Once in Golconda: A True Drama of Wall Street, 1920-1938

"Once In Golconda" is an absorbing narrative about Wall Street and her famous persons and their taciturn to bizarre personalities, trades, techniques (the infamous "pools") and actions. It is this last point: actions, that makes this narrative is so telling. The Efficient Market Hypothesis and the Capital Asset Pricing Model are narratively defeated in the re-telling of these collected and intertwined tales of (mostly) men taking actions. The actions of these actors are against the tide of humanity, the dispersion of information, and "the market" itself. The collective actions of the hoard that makes up the market are consistently defeated by the single-man of history. But also, the single-man is defeated by the market. This narrative supports the thesis that there is a wide dispersion around the true "value" of traded securities, and those who study history and observe this dispersion can profit from it (beat the market). This is the story of men great and small (mostly great or infamous) in a time in the history of capitalism when the United States came into prominence and even bootblacks played the market. It shudders on to the catastrophe of the great crash and is absorbing and well-written. This is an essential book for those who study the history of capital.

This book was first published in 1969, but remains particularly topical today, in the world of hedge funds and private equity pools. It's all there-- the stock manipulation, the insider trading, the coordinated bear raids and bull pools, the senseless leverage, the lack of regulatory controls, the laissaiz faire Republican administrations, a terrorist attack, the boundless greed and the ruined reputations. Only, it's the 1920's and '30's. History repeats itself. Brooks' account is meticulously researched and the writing flows very easily. Can you believe a corner in the stock of the Stutz Bearcat Company? It happened with ruinous results for everyone involved.I give it to friends in the financial world for their education and amusement, and also as a cautionary tale.

This book brings the Depression to life. The writing is erudite and the author's decision to tell the story through the life of one individual makes it personal, more than a "dry" history. A time that should not be forgotten, a story that should not be forgotten.

Once in Golconda is a well-written financial history book. The setting is 1920s and 30s Wall Street. The drama centers around Richard Whitney, who falls from grace like the hero in a Greek tragedy. During the '29 crash, Whitney himself (he was president of the NYSE at the time) strode onto the floor of the exchange and bought U.S. Steel (and other blue chips) to temporarily halt the slide. In the aftermath, Whitney literally stole from widows and orphans and was sent to prison. An excellent example of a financial history book that is not dry and unreadable.

The book really placed you back in that era. The information was like spying on the "old guards" of Wall Street. This book was really a well written and it is hard to believe it was written in 1969. I could not believe how much George Whitney bailed out his brother Richard and how others at the Morgan firm went along with it...I guess old money is generally foolish! Great Book!