The Bernie Cornfeld Story

1970

Biography

by

Bert Cantor

Biography chronicling the dramatic rise and fall of Bernard “Bernie” Cornfeld, who built Investors Overseas Services (IOS) into a multibillion-dollar offshore fund-of-funds empire in the 1960s. Traces his path from immigrant social worker in the U.S. to flamboyant financier in Switzerland, pioneering aggressive sales and marketing tactics, which led to rapid international growth. The book reveals deep structural flaws in IOS that ultimately led to a spectacular collapse.

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Jermaine's Notes

July 2025

A Short History of Financial Euphoria by John Kenneth Galbraith mentioned IOS and Cornfeld—that led me to this book. Inside look at how one of the first and biggest fund-of-funds worked. IOS blew up after interest rates rose, macro conditions shifted, and the business was mismanaged. Read 1970 hardcover.

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A Short History of Financial Euphoria

May 2025

A sharp look at some of history’s most famous financial bubbles—from 1600s Tulip Mania to the 1980s junk bond frenzy and savings and loan crisis. Explores who was involved, what triggered each mania, and why rational people got swept up. The book reveals the timeless patterns behind speculative euphoria and shows how these cycles repeat—and how they can be recognized.
Short book, packed with useful insights. Reads like a mini-biographical anthology–I bought biographies on several people mentioned. Pairs well with Bull! (covers bubbles from 1982–2004). Key idea: “Financial genius is before the fall.”