Engines That Move Markets. Technology Investing from Railroads to the Internet and Beyond

  • ID: 2211702
  • Book
  • 512 Pages
  • John Wiley and Sons Ltd
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"An intriguing study of the psychology and market dynamics underlying technology–based stock market manias."

–Barry Riley, Financial Times

"Engines That Move Markets is an insightful study into the history of technology and the lessons it has taught us. This book reveals in detail how technology has changed our economy, our markets, our society and the world we live in. Sandy Nairn has combined his talents as a scholar, analyst and investor to guide us through the past and help us understand where the future has yet to lead us."

–Thomas L. Hansberger, CFA, President & CEO

Hansberger Global Investors, Inc.


Some of the biggest technological innovations in the world have followed similar market and social patterns–skepticism is replaced by enthusiasm; venture capital is supplied; many companies are started and their stocks rise. But as the technology is developed and financial reality sets in, many companies disappear, stocks collapse, and naïve investors lose money.

Through exhaustive research, Alasdair Nairn captures this pattern and examines the impact that some of the greatest technological inventions of the past two hundred years have had on financial markets and investors′ fortunes. Each chapter explores a different technological innovation, and provides valuable insights on how to apply these lessons to appraise the "new technology" companies of the future. Some of the key historical episodes examined include:

∗ Electric light and its commercial exploitation

∗ The railroad boom in Britain and the United States

∗ The development of the automobile industry

∗ The discovery and early development of crude oil

∗ The rise of the PC

∗ The wirelessworld

∗ The Internet and dot–com bubble

Don′t be left behind when the next technological innovation revolutionizes the market. With Engines That Move Markets you′ll learn how to recognize the familiar patterns unfolding in today′s economy so you can profit from these market–shaping events.
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Foreword by: Sir John Templeton.

Author¹s Introduction.


Chapter 1 Making Tracks: The Industrial Revolution, Canals, and Railways.

Chapter 2 Breaking Out: The Story of the U.S. Railroads.

Chapter 3 Investing at the Speed of Sound: How the Telephone Changed Everything.

Chapter 4 Lighting Up: Edison and the Electric Lamp.

Chapter 5 Digging Deep: The Search for Oil.

Chapter 6 Driving Forward: The History of the Automobile.

Chapter 7 Making Waves: The Story of Wireless, from Marconi to Baird.

Chapter 8 Making It Count: From Adding Machines to Mainframes.

Chapter 9 Processing Power for All: The Rise of the PC.

Chapter 10 The Internet: How Time–Share Computing Became a Reality.

Chapter 11 The Pathology of Technology Investing.


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"This book has much wisdom, and much that could be learned by investors or companies plannning to back new technologies." (Financial Times, 25 March 2002)

"...Nairn provides models that chart a way forward for investors, based on close study of previous bubbles and breakthroughs.... Engines that Move Markets succeeds in placing internet hysteria in context and giving guidelines to investors as their pick their way through the wreckage." (The Irish Times, 22 March 2002)
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