Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

Send feedback

What is it?
Screenshots, up to 3 (optional)
or paste one with Ctrl+V

We use your email only to reply to you.

Adapt: Why Success Always Starts with Failur

Adapt: Why Success Always Starts with Failure

Tim Harford
2011
T4 309 pages · about 5h 9m to read Open Librarygoodreads

Summary

Harford argues that complex problems are not solved by expert planning but by a process of variation and selection, and that the requirements for that process are specific: generate many attempts, keep each one survivable, and be able to tell success from failure quickly enough to act.

The cases run wide. He examines the United States military's adaptation in Iraq, where field commanders including H.R. McMaster developed counterinsurgency methods that the command structure initially rejected; the Piper Alpha oil rig disaster and the Deepwater Horizon blowout as failures of decoupling in tightly coupled systems; randomised controlled trials in development aid; the Skunk Works and the Spitfire as products of protected deviant projects; the 2008 banking failure as a system where losses were not survivable; and corporate innovation portfolios. He draws on Perrow's normal accident theory, on Tetlock's expert prediction work, and on evolutionary and complexity research.

The practical prescription is what makes it useful: run experiments that are genuinely varied rather than incremental, ensure failure is survivable so the organisation can keep experimenting, and build feedback that a manager cannot ignore or explain away. Harford is honest that the third condition is the hardest, because people and organisations are structured to avoid recognising failure. The weaknesses are that the argument is assembled from case studies selected to fit, that some of the psychology cited has weakened since 2011, and that the prescriptions are easier to state than to implement in an organisation whose incentives punish visible failure.

Key takeaways 7

  1. Complex problems are solved by variation and selection rather than by expert planning, because no planner has the information the process generates.
  2. Successful adaptation requires three conditions together: try many genuinely different things, keep each attempt survivable, and know quickly which ones failed.
  3. Organisations fail at the third condition because recognising failure carries a career cost for the person who must recognise it.
  4. Tightly coupled systems fail catastrophically because a fault propagates faster than operators can respond, so decoupling matters more than adding safety procedures.
  5. Innovation requires protected space in which deviant projects can proceed without the approval of the people whose positions they threaten.
  6. Randomised trials in policy and business are valuable precisely because they can show that a favoured intervention does not work.
  7. Financial systems become dangerous when losses are not survivable, since that removes the ability to experiment and forces the suppression of bad news.

Who should read it

Operators and investors designing experimentation processes who need the conditions under which trial and error actually produces learning.

Who recommended it 2 · 1 direct

Similar books 6

Chosen by shared topics, the entries that hold them, and the people who recommended both.

Max H. Bazerman · 1986

The biases that distort managers' decisions, with exercises that show them.

Irving L. Janis · 1972

How the wish for agreement in close groups led to fiascos like the Bay of Pigs.

“One of my favourite books, Groupthink by Irving Janis, breaks down how small, cohesive groups of very smart people can make very bad decisions.” — Adam Weiss

Source: Weiss naming Groupthink one of his favourite books

Recommended by: Adam Weiss, Barton Biggs

Bent Flyvbjerg, Dan Gardner · 2023

Why megaprojects overrun, and the reference-class forecasting correction.

Where it sits in the reference 3

Business themes
Investment philosophy
Business themes

Topics

Business and ManagementDecision Making