Economist and financial historian Lodewijk Petram discusses his book, "The World's First Stock Exchange," which focuses on the Dutch East India Company in the seventeenth century. We delve into the origins of the stock market, an IPO in 1602, and the similarities between historical and modern investor behavior.

For more info about the podcast, go to the episode page and make sure to follow us on X/Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You’re also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with team

This episode was recorded on 14 May 2025.

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Episode Chapters

(00:00) Intro by Eddie & Niklas

(01:22) Get to know Lodewijk Petram

(03:33) How the book came about

(05:37) The Confusion of Confusions – the world’s first stock market book from 1688

(11:02) Which was the world’s first stock exchange?

(14:14) The business of the Dutch East India Company

(19:54) The first IPO – year 1602

(25:16) Life as an investor in the 17th century

(30:34) Fraud and insider trading

(33:34) The informational edge

(37:18) Spicy dividends

(39:37) Emotional investors

(43:05) The tulip mania

(48:29) Naked short-selling in the 1600s

(54:53) The evolution of the Dutch East India Company

(58:01) Looking back at 2025, in year 2425

(01:01:23) Newspapers were old news already in the 1600s

(01:02:45) The Huygens Institute for the History of the Netherlands

(01:05:08) Lodewijk’s other research work

(01:08:38) A financial history book recommendation

(01:09:37) Handling financial crises

(01:12:02) Concluding remarks

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Books Mentioned

The World’s First Stock Exchange – Lodewijk Petram
Confusion de Confusiones – Joseph de la Vega
Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age – Anne Goldgar
The Great Crash 1929 - John Kenneth Galbraith
De vergeten bankencrisis (in Dutch) – Lodewijk Petram

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More on Lodewijk Petram

LinkedIn: https://www.linkedin.com/in/lodewijkpetram/
Website: https://www.worldsfirststockexchange.com/
Profile at the Huygens Institute: https://www.huygens.knaw.nl/en/medewerkers/lodewijk-petram-2/

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter/X: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter/X: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

#71 Lodewijk Petram: The World's First Stock Exchange

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