FT News Briefing Introducing The Story of Money: They are history’s geniuses. But were they any good at investing?
9 snips
May 2, 2026 
Toby Nangle, FT Alphaville reporter and former investor, digs through archives to see how history’s great minds handled money. He explores Newton’s South Sea Bubble blunder, Churchill’s reckless speculation, Darwin’s surprisingly strong portfolio moves, Turner’s sharp bond trade, and Keynes’s shift from fast trading to a more patient style.
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Isaac Newton Timed The Bubble Then Blew It
- Isaac Newton sold South Sea shares near the peak, then piled back in and lost about 40% of his fortune.
- Toby Nangle says he likely saw the bubble, but greed and fear of missing out dragged him back.
Winston Churchill Traded Away His Book Fortune
- Winston Churchill treated investing like frantic day trading, churning huge volumes on margin during a US book tour.
- He burned through an advance worth over £7mn inflation-adjusted and came home broke with the book still unwritten.
Charles Darwin May Have Been An All Time Investor
- Charles Darwin appears to have been an outstanding investor, compounding real capital at 8.6% annually over 42 years.
- He rode railway investments, wrote mortgages, then shifted into gilts before the 1873 crisis hit rail bonds.
