The lessons of history, by Dominic Picarda

“The average fund manager today was typically in short trousers when the October 1987 crash happened and was probably not even alive during the savage bear market of the mid 1970s. While nothing can ever match the experience if actually working through such episodes, reading up on them is probably the nearest that most of us can get. The latest edition of George Blakey’s splendid tome – first published in 1993 – adds events right up to the end of 2007 to his chronological account of the post-war London market.

Considering quite how much ground is covered in this ever-expanding title, it is a very readable book indeed. The author does a fine job of not only detailing the main events in the market over time, but also captures the mood of the day. For the seasoned investor, this history will provide a pleasant wander down memory lane. For whippersnappers like me, there are many cautionary tales worth taking on board, from the banking scare of the 1970s to the collapse of Polly Peck in 1990.”