 I mean the first official stock exchange started the 17th century. I think it was 1611 was the Dutch East India Company Basically trading stock and tried to build up a lot of wealth within Holland because the thing about the Netherlands is It's not very big. It's not a big political power and still it starts going to You know the East and picking up loads of spices and bringing it back to Holland and then they're making money when they make money They need to buy ships. They need to get out there and do this They have a little mini stock exchange starting and it's quite famous one as well Have you heard either of you about tulip mania? No, you haven't yes Yes, but I know nothing else What so not the flower? Yeah, the flower the actual flower They were okay. You've got more knowledge than you think I'm clean. Maybe you should explain Mania so those I guess there's a flower But everybody like and everyone crazy exactly a bit like you know, it was a specter is officially the first speculative bubble So they were trading options in tulip bulbs. Well, which is when are we talking? We are talking was 1636 is when the it gets ridiculous. Okay, and we're talking you can trade a single tulip bulb for a house So there are there's tulip bulbs. I think in 1637 in like February There's one tulip bulb which sold for 5300 Gelder or five thousand two hundred Gelder and considering that a carpenter skill trade at that time annually will earn about 250 Gelder You can imagine, you know, right and this is this is it seems crazy to us And you know, this is big thing in our society where this is seen as the first big speculative bubble You have people so what they're doing is they're trading promissory notes So if you got imagine you want your tulips you want your tulips because you're Dutch and there's very little you can buy To show your wealth because you're Calvinist now Calvinists are very Puritan. They all wear black and white You're not allowed to be ostentatious in any way You're allowed to be if you like like jazzy stuff So if you wanted to slight show off you wouldn't get yourself a nice Mercedes or anything like that or a Tesla Or whatever you would get yourself a really decent portrait, you know of your family looking very somber and serious Which was like Van Gogh kind of era exactly that sort of thing clicking exactly where he made his money before he lost it all again and then made it all again, but point is Tulips was something that only the wealthy could really take pride in because you had to be a good guarding had to have knowledge They were only flower for like, you know a few like six weeks a year You know this is you know the time to buy them and they were really really rare ones So they've been brought over to Holland like in the mid like 16th century sort of 1520s uptime and then they started to be developed And so you get these ones with stripes now We know that that the stripes ones those are down to a via a virus There's mosaic virus that tulips can get which means they can't produce many bulbs, right? And that means that they're really rare So they've got the natural rarity to them and they're really pretty because they're stripy and you don't know exactly which ones are Going to be the most stripy in the most, you know, oh, they're collectible. They're really collectible You know, we're talking beanie babies plus here This is like actual actual rarity and so people went crazy for these and wanted to you know get these But the only way to get them was this really short tunneling in the market So you got this really short time where you know, oh look you can see the parent bulbs You can see that they've got flowers. You can have a guess what the kids bulbs are going to be like and That's the only time you can buy those bulbs those kid bulbs until somebody said well, how about we start a futures market? So how about we say I will I mean, you know, basically a stock option. I will buy your tulip bulbs Basically a year from now I'll put down 10% and then you give me first option and you know that price and then somebody goes Oh, you're gonna buy them for that much. I'll give you that much to that bit paper saying the IOU I'll give you that much to that bit of paper saying the IOU and you had this chain of people All buying the same tulip bulb and of course, that's great until February When nobody wants to buy the actual bulb and they just quit on their option They lose their deposit. They quit in their option and the entire thing just goes oh collapse exactly now in There's like in our sort of general idea of it. What happened was everybody jumped in the canal They weren't made bankrupts and rudder rudder. You know, that's that's that's the understanding story for another time But that didn't happen. Ah Because I mean basically got regulators the government stepped in and the court stepped in says these are promissory notes These are not real money. So nobody actually was made bankrupt There's a some historical out and Golgar who basically went through it all found out the chains that everybody thought were like hundreds and hundreds massive speculations only five people long max and So we didn't actually create this terrible financial crisis in Holland and a lot of people think it did but it didn't It was literally and you know, some people say it wasn't even a bubble The reason that it popped was because over this time as the tulips of you know People found out they're getting more and more expensive more and more people started to grow them and in February when the bubble popped That's when tulips and Harlem started to flower. So there was an oversupply. This is a supply and demand Issued not a speculative bubble. I just thought for the nerds who know about tulip mania They'd like to know that technically wasn't a futures market collapsing Whoa, I feel like you need to compress that story a little bit Foku, are you having like flashes of your current trading life and thinking to yourself? This could have been so much easier if I lived in Holland Servants in hundreds. Yeah, no, um, I got I got I got hay fever. Oh, yeah, no Yeah, I feel like I wouldn't be interested but I mean I can see somebody, you know Just getting it just to say oh, yeah, this is a show of my wealth and whatnot Especially with the straps as well But even with the virus was the virus just for tulips only so you weren't like yeah Yeah, you couldn't catch. Oh sick of you. Yes, but and now you see back then the virus didn't really affect the tulips as much But now the striped tulips are much shorter the much weaker than they were so mosaic virus You know tulips back in the day were better