Updates

  1. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  2. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  3. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  4. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  5. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  6. Feedback takes a subject line and up to three screenshots.
  7. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  8. Sport splits into 23 sports, and Religion into one topic per faith.
  9. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  10. Seventeen subjects that had two or three pages under different names now have one page each.
  11. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  12. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  13. Book, person and subject pages open inside the app, so the tabs stay in view.
  14. 996 more book covers, and photographs or logos for 227 more people and companies.
  15. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  16. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Industries

34 industries holding 310 books. Each opens its own page with its books, tier first, and the people who recommend them.

AdvertisingAn agency business whose economics rest on client relationships and measurement claims, now unsettled by programmatic buying.8 books
Agriculture and FoodCommodity inputs, branded outputs and enormous trading intermediaries; margin sits where information and logistics concentrate.18 books
AirlinesThe canonical value-destroying industry: high fixed costs, commodity pricing and a century of bankruptcies since deregulation.7 books
Apparel, Fashion and FootwearApparel profit depends on full-price sell-through, because a season's markdowns take back the margin on everything that did sell, so buying…9 books
Asset Management and FundsManagers charge a percentage of assets, so revenue rises with markets and with flows rather than with skill, and the industry's central arithmetic…9 books
AutomotiveCapital-intensive, cyclical, unionised manufacturing whose repeated near-death experiences produced a deep management and industrial literature.12 books
BankingLeveraged maturity transformation with an implicit state backstop; the literature is mostly about what happens when that breaks.11 books
Casinos and GamblingLicence-protected, real-estate heavy and mathematically certain in the house's favour; the interesting risk is regulatory and financial, not…7 books
Commodity Trading HousesTraders earn on the difference between where a cargo is and where it is worth more, arbitraging location, time and quality, and they add storage,…3 books
Consumer Electronics and DevicesPrices per unit of performance fall continuously in this industry, so profit goes to whoever is early in a category, holds a brand premium, or…9 books
Defense and AerospaceA single dominant customer, cost-plus contracting and programme-level concentration; returns depend on procurement politics.8 books
E-commerce and Online RetailOnline retailers work on thin gross margins and are judged on fulfilment cost per order, return rates and the price of paid traffic; scale pays…10 books
Hotels and HospitalityHotel revenue is occupancy multiplied by average daily rate, and because most costs are fixed, each point of RevPAR falls almost intact to profit or…5 books
InsuranceAn insurer takes premium now and pays claims later, so it earns two returns: an underwriting result measured by the combined ratio of claims and…9 books
Luxury GoodsPricing power derived from brand scarcity, and the permanent tension between exclusivity and the scale that conglomerates demand.6 books
Media and EntertainmentHit-driven economics, library value and repeated technological resets; the ownership question is always who controls distribution.35 books
MiningLong-lived depleting assets, brutal commodity cycles and political risk concentrated in a handful of jurisdictions.6 books
Music and Live EntertainmentRecorded music moved from unit sales to streaming, where platforms pay out a share of subscription revenue that flows first to labels and reaches…5 books
Oil and GasProducers earn the difference between the cost of finding and lifting a barrel and a price set somewhere else, refiners earn the crack spread…12 books
Payments and FintechCard payments run on interchange: the merchant's acquirer pays a fee to the card issuer at a rate the network sets, so Visa and Mastercard collect…10 books
Pharmaceuticals and BiotechPatent cliffs, binary trial outcomes and regulatory capture make this the most information-asymmetric of the large sectors.11 books
Professional Services and ConsultingFee income comes from leverage: a partner sells the work and associates deliver it, so profit per partner depends on the ratio of juniors to…10 books
RailroadsThe original capital-markets industry: land grants, over-building, bankruptcy, consolidation, and eventually durable pricing power.7 books
Real Estate and ConstructionProperty income is rent less operating cost, capitalised at a yield that moves with interest rates, and the equity return is that number multiplied…7 books
Restaurants and Fast FoodA restaurant lives on prime cost, food plus labour, which usually runs 60 to 65 percent of sales against rent and equipment that do not move with…13 books
RetailThin margins, working-capital mechanics and scale economics; a sector where the winner's operating manual is usually public.7 books
SemiconductorsThe industry where Moore's Law, extreme capital intensity and geopolitics intersect; now the centre of great-power competition.8 books
Shipping and LogisticsDeeply cyclical, asset-heavy and near-invisible until it breaks; the physical substrate of global trade.9 books
Software and SaaSNear-zero marginal cost, high gross margin and recurring revenue; the dominant destination for growth capital since the 1990s.18 books
Steel and Heavy IndustrySteel carries high fixed costs and sells an undifferentiated product, so mills run flat out and the price falls to the cash cost of the marginal…8 books
TelecommunicationsNatural-monopoly economics, regulated returns and a boom-bust capex cycle; the recurring question is who owns the last mile.6 books
TobaccoThe archetypal sin-stock case: declining volumes, extraordinary pricing power, litigation overhang and very high returns on capital.6 books
Utilities and PowerRegulated returns on rate base, plus a century of arguments about whether competition belongs in electricity at all.6 books
Video GamesPlatform lock-in, hit-driven development economics and a recurring shift in how the customer pays.7 books

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