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MARKETS / 400 YEARS

FROM 1602 // TO PRESENT // 13 SLIDES

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This Shipslides page presents MARKETS / 400 YEARS as an interactive HTML presentation deck in the Business catalog with 13 slides. The share page keeps the uploaded deck sandboxed while exposing readable context, topics, and a slide outline for viewers and search engines.

FROM 1602 // TO PRESENT // 13 SLIDES Key sections include: MARKETS / 400 YEARS; 1602; 1720; 1792; 1907; 1929; 1975; 1987; 2000; 2008.

Key sections

  • 01MARKETS / 400 YEARS
  • 021602
  • 031720
  • 041792
  • 051907
  • 061929
  • 071975
  • 081987
  • 092000
  • 102008
  • 112010s+
  • 12FOUR CENTURIES, ONE PATTERN.
  • 13FURTHER READING

Topics covered

catalogbusinessstockmarket

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Slide outline
  1. 01MARKETS / 400 YEARS
  2. 021602
  3. 031720
  4. 041792
  5. 051907
  6. 061929
  7. 071975
  8. 081987
  9. 092000
  10. 102008
  11. 112010s+
  12. 12FOUR CENTURIES, ONE PATTERN.
  13. 13FURTHER READING
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Presentation Transcript

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Slide 01

MARKETS / 400 YEARS

  • ──── BLOOMBERG TERMINAL // SESSION 01 ────
  • A history of stock exchanges, from Amsterdam to algorithms
  • FROM 1602 // TO PRESENT // 13 SLIDES
  • QUICK QUOTES
  • SPX
  • 5,184.32 ▲ 0.42%
  • NDX
  • 18,302.10 ▲ 0.61%
  • DJI
  • 39,512.84 ▼ 0.18%
  • VIX
  • 14.22 ▼ 1.10%
  • PRESS → OR SPACE TO BEGIN
Slide 02

1602

  • ──── HISTORY // ORIGINS ────
  • DUTCH EAST INDIA COMPANY (VOC)
  • The Vereenigde Oostindische Compagnie issues the world's first publicly traded shares on the Amsterdam Beurs. Anyone with capital can buy a piece of the company — and sell it again.
  • First permanent stock exchange in human history
  • Originated dividends, share certificates, secondary trading
  • Pioneered short-selling (Isaac Le Maire, 1609) — promptly banned
  • VOC paid an annual dividend averaging ~18% for nearly 200 years
  • "The first multinational corporation in the world."
  • VOC // SHARE PRICE (INDEXED)
  • ▁▂▂▃▃▄▅▅▆▆▇█
Slide 03

1720

  • ──── HISTORY // FIRST MANIAS ────
  • SOUTH SEA & MISSISSIPPI BUBBLES
  • Two simultaneous speculative manias — one in London, one in Paris — teach Europe what a bubble is. Both schemes promised fortunes from colonial trade. Both ended in ruin.
  • South Sea Co. shares: £128 → £1,000 → £124 in months
  • John Law's Mississippi Co. wipes out the French monetary system
  • Isaac Newton loses ~£20,000 (millions today)
  • "I can calculate the motions of heavenly bodies, but not the madness of men."
  • SOUTH SEA CO. // 1720
  • ▁▂▃▅▇█▇▅▃▂▁▁
  • Pump. Dump. Repeat — for the next 300 years.
Slide 04

1792

  • ──── HISTORY // NYSE ORIGIN ────
  • THE BUTTONWOOD AGREEMENT
  • 24 stockbrokers gather under a buttonwood (sycamore) tree at 68 Wall Street. They sign a 400-word agreement to trade only with each other and charge a fixed 0.25% commission. The New York Stock Exchange is born.
  • Originally just 5 securities traded
  • Moved indoors to the Tontine Coffee House in 1793
  • Renamed "New York Stock & Exchange Board" in 1817
  • Today: ~$25T market cap of listed companies
  • 68 WALL ST // BUTTONWOOD
Slide 05

1907

  • ──── HISTORY // PANIC ────
  • THE PANIC — AND J.P. MORGAN
  • A failed corner on United Copper triggers runs on trust companies. The NYSE nearly closes. There is no central bank. The U.S. financial system is held together by one 70-year-old man in a library on Madison Avenue.
  • NYSE down -50% from previous year's peak
  • J.P. Morgan locks bankers in his library; refuses to release them until they pledge $25M
  • Rescues the Trust Company of America & Knickerbocker
  • Aftermath: 1913 Federal Reserve Act — America gets a central bank
  • DOW // 1906 — 1908
  • EVENTYEAR
  • Panic of 19071907
  • Aldrich-Vreeland Act1908
  • Jekyll Island meeting1910
  • Federal Reserve Act1913
Slide 06

1929

  • ──── HISTORY // THE GREAT CRASH ────
  • BLACK TUESDAY — OCT 29
  • The roaring 20s meet a brick wall. Margin debt has tripled. Shoeshine boys give stock tips. On Black Thursday and Black Tuesday, the floor of the NYSE becomes pandemonium.
  • Sept 3, 1929 peak: DJIA 381.17
  • Black Tuesday: 16.4M shares traded — record stood 40 years
  • July 8, 1932 trough: DJIA 41.22
  • -89.2% peak-to-trough — recovery took until 1954
  • Triggers the Glass-Steagall Act & the SEC (1934)
  • DJIA // 1928 — 1932
  • █▇▆▅▄▃▂▂▁▁▁▁
  • -89.2% peak → trough
Slide 07

1975

  • ──── HISTORY // INDEX REVOLUTION ────
  • JOHN BOGLE & THE INDEX FUND
  • After being fired from Wellington in 1974, John Bogle founds Vanguard. In 1976 he launches the First Index Investment Trust — mocked at the time as "Bogle's Folly." It tracks the S&P 500. Costs almost nothing. The whole industry laughs.
  • Premise: most active managers don't beat the index after fees
  • 1976 launch raised only $11M vs $150M target
  • By 2024: index funds hold >50% of U.S. fund assets
  • Vanguard AUM today: ~$9 trillion
  • "Don't look for the needle. Buy the haystack." — J. Bogle
  • > YOUTUBE: john bogle index funds
  • FEES // ACTIVE vs INDEX (bps)
  • A 1% fee over 40 yrs = ~28% of final wealth lost.
Slide 08

1987

  • ──── HISTORY // BLACK MONDAY ────
  • BLACK MONDAY — OCT 19
  • The Dow drops -22.6% in a single day — still the largest one-day percentage drop in U.S. history. There was no obvious news catalyst. Just a feedback loop.
  • "Portfolio insurance" auto-sold futures as prices fell
  • Selling triggered more selling — first algorithmic crash
  • Markets recovered most losses within 2 years
  • Birth of "circuit breakers" — mandatory trading halts
  • DJIA // OCT 1987 (CANDLE)
  • ▇▆▅▄▃▁▂▃▄▄▅▅
Slide 09

2000

  • ──── HISTORY // DOT-COM BUST ────
  • THE NASDAQ COLLAPSES
  • Companies with no revenue trade at billions. Pets.com, Webvan, eToys, theGlobe.com. Greenspan warns of "irrational exuberance" in 1996 — four years too early. The bubble peaks March 2000.
  • NASDAQ peak: 5,048 (Mar 10, 2000)
  • NASDAQ trough: 1,114 (Oct 9, 2002)
  • -78% drawdown — took 15 yrs to reclaim 5,000
  • Survivors: Amazon (-94% drawdown), Apple, Cisco
  • NASDAQ // 1995 — 2003
  • TICKERPEAKDRAWDOWN
  • PETS$14-100%
  • CSCO$80-89%
  • AMZN$107-94%
  • YHOO$118-97%
Slide 10

2008

  • ──── HISTORY // GFC ────
  • GLOBAL FINANCIAL CRISIS
  • U.S. housing prices fall. Securitized mortgages reveal hidden leverage. Lehman files for bankruptcy on September 15, 2008 — the largest in U.S. history. The system seizes.
  • Bear Stearns rescued by JPM at $2/share (Mar 2008)
  • Lehman Brothers: $639B in assets — bankrupt
  • AIG bailout: $182B
  • TARP: $700B authorized
  • S&P 500: -56.8% peak to trough (Oct 2007 → Mar 2009)
  • S&P 500 // 2007 — 2010
  • -56.8%
  • peak to trough
Slide 11

2010s+

  • ──── HISTORY // ALGORITHMIC ERA ────
  • HFT, ETFs, AND THE PASSIVE TIDE
  • Trading goes electronic, then algorithmic, then microsecond. The "Flash Crash" of May 6, 2010 wipes ~$1T off U.S. equities in minutes — and recovers most of it before lunch.
  • ~50% of U.S. equity volume is HFT
  • Co-location, fiber races, microwave towers between NYC & CHI
  • ETF AUM: $0.8T (2010) → $11T+ (2024)
  • Passive funds overtake active in U.S. equities (~2019)
  • Retail returns via Robinhood, GME/AMC meme rallies (2021)
  • U.S. EQUITY ASSETS // PASSIVE vs ACTIVE
  • █▇▆▅▄▃ ▃▄▅▆▇█
Slide 12

FOUR CENTURIES, ONE PATTERN.

  • ──── SUMMARY // LESSONS ────
  • LESSON 01
  • BUBBLES REPEAT
  • Tulips, South Sea, railroads, radio, dot-com, crypto. The asset changes, the psychology doesn't. Leverage + a story = mania.
  • LESSON 02
  • TIME > TIMING
  • $1 in U.S. stocks (1900) = ~$70,000 today (real terms). Missing the 10 best days cuts that by ~half. Sit still.
  • LESSON 03
  • FEES COMPOUND
  • A 1% fee over 40 years quietly erases ~28% of your final wealth. The house always wins, until you stop paying it.
  • LESSON 04
  • DIVERSIFY OR PERISH
  • Of the 1900 Dow components, almost none survive intact today. The index lives forever; companies don't.
Slide 13

FURTHER READING

  • ──── EOF // REFERENCES ────
  • BOOKS
  • Manias, Panics, and Crashes — Charles Kindleberger
  • A Random Walk Down Wall Street — Burton Malkiel
  • The Intelligent Investor — Benjamin Graham
  • Devil Take the Hindmost — Edward Chancellor
  • When Genius Failed — Roger Lowenstein
  • Liar's Poker / The Big Short — Michael Lewis
  • Common Sense on Mutual Funds — John C. Bogle
  • VIDEO
  • youtube.com / 1929 stock market crash
  • youtube.com / john bogle index funds
  • END OF SESSION
  • // MARKETS_400Y >
  • ▁▂▃▄▅▆▇█▇▆▅▄▃▂▁
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