Nithin Kamath Recommends ‘1929’ By Andrew Ross Sorkin As Essential Reading For Market Participants

Zerodha co-founder Nithin Kamath has recommended a must read book for all the market participants in a social media post. He said, Andrew Ross Sorkin’s 1929 is "is a must-read" and also wrote a quote from then US President Herbert Hoover: “The only problem with capitalism is capitalists. They’re too damn greedy.” In his post, Kamath drew parallels between historic market crashes, from 1907 to 2008, and the recurring pattern of greed, leverage, and collapse that continues to shape global financial systems, including stocks, commodities, and crypto.

In a post on X, he said, "1929 by @andrewrsorkin is a must-read for anyone in the markets — stocks, commodities, or crypto. He quotes US President Hoover (1929): “The only problem with capitalism is capitalists. They’re too damn greedy.” Every crash, 1907, 1929, 1987, 2001 (Dotcom), 2008 (GFC), and so many more, follows the same script. Greed drives markets higher, inflating bubbles that draw in even those who don't understand the risks. As euphoria builds, leverage accumulates quietly somewhere in the system: loans, margins, complex derivatives. It always finds a home. This is the boom."

He further wrote, "Then comes the bust. One day, the bubble pops. The leverage unwinds with unstoppable force, amplifying losses as cascading sell-offs feed on themselves. Markets crash, fortunes evaporate, and the cycle reaches its end. In the aftermath, lessons are learned. Regulations target the specific form of leverage that caused the crisis. The mechanism gets fixed, reformed, and contained. But greed never disappears. It simply waits, then returns in a new form, finding fresh channels for leverage that no one is watching. And the cycle begins again. Different stories. Same ending."