
Chosen by shared topics, the entries that hold them, and the people who recommended both.
Why complex systems fail, from Volkswagen to Everest, and how to design against it.
Incerto volume 4
“Nassim Taleb, author of the new book Antifragile, praises volatility and criticises those who would artificially damp it at great unseen cost. Taleb advises us to be 'anti-fragile'. This is exactly…” — Seth Klarman
Source: Klarman on Taleb's praise of volatility and what Baupost strives for
Recommended by: Mohnish Pabrai, Nat Eliason and 25 others
Avoid permanent loss: buy well below value and aim for absolute returns.
“Seth Klarman's 'Margin of Safety' is a good book about risk.” — Arnold Van Den Berg
Source: Van Den Berg on Margin of Safety as a book about risk
Recommended by: Arnold Van Den Berg, Frank Martin, Guy Spier and 6 others
Why complex, tightly coupled systems such as Three Mile Island will fail regardless.
How checklists stop experts in complex fields failing to apply what they know.
“In his wonderful book, The Checklist Manifesto, Atul Gawande... explains the value of using a checklist to improve outcomes” — Michael Mauboussin
Source: Methods to Improve Decisions: Five Common Mistakes and How to Address Them (Credit Suisse)
Recommended by: Michael Mauboussin, Mohnish Pabrai and 9 others
Bevelin distilling observation and inference habits from Sherlock Holmes
Recommended by: Mohnish Pabrai, Patrick O'Shaughnessy and 1 other
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