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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Moral Hazard

Mental models

Once a party is insulated from the downside, its behaviour changes: risk is taken because someone else carries the loss. Deposit insurance, bailouts, and option-heavy compensation all create it, and the effect appears only after the fact. Ask who eats the loss before assuming anyone is being careful.

Books 6Experts 4Recommenders 26Resources 4

Start here

  1. The Big ShortMichael Lewis, 2010
  2. Too Big to FailAndrew Ross Sorkin, 2009
  3. Fault LinesRaghuram G. Rajan, 2010
When Genius FailedWhen Genius Failed
T1 When Genius Failed
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

Too Big to FailToo Big to Fail
T1 Too Big to Fail
Andrew Ross Sorkin · 2009
Open LibraryGoodreads

Inside the meetings of bankers and regulators during the 2008 financial crisis.

Recommended by: Mohnish Pabrai, Bill Gates, Max Levchin and 1 other

The Big ShortThe Big Short
T1 The Big Short
Michael Lewis · 2010
Open LibraryGoodreads

The few investors who saw subprime mortgage bonds would fail, and bet against them.

Recommended by: Mohnish Pabrai and 5 others

Fault LinesFault Lines
T2 Fault Lines
Raghuram G. Rajan · 2010
Open LibraryGoodreads

The 2008 crisis grew from political and economic imbalances, not just banker greed.

Skin in the GameSkin in the Game
T2 Skin in the Game
Nassim Nicholas Taleb · 2018
Open LibraryGoodreads

Incerto volume 5

Recommended by: Nat Eliason, Ana Fabrega, Ben Horowitz and 12 others

Contract TheoryContract Theory
T3 Contract Theory
Patrick Bolton, Mathias Dewatripont · 2005
Open LibraryGoodreads

More mental models

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