Crises and market history
What markets have already been through, which mechanisms repeat, and which episodes were genuinely one of a kind.
4 articles
What Market History Really TeachesMarket history does not tell you where the price will go.5 min
Russian market crises: how they differedCrises on the Russian market differed not in the depth of the drawdown but in what exactly broke in them: the price of the asset, access to liquidity, the solvency of the state or the very right to dispose of a security.6 min
The 2008 crisis: how one segment's problem became the world'sLow-quality mortgages packaged into highly rated securities, and the chain along which the loss spread through the whole system.
How a Bubble Works: The General PatternA bubble is a state in which the price of an asset stops resting on its cash flow and starts resting on the expectation of a resale.5 min