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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Feedback Loops

Mental models

Negative feedback pushes a system back toward balance - high margins invite competitors who compress them - while positive feedback amplifies, as deposits fleeing a weak bank weaken it further. Classify which loop governs a situation before acting: fade extremes only where a restoring force exists, and never stand in front of a self-reinforcing spiral. Every claim of a durable high return on capital is a claim that the negative loop has been blocked.

Books 8Recommenders 14Resources 4

Start here

  1. Thinking in SystemsDonella H. Meadows, 2008
  2. The Fifth DisciplinePeter M. Senge, 1990
  3. CyberneticsNorbert Wiener, 1948
Godel, Escher, BachGodel, Escher, Bach
T1 Godel, Escher, Bach
Douglas R. Hofstadter · 1979
Open LibraryGoodreads

How a mind could arise from parts, traced through Godel, Escher and Bach.

Recommended by: Nat Eliason, Naval Ravikant, Demis Hassabis and 3 others

Thinking in SystemsThinking in Systems
T1 Thinking in Systems
Donella H. Meadows · 2008
Open LibraryGoodreads

Meadows wrote this before systems thinking became a popular phrase, and it remains the clearest account of why short-term interventions in complex systems so often backfire. The chapter on leverage points is the conceptual core of what long-term thinking actually requires from decision-makers.

Recommended by: Patrick O'Shaughnessy, Daniel Burka and 3 others

CyberneticsCybernetics
T2 Cybernetics
Norbert Wiener · 1948
Open LibraryGoodreads

Control and communication in animals and machines run on the same principles.

The Fifth DisciplineThe Fifth Discipline
T2 The Fifth Discipline
Peter M. Senge · 1990
Open LibraryGoodreads

Five disciplines, led by systems thinking, that let an organisation learn.

Recommended by: Mohnish Pabrai, Sahil Lavingia

Turtles, Termites, and Traffic JamsTurtles, Termites, and Traffic Jams
T3 Turtles, Termites, and Traffic Jams
Mitchel Resnick · 1994
Open LibraryGoodreads

“The first challenge to the centralized mindset comes from a delightful book by MIT Professor Mitchel Resnick, "Turtles, Termites, and Traffic Jams.” — Michael Mauboussin

Source: The Invisible Lead Steer: New Answers to Old Questions About the Stock Market (CS First Boston)

Recommended by: Michael Mauboussin

The Wisdom of the HiveThe Wisdom of the Hive
T3 The Wisdom of the Hive
Thomas D. Seeley · 1995
Open LibraryGoodreads

Honeybee colonies as a decentralised allocation and search system

“As Thomas Seeley writes in his delightful book, The Wisdom of the Hive” — Michael Mauboussin

Source: Capital Ideas Revisited (Legg Mason Capital Management)

Recommended by: Michael Mauboussin

Ubiquity: Why Catastrophes HappenUbiquity: Why Catastrophes Happen
T3 Ubiquity: Why Catastrophes Happen
Mark Buchanan · 2000
Open LibraryGoodreads
Deep SimplicityDeep Simplicity
T3 Deep Simplicity
John Gribbin · 2004
Open LibraryGoodreads

Recommended by: Charlie Munger

More mental models

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