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.

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Long-Term Capital Management

Funds and asset managershedge-funds

The Nobel-laureate arbitrage fund whose 1998 collapse forced a Fed-brokered bank rescue and became the standard parable of leverage.

Books 8Experts 4Recommenders 14
Liar's PokerLiar's Poker
T1 Liar's Poker
Michael Lewis · 1989
Open LibraryGoodreads

Life on Salomon Brothers' bond trading floor in the 1980s mortgage-bond boom.

“I do believe, as Michael Lewis writes in his intriguing 1989 book, "Liar's Poker," that it is unlikely that an individual unable to buck convention in one's life will suddenly be able to buck…” — Michael Burry

Source: MSN Money Strategy Lab journal, March 2, 2001 — archived

Recommended by: Michael Burry, Mohnish Pabrai, Nat Eliason and 3 others

When Genius Failed: The Rise and Fall of LonWhen Genius Failed: The Rise and Fall of Long-Term Capital Management
T1 When Genius Failed: The Rise and Fall of Long-Term Capital Management
Roger Lowenstein · 2000
Open LibraryGoodreads

How a hedge fund's bond bets on borrowed money lost $4.6 billion in four months.

Recommended by: Mohnish Pabrai and 7 others

More Money Than GodMore Money Than God
T1 More Money Than God
Sebastian Mallaby · 2010
Open LibraryGoodreads

Hedge funds from Alfred Winslow Jones in 1949 through Soros, Robertson and beyond.

“It's hard to imagine anyone will ever write a better book on the subject.” — Paul Graham

Source: Paul Graham on X (Apr 8, 2021)

Recommended by: Mohnish Pabrai, Paul Graham, Josh Wolfe and 1 other

Inventing Money: The Story of Long-Term CapiInventing Money: The Story of Long-Term Capital Management and the Legends Behind It
T2 Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It
Nicholas Dunbar · 1999
Open LibraryGoodreads

Long-Term Capital Management's actual positions, and the option theory behind them.

Fischer Black and the Revolutionary Idea of Fischer Black and the Revolutionary Idea of Finance
T2 Fischer Black and the Revolutionary Idea of Finance
Perry Mehrling · 2005
Open LibraryGoodreads

Fischer Black's life and ideas, from option pricing on, that shaped modern finance.

Recommended by: Mohnish Pabrai

A Demon of Our Own DesignA Demon of Our Own Design
T2 A Demon of Our Own Design
Richard M. Bookstaber · 2007
Open LibraryGoodreads

How financial innovation made markets more crisis-prone, from a risk manager.

The QuantsThe Quants
T2 The Quants
Scott Patterson · 2010
Open LibraryGoodreads

The intellectual line from LTCM to the 2007 quant unwind.

Recommended by: Mohnish Pabrai

Hedge Funds, Leverage, and the Lessons of Lo
T4 Hedge Funds, Leverage, and the Lessons of Long-Term Capital Management
President's Working Group on Financial Markets · 1999
Open LibraryGoodreads

Primary source: the official post-mortem.

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