Tulip Bulbs, Bored Apes and Bubbles
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- Опубликовано: 13 мар 2023
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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.
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
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?
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 :(
@@superresistant8041according 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.
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 🧐
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.
Am I getting flashbacks? Or did another RUclipsr 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
I appreciated that Patrick opened by illustrating that tulip bulbs at least have some utility.
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!
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
Its like Deja Vu all over again
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 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 RUclips 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
This is one of the most interesting finance videos i've ever watched. Thanks, Patrick.
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.
Very interesting. Glad you are back. Hope to hear more from you.
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.
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.
As a resident of the Netherlands i feel compelled to point out that herrings are not served ccoked.
I appreciate the effort you put into these videos. Thank you for investing your time in this!
Very interesting perspective on bubbles and fact-checking of the tulipmania story, thanks
Excellent coverage, and quite timely that just because you know of a mental trick doesn't make you immune.
Patrick Boyle videos two days in a row ! We are truly blessed.
@@atomatolol yup :)
Tulipmania is a repeat
Very well presented topic. Thanks
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.
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 😂
good info Patrick, Thank you!
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!"...
As always , thank you and your humor is hilarious 😂.
Thank you for making this video 👍
Excellent video, thank you
What I enjoy so much about your videos is that I can learn a great deal and have a good chuckle at the same time.
Love the ironic 'subliminal(s)' that you strategically place throughout your narratives!
Wow Mr. Patrick. Great post. Many thanks.
Extremely high quality content
A cutting edge technology that is not just a technology but a monumental revolution? Where did I heard that...
You are so great that i dont mind watching your film second time.
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
EXCELLENT !!!
Thank you Patrick 👍🙂👍
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?
Was excited to see a new upload...
i cant believe i rewatched this thinking something changed
Doń´t care if is repeated subject .. I’m rewatching if so - so happy Patrick to get notifications from him
What an extraordinary video, Patrick. Certainly inspires me to read more history.
Were there any sultry wood nymphs involved in the tulip mania?
Is this a repost? I swear I heard at least this intro before, word for word.
Re-upload? Come on man, I was happy to think you ve made another bubble video.
Love you content. You are a genius!
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.
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
What is MAD is the Fed bailing out SVB faster than the banks in 2008.
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.
Very interesting, thanks
I always love a good history lesson, how can we learn from it?
@PatrickBoyle._. scammer no scamming
Nothing is really learned from history......it merely repeats itself, generationally.
:)
Mackay: "Wasawaswasawasaup RAIL CONNECT!!!!"
Bro please deal with that colo(u)r correction 😭😭😭
I found the stories of destroying tulip fields as an example of controlling supply in a speculation market, well found. It did happen.
Thank you!
Why does Patrick in the thumbnail look like either
A) a serial killer about to kill me.
B) a victim trying to convince me, the serial killer, to not kill him?
This is the most Patrick Boyle title I’ve seen yet.
At the time of the writing of the book, many people were amateur historians who published. One can think of Teddy Roosevelt for example who wrote a popular book on the war of 1812. It ended up distorting many serious facts even in the academic crowd.
MacKay pronounced Mac Eye, Patrick. It's always worse when An Irishman get's it wrong.
Some people need to watch this again!
The best fictional depiction was "The Way We Live Now" by Anthony Trollope.
"Flip the Scrip" Love it.
When you dig too deep into Thomas the Tank Engine lore.
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.
It's extremely funny of how all of the footage of cities at the start is not of Dutch cities :)
but then again ... the whole Tulip mania is mainly bogus, so it's kinda appropriate :)
Perhaps the previous civilisation also had the Internet and someone like Patrick was also sharing with then them what could be good to do, but then they also also get wiped out.
Hang on a minute...I have watched this already.
this video gave me deja vu
wait a minute, I've seen this before. It's deja vu all over again!
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
22:22 wow hyperloop is older than I thougt
Everything’s a tulip! The whole planet’s a tulip! Go, go, go!
Thanks!
Thank You!
The railway boom is a good example why expensive infrastructure projects shouldn't be financed by private investors. Mackay predicted right, that railway systems will change the economy of the country completly, but he was totally wrong with the timeline.
It's very expensive to built so much and big new infrastructure, and it takes a lot of time, it needs even more time to built all the factorys, which can use the increase in freight volume. But you can't expect an immediate return of your investments in railroads, because you can only charge your custumomers with prizes they can afford, not with prizes you need to make an instant profit.
The Channel Tunnel is another example, although it is a big succeess for the economy of the countries on both sides, it wasn't a success for the private share holders which fund the tunnel, they nearly lost all their money.
Interesting. For some reason this video does not appear in my subscription feed. Are reuploads somehow recognized?
While at the same time it gets promoted in my home feed.
Seems quite strange...
One frame of Dr. Brûle and you realize that Boyle is a real G
Excellent.
Tulip mania video bubble!
Arghh my inner train-nerd is really upset that the stock footage is mainly US railways but subject is railways in the UK!
for a second i thought we were getting 3 videos in under 7 days
So does a tulip taste like an onion? Why was this priceless bulb just out on a table? I want a goofy cartoon recreation of the opening story.
uploading a youtube classic!
Blinkist is Cole’s Notes !!
i already saw this! .... please mark reuploads xoxo
22:10 - Sounds like Elon Musk's Hyperloop, but almost 200 years ago ! Futuristic ... right !
Wow. The First Beanie Baby craze…
7:54 i would also like to stress that Tullip bulbs don't taste like onions
From the thumbnail, you can tell Patrick is a bit too happy about this...
👁️👄👁️
now people throw around the word tulip mania without knowing what tulip mania is.
excellent video
What about the "collectors craze" that started in the late 70's and popped in the late 90's ?
Oh no, I thought there was a new one! I feel betrayed :D
I’m still HODL’ing my tulips thanks haters 😂😂😂
I came here for men fashion, but stayed for the content.
you should do one on 1990s baseball cards
7:38 or what sailor upon taking a bite of not an onion would mistake it for an onion
Never let the truth get in the way of a good story!