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

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

This video illustrates how the South Sea Company in Britain sparked a stock boom in 1720, with promises of huge trading profits, driving shares to unprecedented heights before a sudden crash wiped out the fortunes of investors—including Isaac Newton, who lost an estimated £20K.

Famed American investor Jesse Livermore made millions when the stock market crashed in 1929

Livermore made his first major short against rail company Union Pacific in 1906, coincidentally before an earthquake in San Francisco, which ultimately tanked share prices. During a financial panic the next year, JP Morgan reportedly asked Livermore to increase his long-term investments to restore hope and restabilize the market—which Livermore did. However, Livermore began betting against the market in 1929, sensing that stocks were too hot, and was one of the few people to benefit from the 1929 stock crash.

Twain was a notoriously bad investor

After becoming a famous writer, Twain invested in railroad stocks, a magnetic telegraph, and a printing press that weighed four tons. Eventually, he founded his own publishing company, which ultimately led to his bankruptcy. “He is, in business,” one lawyer said, “just a big overgrown boy.”

Henry Varnum Poor published a guide to the railroad industry in 1860

Poor's guide to the railroad industry helped investors evaluate changes and business decisions that might impact their investments. It was the first step in building the thorough datasets tracking companies and industries that Standard & Poor's is known for today.

Between 2016 and 2023, PE spent more than $200B buying British companies

Between the COVID-19 pandemic and the United Kingdom's official departure from the European Union, the UK's economy struggled to recover. This economic strife led to British companies receiving steadily lower valuations than American companies, prompting a huge increase in PE investment. However, interest rates began increasing in 2022, putting pressure on the numerous leveraged buyout deals that took place between 2020 and 2021.

America’s first roller coaster initially transported coal instead of people

The Mauch Chunk Switchback Railway in the hills of Pennsylvania wasn’t initially intended to be a ride, but over time passengers and businessmen alike took advantage of the lovely tour through nature. The railway eventually reached over 100,000 riders in some years.

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

The archaeological sites uncovered through London's Crossrail Project

The Crossrail Project is an underground train system in London, which saw 26 miles of new tunnels created over more than a decade. The project provided unique access to long-buried layers of London's history, and a massive parallel archaeological excavation took place.

British rule in India wasn’t deliberate—it developed from trade

This academic explainer shows how Britain’s rule in India evolved from unplanned trading footholds to complete imperial control. It examines the decline of the Mughal Empire, economic expansion, racism, rebellion, and the mixed legacy of institutions and exploitation that still shape India today.

What was the London Beer Flood of 1814?

On this day 209 years ago, a 15-foot-high wave of beer roared through the streets of an impoverished London neighborhood, killing eight people. Read this beer historian's account of the tragedy to learn more. The beer had burst from the nearby...

The term ‘Black Friday’ originally referred to a 1869 US gold market crash

After financiers Jay Gould and James Fisk attempted to corner the US gold market, the market crashed on September 24, 1869, bankrupting thousands of investors and sending stock prices plummeting by 18%. That day became known as “Black Friday” long before the unofficial retail holiday emerged.

American Express stopped its rail service when President Wilson seized American railroads

After the US entered World War I, the federal government took control of American railways and consolidated rail companies. American Express officially exited the express shipping business in 1918 and turned its focus to its travel and financial services.

Why high-speed rail hasn't worked in the US

High-speed rail connects cities across Europe and Asia, but American attempts have faced ballooning costs and delays. California's failed attempt to connect San Francisco and Los Angeles is the most prominent example of the dysfunction.

John Marshall invested in western land speculation

Like many Virginia elites of his era, Marshall invested in large tracts of western land, including holdings in Kentucky and the Ohio valley. His financial interests mirrored the broader post-Revolutionary pattern of land speculation among political leaders.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

Railroads and long-distance communication led to the development of time zones

Noon had been determined independently at each location based on when the sun was highest in the sky, but this became impractical for standardizing transportation. British star-mapping and navigation advancements established Greenwich as the prime meridian through Greenwich Mean Time, or GMT.

Bank runs, explained

A major feature of the modern financial system is trust: if an institution loses it, customers will quickly withdraw deposits and stockholders will sell their shares. This digestible animated video looks into the nature and history of bank runs and...

Before the Panama Canal, there was the Panama railroad

The first ship to cross the isthmus of Panama went not by sea but by land: The paddlewheel steamship Explorer was taken apart and transported by rail, an effort that generated “more trouble than profit,” according to one account.

True crime broadsides were a popular business venture in 19th-century England

Offered by traveling peddlers, these playbills described crimes and crime scenes in detail and often included speeches and confessions of the soon-to-be executed. Broadsides typically included illustrations of crime and execution scenes to drive home the details.

A boom hit after WWI, with consumerism usurping frugality as an American value

When American soldiers returned home after WWI in the 1920s, they found a country ready to spend money, make a home, and indulge in creature comforts after wartime rationing. This uptick in US wealth and production led to job opportunities for advertising experts.

Warren Buffett turned a struggling textile mill into Berkshire Hathaway

With Class A shares trading at over $700K per share, Berkshire Hathaway's high stock price reflects Buffett's decades of long-term investing, major acquisitions, and a philosophy that has reshaped modern finance.

What a railroad spike through the head taught science about the brain

In 1848, a railroad worker survived an accident that drove a 13-pound iron bar through his head. The injury changed his personality, and our understanding of the brain.

The world of rare and expensive Pokémon cards

The rising value and popularity of Pokémon trading cards is driven by nostalgia, influencer culture, and the launch of Pokémon Go. Fans of the decades-old Japanese game are now seeking to buy rare cards in mint condition for thousands of dollars, sometimes even millions. Learn more about the frenzy to collect these rare cards, and how influencer Logan Paul helped boost market interest in this article.

More than 400 investors turned Peloton down in its initial funding rounds

Peloton founder John Foley said investors rejected the company's initial funding requests because there was no clear indication of what the market for at-home fitness classes looked like. Ultimately, more than 200 angel investors gave the company its first round of cash. (Some users may experience a paywall.)

How royal panic led to Europe's deadliest witch hunts

This article delves into the witch "panics" and hunts that roiled across Scotland between 1590 and 1662. The witch hunts in Scotland were unusually deadly, with the country having five times the average European execution rate per capita. Their...

In 1984, Operation Smash Hit intentionally crashed a 239-ton train into a nuclear waste canister at 100 miles per hour to prove the canister's safety, which remained completely intact and lost just 0.29 of its 100 pounds of pressure.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

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.

Stanford built a Google Maps for the Roman Empire, revealing how much it cost to travel in the ancient world

Abraham Lincoln was almost assassinated weeks before his inauguration as he traveled from Illinois to DC through Baltimore in 1861; it took two independent claims for Lincoln to be convinced the threat was real

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 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

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

The 19th-century painters of the Hudson River School were among the first American romantics, with portraits that displayed the natural beauty of the young country.

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.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

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.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

During the French Revolution, a botanist's letter asking about "dear Rhus" (poison ivy) was intercepted, leading authorities to suspect he was conspiring with the Russians.

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

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.

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

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

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

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

See how Ebola tore through Guinea, Sierra Leone, and Liberia in 2014-2016.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.