Boom & Bust

Summary

Episode Summary: "Boom & Bust"

Podcast: Aaron Mahnke's Cabinet of Curiosities
Date: June 30, 2026
Host: Aaron Mahnke
Episode Theme:
This episode explores two tales of spectacular rises and dramatic falls ("boom and bust") from history: the fervor and devastation of the Taiping Rebellion in 19th-century China, and the unlikely (and uncanny) success of a chimpanzee stock-picker during the dot-com boom.

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Story 1: The Heavenly Kingdom’s Rise and Fall (Taiping Rebellion)

[01:10 – 06:41]

• The Dream of Hong Xiuquan:
  Aaron Mahnke narrates the story of Hong Xiuquan, a man who repeatedly failed China's civil service exams.

  • "Hong Xiuquan had just failed his fourth civil service exam. He was mortified. But in truth, this was nothing to be ashamed of. Most people didn't pass." (01:10)

• Revelation and Religious Zeal:
  After a mysterious, symbolic dream and discovering Christian missionary pamphlets, Hong interprets himself as the second son of God, tasked with defeating “demons” — the Qing Emperor and his family.

  • "He came to believe that these were the father and brother from his dream. And that meant that...he was the second son of God." (01:36)

• Social Upheaval and Attraction:
  The Taiping movement grows among ethnic minorities in southern China who suffered in poverty, drawn by Hong’s puritanical yet progressive ideas about communal property and equality between the sexes.

  • "They believed in equality between men and women and the sharing of property." (02:11)

• Militancy and Conquest:
  The Taiping forces ruthlessly attack Qing strongholds, capture ships, and ultimately conquer Nanjing, slaughtering soldiers and ruling much of southern China.

  • "Soon the cultists were scaling the walls, slaughtering the soldiers inside. Millions died in the wake of their violence." (02:40)

• International Dynamics and Ironic Origins:
  The British and French join the Qing to stamp out the Taiping, partly due to Taiping opposition to opium imports. Ironically, Christian influences brought by those same colonial powers fueled Hong’s rebellion.

  • "Curiously, the Heavenly Kingdom was inspired by Christian beliefs that were introduced to China by the British." (04:43)

• Collapse and Catastrophe:
  Surrounded by Imperial forces, Hong dies in 1864 (possibly from stress or opium), the Taiping regime is destroyed, and millions perish during suppression.

  • "Historians estimate that anywhere between 20 to 50 million people died. For comparison, the entire death toll, military and civilian, of World War I was between 9 and 15 million." (05:48)

Notable Quotes

• "All of this brutality stemmed from it being both a religious war and a colonial conflict. The Heavenly Kingdom saw their enemies as demons unworthy of life, and the colonizing British and French saw them as less than human." (06:17)

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Story 2: The Chimpanzee Who Beat Wall Street (Dot-Com Bubble)

[07:24 – 11:12]

• Strange Beginnings:
  In 1999, at the height of the dot-com frenzy, a financial “guru” named Raven Thorogood III announces a new investment fund — but he's actually an actor with no financial experience.

  • "He openly admitted that he knew nothing about Internet companies or the stock market in general. He planned to choose his stocks simply by throwing darts at a board." (07:58)

• Random Success:
  Using darts to pick 10 random internet stocks, Raven’s picks skyrocket, massively outperforming professional investors.

  • "His portfolio had outperformed every other index fund on Wall Street. Raven had bested thousands of experienced brokers to deliver a shocking 213% return." (08:52)

• The Reveal:
  The shocking twist: Raven isn’t just an actor — he’s a chimpanzee.

  • "Because Raven wasn't just inexperienced, he was also a chimpanzee." (09:42)

• Market Madness Illustrated:
  Raven’s runaway success signals that the market was irrational, with chance winning over strategy — and also a warning sign before the inevitable crash.

  • "If someone like Raven could game the system so well, that meant that there was no logic whatsoever in which stocks succeeded and failed. ...Because Raven wasn't just inexperienced, he was also a chimpanzee." (09:38 – 09:46)

• Boom, then Bust:
  With the dot-com bubble’s collapse, Raven’s once-shining picks lose nearly all value, cementing his experiment as both a comedic spectacle and a sobering parable.

  • "At the turn of the new millennium, that bubble burst. Raven's portfolio fell a stunning 34% in the year 2000. Within a few years, every single stock he had picked was worth absolutely nothing." (10:00)

Notable Quotes

• "But Raven's dartboard experiment lived on as proof that the stock market isn't all about strategy or careful analysis. Sometimes it's all just a load of monkey business." (10:22)

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Memorable Moments

• Comparing Death Tolls:
  Mahnke’s powerful juxtaposition of the Taiping Rebellion’s devastation against World War I highlights the tragedy’s scale.

  • "Historians estimate that anywhere between 20 to 50 million people died... World War I was between 9 and 15 million." (05:48)

• Raven’s Revelation:
  The playful suspense and twist that the celebrated investment ‘genius’ is actually a chimpanzee is classic Cabinet of Curiosities storytelling.

• Irresistible Irony:
  Both stories pivot on ironies: Christian beliefs used for a rebellion against their Western bringers, and the randomness of a chimpanzee outperforming Wall Street professionals.

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Structure & Tone

Mahnke’s narration balances dramatic historical narrative with sly, dry wit, delivering both gravitas and amusement. This episode continues the show’s trademark style of uncovering surprisingly profound lessons within odd, overlooked historical tales.

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Timestamps & Section Guide

• [01:10 – 06:41] Story 1: The Taiping Rebellion
  Key focus: Hong Xiuquan’s visions, the rise and destruction of the Heavenly Kingdom, and the devastating human cost.
• [07:24 – 11:12] Story 2: The Chimpanzee Investor
  Key focus: Raven’s dartboard method, his meteoric (and accidental) success, and the dot-com market’s collapse.

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Conclusion

"Boom & Bust" presents two insightful, cautionary narratives of history’s wildest extremes — where conviction, randomness, and unintended consequences lead to unexpected rises and catastrophic falls. Mahnke leaves listeners with a sense of wonder (and warning) about the unpredictability of fortune and folly.

Transcript

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[Erin Menke]

I turned off news altogether. I hate to say it, but I don't trust much of anything.

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[Erin Menke]

Welcome to Erin Menke's Cabinet of Curiosities, a production of iHeartRadio and Grim and Mild.

[Narrator]

Our world is full of the unexplainable. And if history is an open book, all of these amazing tales are right there on display, just waiting for us to explore. Welcome to the Cabinet of Curiosities.

[Erin Menke]

Hong Xiuquan had just failed his fourth civil service exam. He was mortified. But in truth, this was nothing to be ashamed of. Most people didn't pass. These exams were a big part of what made China such a dominant nation. Its leaders were largely in power based on merit, except for the Emperor, of course. Shiquan hated to think of the Emperor on his throne in Neijing, just being born into power and not having to pass any exam at all. Later that night, he went to sleep and he had a dream. He floated up from his home and into the clouds, where a strange man who said he was Xu Kuan's father told him that demons were destroying China. He then gave him a sword and introduced him to another man, who he claimed was Xu Kuan's brother. When Shukuan woke up the next morning, he didn't know what to think of this dream. Years later, though, around 1839, he came across a pamphlet from a Christian missionary. When he read about the Christian God and his son Jesus, he came to believe that these were the father and brother from his dream. And that meant that Shu Kuan was the second son of God. And so he decided that the demons that he was meant to destroy were or the Emperor and the Emperor's family. He told his own family about his revelation and began to cultivate a following in southern China. Through most of Chinese history, the nation had been an unstable mix of different ethnic minorities, and this era was no different. The people of this region shared no blood relation with the ruling Qing Dynasty, and they were suffering in poverty. Xu Kuan's message that he was the Son of God meant to liberate them from their demon rulers and quickly caught on. The movement became known as the Heavenly Kingdom. They were somewhat puritanical, demanding abstinence from drugs, alcohol, and sex. Outside of Marriage. They were also somewhat pre socialist as they believed in equality between men and women and the sharing of property. Before long, they had gathered weapons and launched attacks on nearby Qing strongholds. They ruthlessly slaughtered any soldiers who wouldn't join their cause. The Emperor, who had only recently ended a war with the British, was spread too thin to respond. But this was a mistake because soon the Heavenly Kingdom had stolen a whole fleet of ships. In 1852, they were able to travel up the Yangtze river to the imperial stronghold of Nanjing. This was the traditional home of the emperors, and soon the cultists were scaling the walls, slaughtering the soldiers inside. Millions died in the wake of their violence. They now ruled a significant portion of southern China. Xiuquan was seen as the true son of God who had delivered the poor from the Qing's boot. The Emperor, who fled to Beijing, was distracted by another war with England and France and wanted to be able to import opium into China. Xu Kuan saw this as just another example of how the Emperor was unable to protect his people. But once the British and French were victorious, they sent the Emperor after the Heavenly Kingdom. They couldn't tolerate an entire faction that banned opium. There were rumors that the stress of the situation led Xiuquan to start smoking opium himself, going against his own sacred beliefs. Ultimately, he died in 1864 of mysterious causes. Just as the Imperial forces were besieging Neijing, they took the city and slaughtered any and all who were loyal to the Heavenly Kingdom. It's said that some of Shu Kuan's followers saw the end of the Kingdom coming and immolated themselves in public rather than live under the rule of the supposedly demonic Empire. Millions were killed as the Imperial army fought its way south and reclaimed all of its lost territory. Historians estimate that anywhere between 20 to 50 million people died. For comparison, the entire death toll, military and civilian, of World War I was between 9 and 15 million. And all of this brutality stemmed from it being both a religious war and a colonial conflict. The Heavenly Kingdom saw their enemies as demons unworthy of life, and the colonizing British and French saw them as less than human. Curiously, the Heavenly Kingdom was inspired by Christian beliefs that were introduced to China by the British. If they hadn't forced their beliefs on the country after the first Chinese British War, it's possible the Taiping Rebellion may never have happened at all. This show is sponsored by BetterHelp. For some, summer is their favorite season, travel picks up, kids are out of school, and adventure is the focus for others, Juggling it all can be tough and overwhelming, and they end up counting down the minutes until the kids are back in school and many worry that they're wasting the days of sunshine. Therapy can help people better understand their needs, feel more confident setting boundaries, and create a version of summer that actually feels good. And that's where BetterHelp comes. BetterHelp does the initial matching work for you so you can focus on your therapy goals. A short questionnaire helps identify your needs and preferences and their industry leading match fulfillment rate means they typically get it right the first time. And with over 30,000 therapists, BetterHelp is the world's largest online therapy platform, having served over 6 million people globally. And it works with an average rating of 4.9 out of 5 for a live session based on over 1.7 million client reviews. 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[Erin Menke]

On a morning In January of 1999, a group of reporters gathered in a brightly lit office. They were there to witness an unusual announcement from a financial advisor named Raven Thorogood iii. It was the height of the dot com boom, the period when the Internet was just taking off and tech companies were setting the stock market on fire. Raven wanted to help investors capitalize on the trend by launching his own index fund with 10 handpicked stocks that were sure to succeed. What made Raven so unusual was that he had no prior experience in finance. He was an actor who had had a successful career in Hollywood, and he openly admitted that he knew nothing about Internet companies or the stock market in general. He planned to choose his stocks simply by throwing darts at a board. The reporters watched in astonishment as Raven picked up a dart and threw it at the board on the opposite wall, which was covered in the names of various Internet companies. His assistant removed the dart and announced the name of the company he had CMGI and then he repeated the process, randomly choosing nine more relatively unknown companies. The press, needless to say, was skeptical. In fact, everyone thought this was a total farce. But within a week, one of Raven's stock picks, CMGI, was up 96%. Over the next year, the stocks Raven had selected kept rising and rising and rising. By the end of the year, his portfolio had outperformed every other index fund on Wall Street. Raven had bested thousands of experienced brokers to deliver a shocking 213% return. Within one year of beginning his career, he was ranked as the 22nd most successful money manager in the United States. He appeared in the Guinness Book of World Records. Everyone on Wall street was clamoring to figure out how he did it. Of course, Raven's PR team attributed his success to sheer natural talent. But market analysts saw shadows of something a bit more ominous. To them, Raven's overnight success was a sign that Internet stocks were unstable, unpredictable, and possibly headed for disaster. If someone like Raven could game the system so well, that meant that there was no logic whatsoever in which stocks succeeded and failed. And no bet was safe. Because Raven wasn't just inexperienced, he was also a chimpanzee. Unfortunately, the market analysts were right. Raven was just riding the wave of the dot com bubble. And at the turn of the new millennium, that bubble burst. Raven's portfolio fell a stunning 34% in the year 2000. Within a few years, every single stock he had picked was worth absolutely not nothing. But Raven's dartboard experiment lived on as proof that the stock market isn't all about strategy or careful analysis. Sometimes it's all just a load of monkey business. I hope you enjoyed today's guided tour through the Cabinet of Curiosities. This show was created by me, Erin Manke, in partnership with iHeart Podcasts, researched and written by the Grim and Mile team and produced by Jesse Funk. Learn more about the show and the people who make it [e-mail] curiosities. You'll also find a link to the official Cabinet of Curiosities hardcover book available in bookstores and online, as well as ebook and audiobook. And if you're looking for an ad free option, consider joining our Patreon. It's all the same stories but without the interruption. For a small monthly fee. Learn more and sign up [e-mail] grab grim and mild. And until next time, stay curious.

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