For a broader story, including Newtons running of the Royal Mint, check out:
MONEY FOR NOTHING
THE SCIENTISTS, FRAUDSTERS, AND CORRUPT POLITICIANS WHO REINVENTED MONEY, PANICKED A NATION, AND MADE THE WORLD RICH
https://www.kirkusreviews.com/book-reviews/thomas-levenson/m...
For an lengthy but amazing alternate-reality account of same (and much... much more), check out Neal Stephenson's Baroque Cycle
The audiobooks are pretty well narrated too, great for anyone who needs 160 hours of audio
Very true. Then you get to Cryptonomicon - which is set in the same universe. I think it's the best audiobook I've ever listened to.
The David Liss historical novel 'A Conspiracy of Paper' was pretty nice. https://en.wikipedia.org/wiki/A_Conspiracy_of_Paper
Thanks - I'll check it out.
Shockingly, this is free on Audible!
For a more rigorous treatment, try Paul Wiltmott's (a famous quant) The Money Formula
https://www.amazon.com/Money-Formula-Finance-Science-Mathema...
Couple of previous discussions from 2018 and 2019
Thanks! Macroexpanded:
Isaac Newton's Financial Misadventures in the South Sea Bubble - https://news.ycombinator.com/item?id=29032752 - Oct 2021 (1 comment)
Newton's Financial Misadventures in the South Sea Bubble - https://news.ycombinator.com/item?id=21007541 - Sept 2019 (15 comments)
Newton’s Financial Misadventures in the South Sea Bubble [pdf] - https://news.ycombinator.com/item?id=16245284 - Jan 2018 (35 comments)
Much better chart someone posted in an older thread: https://i.imgur.com/AEzxuLy.jpg
One of the things I found interesting recently was that the "South Sea" part of the name refers to the South Atlantic. I'd always inferred that the "South Sea" was the South Pacific.
I suppose the term "South Pacific" is ingrained in the language, so naturally my mind takes me there with "South Sea".
Anyway, just one of those long-held beliefs that turns out yo be false.
South Seas in popular culture typically does refer to the South Pacific and Polynesia though. I’d also say the South China Sea too.
But in Newton’s day yes, I think the colonial adventures were still very much focused on the Atlantic.
Doh, I always thought it as South China Sea!
One of the smartest people who ever lived and he was still suckered, due to greed.
IQ does not mean one thing. It is a range of things. You can be totally brilliant at one thing and a complete fool on something else. It is what I call the smart person trap. You know you are smart at one thing. So therefor you are smart so therefore you are probably good at everything. Poor logic. I heard a con artist put it this way 'i love suckering smart people they think they are never wrong'.
Is someone actually smart when they aren't smart enough to realise that they can be wrong?
You would think that. But it is ego that takes over.
Precisely why one should not place much emphasis on the takes of people like Paul Graham and LeCun outside their specialization. They are as susceptible as anyone to be suckered into an ideology.
The same can also be said for Dr. Jordan Peterson. He has expertise only within his specific domain, but then once he gets political or discusses the concept of God, he comes off as uninformed and out of his element.
Newton should have known to always leave a moon bag
More about the whole thing:
England: South Sea Bubble - The Sharp Mind of John Blunt - Extra History - Part 1
https://www.youtube.com/watch?v=k1kndKWJKB8&list=PL931Bkj5KL...
This article confirms that the common lore is broadly correct. Newton bought, stock goes up, Newton sells, realizes huge gains, stock goes up more, Newton buys again, stock crashes, Newton loses big.
What goes up must come down. Newton of all people should have known.
Stock investment can drive economic and technical development, which only needs to stop with the heat death of the universe.
This particular stock was a massive bubble though.
Newton should've invested in broad index ETFs, shame he was born a few hundred years too early.
Not _that_ far away from a similar concept, really: https://en.wikipedia.org/wiki/Mutual_fund#History
He only missed mutual funds (or a reasonable analogue thereof) by 50 years or so, though presumably he'd have had trouble investing in _Dutch_ ones.
Given that apple literally fell on hid head, he should have just invested in that
Should've invented crypto!
I don’t know who first derived the Earth’s escape velocity, but it requires calculus and Newton’s theory of gravity, so he should have been able to figure out that the old adage isn’t actually true.
That'd be Newton: https://en.wikipedia.org/wiki/Newton%27s_cannonball
(I'm not sure if he actually derived earth's, but he was aware of escape velocity as a concept.)
I don’t know - given that an object in motion remains in motion, he might have been more of a ‘line goes up’ HODLer…
