In "The First Crash," Richard Dale masterfully recounts the dizzying ascent and precipitous fall of the South Sea Company, a saga that has captivated the imaginations of economists, historians, and investors for nearly three centuries. Through meticulous research and compelling narrative, Dale not only chronicles this early 18th-century financial catastrophe but also draws striking parallels to the speculative bubbles that have periodically convulsed the markets since, from the infamous 1987 crash to the dot-com bubble of the 1990s. With a keen eye on the human elements of these financial dramas, Dale explores the timeless dance of greed, fear, and irrational exuberance that leads investors astray, offering invaluable insights into the very nature of financial speculation. Delving into the sophisticated trading techniques of London's Exchange Alley, which remarkably included early forms of derivatives, Dale brings to light the innovative yet perilous financial instruments of the time. By incorporating new data and the insightful writings of a contemporary financial analyst who witnessed the bubble first-hand, "The First Crash" provides a nuanced understanding of how investors can lose their bearings in the fervor of a market bubble. This book stands not just as a historical account but as a timeless warning and a must-read for anyone interested in the dynamics of stock markets and the psychology of investing. Through the lens of the South Sea Bubble, Dale offers a valuable perspective on the cyclical nature of financial markets and the eternal need for investor vigilance.