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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Risk Management and Drawdown Control

Portfolio and risk

Surviving the path, not just the destination; leverage, correlation breakdown and the difference between volatility and risk.

Books 17Experts 7Recommenders 48

Start here

  1. When Genius FailedRoger Lowenstein, 2000
  2. The Most Important ThingHoward Marks, 2011
  3. The Black SwanNassim Nicholas Taleb, 2007
  4. Against the GodsPeter L. Bernstein, 1996
Against the GodsAgainst the Gods
T1 Against the Gods
Peter L. Bernstein · 1996
Open LibraryGoodreads

How people learned to measure risk, from early probability to portfolio theory.

“I think some of the books that are a must would be Peter Bernstein's book about risk, Against the Gods: The Remarkable Story of Risk.” — Charles de Vaulx

Source: De Vaulx naming Bernstein's book a must-read on risk

Recommended by: Charles de Vaulx, Jim Collins and 8 others

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

The Black SwanThe Black Swan
T1 The Black Swan
Nassim Nicholas Taleb · 2007
Open LibraryGoodreads

Rare, unforeseen, high-impact events drive history, explained only after the fact.

“The message of The Black Swan is how important it is to realize that the things everyone rules out can still come to pass.” — Howard Marks

Source: Oaktree memo 'The Limits to Negativism'

Recommended by: Howard Marks, Marc Andreessen, Nat Eliason and 18 others

The Most Important ThingThe Most Important Thing
T1 The Most Important Thing
Howard Marks · 2011
Open LibraryGoodreads

Second-level thinking, risk and market cycles, drawn from Oaktree's client memos.

Recommended by: Matt Mullenweg, Mohnish Pabrai, Nat Eliason and 3 others

The Battle for Investment SurvivalThe Battle for Investment Survival
T2 The Battle for Investment Survival
Gerald M. Loeb · 1935
Open LibraryGoodreads

Against buy-and-hold: a few well-known positions, actively run, or else cash.

“The second book I read as a young investor was Gerald Loeb's Battle for Investment Survival, first published in 1934, the same year Ben Graham's seminal Security Analysis hit the bookstores, which…” — Frank Martin

Source: Martin on the second book he read as a young investor

Recommended by: Frank Martin

EnduranceEndurance
T2 Endurance
Alfred Lansing · 1959
Open LibraryGoodreads

Shackleton's men survive after the ice crushes their ship Endurance in Antarctica.

Recommended by: Andrew Wilkinson, Morgan Housel, Nat Eliason and 7 others

Margin of SafetyMargin of Safety
T2 Margin of Safety
Seth A. Klarman · 1991
Open LibraryGoodreads

Avoid permanent loss: buy well below value and aim for absolute returns.

“Seth Klarman's 'Margin of Safety' is a good book about risk.” — Arnold Van Den Berg

Source: Van Den Berg on Margin of Safety as a book about risk

Recommended by: Arnold Van Den Berg, Frank Martin, Guy Spier and 6 others

Modelling Extremal EventsModelling Extremal Events
T2 Modelling Extremal Events
Paul Embrechts, Claudia Kluppelberg, Thomas Mikosch · 1997
Open LibraryGoodreads

The technical reference on extreme value theory for insurance and finance

Recommended by: Nassim Nicholas Taleb

Hedge Fund Market WizardsHedge Fund Market Wizards
T2 Hedge Fund Market Wizards
Jack D. Schwager · 2012
Open LibraryGoodreads

Includes a long Dalio interview predating the Principles publicity machine.

The Silo EffectThe Silo Effect
T2 The Silo Effect
Gillian Tett · 2015
Open LibraryGoodreads

How the way organisations divide work blinds them, and how some break down silos.

“Gillian Tett's new book the Silo Effect, a thoughtful discussion of the downside of narrow specialisation.” — Seth Klarman

Source: Klarman on Gillian Tett on the downside of specialisation

Recommended by: Seth Klarman

Value at RiskValue at Risk
T3 Value at Risk
Philippe Jorion · 1996
Open LibraryGoodreads

How value at risk sums up a portfolio's possible loss in one number, and its limits.

Deep SurvivalDeep Survival
T3 Deep Survival
Laurence Gonzales · 2003
Open LibraryGoodreads

Why some people survive disasters that kill others in the same circumstances.

Recommended by: Michael Mauboussin, Patrick O'Shaughnessy

The Science of FearThe Science of Fear
T3 The Science of Fear
Daniel Gardner · 2008
Open LibraryGoodreads

Why people misjudge risk; the availability heuristic in public life

Recommended by: Morgan Housel

Red-Blooded Risk
T3 Red-Blooded Risk
Aaron Brown · 2011
Open LibraryGoodreads

A risk manager's history of quantitative risk and what value-at-risk is for.

Fooled by RandomnessFooled by Randomness
T4 Fooled by Randomness
Nassim Nicholas Taleb · 2001
Open LibraryGoodreads

Why people mistake luck for skill, above all in markets.

“Fooled by Randomness is a serious, intellectually sophisticated book, well worth reading carefully. At times, the book is condescending. Nevertheless, there are some great insights.” — Barton Biggs

Source: Biggs on a sophisticated book worth reading carefully

Recommended by: Barton Biggs, Michael Mauboussin and 11 others

Why Stock Markets CrashWhy Stock Markets Crash
T4 Why Stock Markets Crash
Didier Sornette · 2002
Open LibraryGoodreads

Log-periodic power laws as a physicist's model of crash formation

Recommended by: Nassim Nicholas Taleb

What I Learned Losing a Million DollarsWhat I Learned Losing a Million Dollars
T4 What I Learned Losing a Million Dollars
Jim Paul
Goodreads

Recommended by: Nat Eliason

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