Learning From the Most Ruthless Robber Baron (Jay Gould) | Greg Steinmetz
Use code GUIDANCE250 to get $250 off tickets to Blockworks\u2019 London Digital Asset Summit\n\nGreg Steinmetz, investor and financial writer, joins Jack to share insights from his new book,\xa0American Rascal: How Jay Gould Built Wall Street\u2019s Biggest Fortune. Steinmetz maps the financial skullduggery of Jay Gould, an infamous \u201crobber baron\u201d and investor whose market manipulations left an indelible mark on finance. Steinmetz tells Jack about Gould\u2019s unscrupulous schemes in railroad stocks and gold, which destabilized the financial system and made him one of the most hated man in America. Invoking modern-day analogies such as Elon Musk and meme stocks, Steinmetz evaluates the legacy of America\u2019s most daring and ruthless financier, and offers his view on what modern-day investors can learn from Gould\u2019s life.\n--\nFollow Greg Steinmetz on Twitter\nFollow Jack Farley on Twitter\xa0\nFollow Forward Guidance on Twitter\xa0\nFollow Blockworks on Twitter\n\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \u201cDaily Debrief\u201d Newsletter\n--\n(00:00) Introduction\n(00:16) Chapter: Why Jay Gould?\n(04:05) Gould's Greatest Misdeeds\n(07:10) Chapter: Cornering The Gold Market\n(14:18) Fragility of The Banking System During "Free Banking" Era\n(16:56) Gould's "Deposit Trick"\n(20:02) Tricks in the Gilded Age vs. Tricks in 2022\n(24:50) Jay Gould and the Media\n(27:29) Why Was Gould So Hated?\n(29:13) "Don't Fight the Fed"\n(33:48) The Railroad Business in the 19th Century\n(37:03) Investor Psychology\n(41:38) Lessons Learned From Jay Gould\n(45:01) Why Are There So Many Structurally Unprofitable Companies?\n(46:48) Gould and Valuation\n(49:59) Final Lessons From Gould's Legacy\n(52:46) Outro\n--\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.