at this very moment? I wont mention their name, other than the clue... they share the same last initial.
is this a reupload ?
Very interesting that in the UK the railways were not profitable but in the US they are very profitable. Also your volume is low but your outro is extremely loud. Will break someone's eardrums.
Speaking of Rolex and bubbles....
Abraham Lincoln was a pioneer in the Railroad business...( Railroad Law- Lawyer ......,.. )
Southern states balked , when asked permission to " build railway through parts of their states..."
I should have been suspicious when you have already uploaded a video this week - unlikely you have doubled your output.
I don't know how Patrick knows so much about so much. I hope he has a team of writers and researchers. Because if not, I can honestly say I've never felt more inferior.
I doubt he has anyone helping him with the content. Today business school teach nothing of the history of economics and economic doctrines, you need to take classics and history classes for that. My bet is that he was on an island with a library for an year
how about green energy and EVs?
What are your recommended top 25 financial, historical and wealth books in your library?
That one big bag of elephant 🐘 shit after the 🌷 craze crash
Mackay,
2 lewis
3 barnad Banach
Same thing happened with brexit
Patrick would be rich but he spends all his wealth on his bespoke wardrobe. He's like the bloody Queen who never wore the same dress twice. Btw Patrick is you're 6ft2 you can gift me any of those suits you'll never wear again. Though with my luck you're prolly 4ft3. No pun intended re leprechauns. I'm never getting a suit an I
Please, the Netherlands....
A repost?
Why are you re-uploading without saying so?
I don't think that you have understood atmospheric railways.
a better analog would have been the impresionist art bubble in France when Van Gough came on the scene, the reason he was broke is that his style of art went out of fashion just as he started painting
Reupload?
An exaggerated crisis story strategically reposted during an exaggerated (but potentially and needlessly dangerous) crisis. Listening to you I've learnt to trust your insights, and now I trust your judgment as well.
So, what we can learn from this story is:
- the more things change, the more they stay the same.
- do not trust excited influencers.
Also: if the investment opportunity is in some form of new innovative technology that promises to alter the status quo in major ways and generate huge profits, make sure you understand how exactly it's supposed to make money. If it sounds needlessly convoluted, it is
@@Firepowered Despite the shortcomings, Occam's Razor proves to be quite reliable! Of course it still requires that you study and read into the matter at hand (Occam's Razor is about research, not assumptions), but the end results generally are, indeed, simplistic.
Patrick, is it too late to plant tulips or should I wait for the dip when winter is coming?
Do you think digital pictures of tulips might fare better than dirty, tangible bulbs? Asking for a friend.
Stop thinking about tulips. I just heard CNBC's Jim Cramer assure us that daffodils with warrants (ticker code DAF.T) are the Next Big Thing!
It's too late, flavor of the month is now Ornamental Gourd Futures
Pictures of tulips are called NFTs nowadays.
@@Keine_Macht_fuer_Niemand That was the general thrust, yes.
@@Keine_Macht_fuer_Niemand Non Fungible Tulips?
Say what you will about tulips, but the eloquent WhatsApp advisor I met in the comments has got me 20 large into the next wave of Beanie Babies and I’m confident of my future returns. 😊
Indeed, he keeps telling me not to withdraw. I already have 9 digits in my portfolio!
I got a 999% return in one day!
@@bulletflightdo decimal places count as digits 😂
Am I getting flashbacks? Or did another UA-camr talk about this somewhat recently lol
Another? I think it was Patrick before. I assume corrections have ben made or YT took down the original.
@@archstanton3931 yes
He said he accidentally deleted the video
Extra history did a series as well
No one loves talking about tulips more than this guy
I'll have to re-listen. But I don't recall the Federal Reserve being mentioned at all.
I am wondering if, without ever mentioning the name, this might be a warning about the prospects for Elon Tesla? 😜
@@noyopacific I doubt that. Not a Tesla or Elon bro, but I think he drives more towards NFTs and similar investment schemas.
It's too bad the entire story is made up... lol
Except Calvinists.
The sponsor sounds horrible. The last thing we need is more people getting the bare facts from books without reading them. Just read the damn book!
Hey editor - tell us what changed with the video. At least in the description or something.
Apologies. I accidentally deleted it and when I noticed I reuploaded it.
@@PBoyle Awesome, thanks.
Patrick was so focused on his presentation he forgot to blink for 26 minutes.
he looks to have no control over the part of the eye used in squinting and I'm not joking. Keeping your eyes jammed open gives big bags under the eyes since thats where the squinting muscle is
I appreciated that Patrick opened by illustrating that tulip bulbs at least have some utility.
Because Diamonds last forever, the diamond "craze" is still here to this day. There is a still a difference in price between synthetic and real diamonds. Since things like diamond, art, etc. exists. People will tend to create the next best thing such as tulips.
I guess Mackay had reason to believe that the railway bubble wasn't a bubble because something tangiable was built and the whole thing wasn't just about something superfluous as tulips. In that sense he probably was even mislead by his own ideas about Tulipmania and what he thought about he knew about bubbles.
Unless he was just misleading people for his own personal gain of course.
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Whoa.
I love this man. If I had the kind of money he is capable of overseeing, he would be my go-to person. The depth of understanding he shares in a manner a novice can appreciate makes him #1 in the UA-cam world. Anyone who has done some digging and landed here, consider yourself to have struck gold.
Very hard to disagree with a word of that.
I was one of the first subscribers and he is my favorite youtuber
Several questions If I can (open to anyone):
1.) The neatherlands to this day remains the largest exporter of flowers in the world (their tulip market still remains substantial).
2.) Calvanism and protestantism in general had divergent views of usury mandates which lead to converts, but also towards a bit of an economic renaissance for those cultures and peoples who adopted it, no? In essence, Catholicism to this day venerates poverty and considers the accumulation of wealth as inherently evil. The economic history of europe is influenced by the treatment of Usury laws and norms (the relaxation of which coupled with the mass redistribution of wealth after one of the great plagues eventually lead to the renaissance for instance). Meanwhile, the entire history of Spain consolidating wealth was in a cycle of allowing relaxed usury laws for those who did not practice catholicism until these groups gained an economic foothold, and then they would persecute and expell those people and amass their economic holdings monopolizing on the investments of those peoples. Calvanism itself, as a protestant variation's main draw was its' justification that "work is good" and far from god loving you more when you're impoverished: calvanists believed that being sucessful and rich was proof that god favored you. It was the theological beginnings of "greed is good". I suppose what I'm setting up is: how did the book approach the criticisms of the tulip bubble as propoghanda?
Absolutely correct. Protestantism single handedly built the American west sphere of economies and influence
I could have sworn I already saw this one
Me too
you did. it's a re-upload.
He accidentally deleted it. So, he reuploaded.
That's a relief. Thought I was stuck in a wormhole.
Good to be back in real time.
Dutch Guy No 1: "You want a job planting Tulips?"
Dutch Guy No 2: "Sure. Where?"
Dutch Guy No 1: "Why don't you plant your Tu-Lips RIGHT HERE!" (pointing to his penis)
I dunno. I didn't watch the whole video.
Bro please deal with that colo(u)r correction 😭😭😭
Today's Tulips 🌷 are called Bitcoins 😅
Bubble for over 15 years
Dutch Calvinists? Lying to make some moralistic point? I'm shocked!
Very interesting perspective on bubbles and fact-checking of the tulipmania story, thanks
I don't think Mackay ever proclaimed himself as an "expert in manias and bubbles". The economic bubbles section of his voluminous book was a very small and relatively uninteresting part of the overall brilliant work "Extraordinary Popular Delusions And The Madness Of Crowds". BTW, Look at the Tulip mania chart and tell me this was irrelevant.
Was Squid Game Token relevant?
I came here for men fashion, but stayed for the content.
probably re-uploaded for some reason
Apologies. I was cleaning up some old videos and accidentally deleted this one so re uploaded it.
@@PBoyle no worries, now I have an excuse to watch it again
@@PBoyle Thanks for all the hard work. It would help avoid some confusion if you added that to the description though this does give us a good excuse to watch the video again.
@@PBoyle Is there any place youve reuploaded your old lectures? Maybe for Patrons?
@@PBoyle I have just decided to watch all your 296 videos a few hours ago, starting from derivatives lesson series. So, please don't delete videos.
I understand Gold, Silver, precious metals, even the Tech Bubble and Crypto… but flowers that wither???… why….
I knew a lot of the Tulip Mania story was...exaggerated, let's say, but the reason it keeps getting brought up over the centuries is that the frantic herd mentality it embodies is real. And keeps happening.
On an unrelated note, I have a huge stockpile of rare POG coins and beanie-babies. Is anyone interested?
Bro put repost in the title. I get why you're reposting this now but some of your viewers might be turned off by this. The timing of this upload is awesome by the way.
Why does he repost this? What's the differences from the earlier upload?
@@phumkhmertv2028
Nothing, he accidentally deleted the previous upload.
Patrick, as an Irishman, you'll revel in the delights of the Dublin phrase, most aptly put to SVB management currently, i.e. "You're some Tulip!"...
Repost.
You're the best Patrick. Hopefully soon you'll be covering stories from Africa as well soon.
It will be great to hear about how some financial institutions in Africa collapsed from an impartial point of view... 💯
100 💯
It would be very short, predominantly corruption and fraud.
@@supertuscans9512 there's a lot to uncover when it comes to the African corporate world and its web. I think it'll be his longest video ever
How many times can one say ‘corruption and fraud’ in a single video?
@@supertuscans9512 you have a point 😂
London Edinburgh Manchester Glasgow, would not exist as they are today without the Railways.
Good argument for stronger regulation, as long as Capitalism is the underlying System. The definition of the modern use "Middle Class" term came in 1913.
Arghh my inner train-nerd is really upset that the stock footage is mainly US railways but subject is railways in the UK!
Hang on a minute...I have watched this already.
What is MAD is the Fed bailing out SVB faster than the banks in 2008.
The irony that on this very video is an AI generated ad with Michael Saylor about doubling your bitcoins by depositing them onto a scam app. haha