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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Weimar Germany

Not a current market: a historical case study, and the one every investor reaches for when discussing monetary debasement. Included because the 1922-23 German inflation is the best-documented hyperinflation there is, and because the reparations argument behind it is a permanent part of the literature.

Start here

  1. When Money DiesAdam Fergusson, 1975
  2. Lords of FinanceLiaquat Ahamed, 2009
  3. The Economics of InflationConstantino Bresciani-Turroni, 1937
John Maynard Keynes · 1919

Why Germany could not pay the 1919 reparations, and what they would do to Europe.

Constantino Bresciani-Turroni · 1937

An economist's first-hand analysis of Germany's inflation from 1914 to 1923.

Adam Fergusson · 1975

What Germany's 1921 to 1923 hyperinflation did to ordinary people's lives.

Recommended by: Balaji S. Srinivasan

Barry J. Eichengreen · 1992

How the gold standard spread the Depression, and why leaving it early meant recovery.

Liaquat Ahamed · 2009

How four central bankers and the gold standard turned a slump into the Depression.

“I'm going to use "classic" again but rightfully so.” — Christopher Bloomstran

Source: Semper Augustus 2020 Letter to Clients, 'To Read or Not to Read', p. 57

Recommended by: Christopher Bloomstran, Mohnish Pabrai

Carl-Ludwig Holtfrerich · 1986

Germany's 1914 to 1923 inflation, with a more sympathetic view of its policy.

Steven B. Webb · 1989

Monthly data tested against explanations of Germany's 1919 to 1923 inflation.

Gerald D. Feldman · 1993

The full political, social and economic history of Germany's 1914 to 1924 inflation.

Frederick Taylor · 2013

Modern retelling with more on the stabilisation and the Rentenmark.

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