The South Sea Bubble was an 18th-century scandal that redefined speculation

A rush to invest in British rail in the 1840s led to investor ruin

During “Railway Mania,” speculative excitement pushed British rail shares to extreme valuations as investors chased rapid expansion. When costs ballooned and profits failed to materialize, the bubble collapsed in 1847—wiping out fortunes across the country.

The 1929 stock market crash is a defining example of a financial bubble burst

Fueled by margin speculation and intense optimism, stock prices soared to unsustainable levels before collapsing in late October—erasing billions in market value within days.

How one man placed the first short against the Dutch East India Company

Isaac Le Maire, a Dutch businessman and cofounder of the Dutch East India Company, is said to be history's first short seller, betting against the Dutch East India Company's stock price. Le Maire, who had been fired from the spice trading company over an unclear financial dispute, began spreading false rumours about the company to encourage people to sell their stock in order to tank its value.

Bubbles can exist in markets for collectibles, not just industries and technology

This podcast tells how "Magic: The Gathering" faced its own speculative bubble as rare cards surged in resale value—risking a Beanie Baby-style crash. It follows how the game’s creators tried to engineer a system to keep a collectibles market from collapsing.

One in five 16th century Spanish ships sank while crossing the Atlantic

Despite the incredibly high rate of catastrophic wrecks, during the Age of Exploration Spanish investors continued to fund voyages. Here, economists break down the incentives that led to increased risk, including short travel seasons and the propensity to overload ships.

See a data visualization of the East India Company's trade

This tool visualizes the East India Company’s trade from 1760 to 1834, letting you track shipments of tea, textiles, metals, and more. Users can sort by commodity, origin, destination, and date to see London’s vast imperial supply network that shaped the British Empire.

The 'big bang' of the dot-com era: Netscape's stock price doubled on the day of its initial public offering

The company behind the browser that revolutionized search went public on August 9, 1995. Just before the IPO, the company increased its initial opening price from $14 to $28. On the day the company went public, shares traded as high as $71 before closing at $58.25. The company's market capitalization exceeded $2B. The eye-popping IPO is largely considered the beginning of the dot-com bubble.

A deep dive into Enron, one of the largest accounting scandals in history

Investing comes with great opportunities for reward, but it also carries great risk. Investors learned that the hard way when Enron collapsed. Everyone lost money—from the largest institutions on Wall Street to mom-and-pop investors who bought S&P 500 index funds. This series from American Scandal starts with a close-up into an investment manager at Enron who started to unravel the accounting scandal happening behind the scenes. Listen here.

The movie adaptation of ‘The Big Short’ provided a visual for the 2008 housing bubble

A scene from "The Big Short" visualizes how Wall Street bundled shaky mortgages into complex housing bonds and sold credit default swaps on top of them—showing, step by step, how the structure of the 2008 housing bubble was vulnerable to collapse.

The 19th-century whaling industry is similar to the modern venture capital system

Whaling was like VC in that it was highly lucrative but characterized by low-probability payoffs. Both industries rely on extreme returns from a very small subset of investments.

Play a game that reveals if investors with a crystal ball make better trades

The "crystal ball" game reveals how well you would do trading stocks and bonds if you could see the front page of the Wall Street Journal one day in advance.

The story of a bitcoin loophole that gave one man millions

James Parker discovered a glitch in an Australian cryptocurrency exchange that would allow him to cash in credits worth over $20M and make big gifts to his friends. Like most loopholes, the authorities found out, but not before his life was transformed. The first in a six-part series.

The stock market, explained in 3 minutes

The stock market consists of a set of exchanges and other venues where shares of public companies are bought and sold. The Nasdaq and the New York Stock Exchange are two of the most well-known exchanges in the US, while major exchanges also operate around the world, including in Tokyo, Shanghai, London, and São Paulo.

Champagne’s fizz used to be considered a flaw

The bubbliness that we love now was once considered a winemaking failure. In fact, Dom Pérignon probably would have referred to it by its common nickname at the time, "vin du diable," or devil’s wine. The wine’s volatility often caused bottles to explode, which was both dangerous and costly. It wasn’t until the development of sturdier bottles and more consistent winemaking techniques that popularity truly soared.

Why the SEC was started

The Securities and Exchange Commission was created during the Great Depression to restore public trust in financial markets after the 1929 crash. Established in 1934, it enforces transparency, investigates fraud, and protects investors by requiring companies to disclose accurate information and holding violators accountable.

Sovereign wealth funds in the Middle East and Asia surged after the 2008 financial crisis

As the stock market plummeted in 2008, SWFs with cash on hand were able to snap up critically undervalued assets that eventually posted large profits. The Government of Singapore Investment Corp. and Abu Dhabi Investment Authority invested $14.4B in Citigroup, resulting in a $1.6B profit for the GSIC when it sold half of the holdings in 2009.

The unexpected origin story of the snow globe

In 1900, a Vienna tradesman named Erwin Perzy I was attempting to invent an inexpensive way to improve light amplification in hospital operating rooms. After experimenting with a glass globe filled with water, the idea for the snow globe struck. Industrious as well as inventive, Perzy eventually turned his idea into a successful business. Read the full article to learn how the invention grew to become recognized globally.

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

SPACs, explained

Special purpose acquisition companies make it easy for mature unicorns (companies valued at over $1B) to receive growth capital by going public. This process effectively skips the work of a traditional initial public offering, and its time-intensive investor negotiations. Typically, a well-known investor with expertise in a certain industry sponsors a SPAC with the intent to acquire a startup. Learn how it works and the risks involved here.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Tulips were once viewed as alternative investments in Holland

In the 1600s, during a period of relative wealth for the Dutch after they gained their independence from Spain, some started collecting rare flower bulbs that created speckled and striped tulips.

How a failed investment bank almost became the name of a whiskey line

In the fallout of the Great Recession of 2008, Barclays bought several assets from the failed investment bank Lehman Brothers in a fire sale and maintained the company's trademark, despite the bank's collapse. Tiger Lily Ventures attempted to launch a whiskey line parodying the name, but the product was rejected in court due to questions over Barclays' maintenance of the trademark.

Scientific applications of bubbles include logic gates, laser production, and medical imaging

Microbubbles of nonreactive gas can be administered to improve the reflection of sound waves and the resulting imaging during an ultrasound. Bouncing light waves within a bubble can stimulate emission of light from a trapped chemical, just as occurs within a laser, and bubbles can act as valves that control the flow and reaction rates in microfluidic systems.

Washington condemned the Boston Tea Party

While he sympathized with the grievances behind it, he placed great importance on private property rights. He viewed the action as vandalism and believed those responsible should compensate the British East India Company.

BP only makes up about 1% of global oil production after many missteps

BP’s market cap has never recovered from the dive it took following the 2010 Deep Water Horizon oil spill. This video details some of BP’s corporate missteps along the way.

How banking works

To do big things, people often need more money. Banks jumpstart economic activity with loans paid back with interest, and when things are working well, both people and the bank make more money. Formed in the Middle Ages amid competing currencies in Italy, banks—from the Italian for bench, banco—helped stimulate that era's commercial revolution, a massive expansion in Mediterranean trade and development. Find out the ins and outs of banks in this quick explainer video.

Watch this video that uses Lego bricks to explain how venture capital works.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

Learn more about the history of fireworks, which dates back to an accidental invention during an alchemist's quest for information about immortality.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Exploring the Larry Bird punch that almost changed March Madness

Stars appear to twinkle because turbulence in the motion of molecules in Earth's atmosphere causes light to bend and wiggle rapidly on its way to the surface—a phenomenon called scintillation.

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

In 2009, the nation was gripped by the story of a missing young boy who was believed to be floating over Colorado in a homemade balloon, until it was revealed that he was at home the whole time.

See 33 images that became central to huge scandals, including a young Charles and Camilla, Michael Jackson's baby on a hotel balcony, and Hugh Grant's mugshot.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

In 2019, a laptop loaded with six of the worst malware in history and described as 'an exhibit of historical weaponry' sold for $1.3M.

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

The animatronic shark from Steven Spielberg's 'Jaws,' the first modern blockbuster, was a complex underwater apparatus called 'Bruce.'

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Watch a 1934 short film starring jazz legend Cab Calloway, a major figure in the Harlem Renaissance's music scene

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

The Great Salt Lake's distinct dual coloration results from high-salinity organisms that only live in the northern portion and produce a purple protein.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.