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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Social Proof and Mimetic Desire

Under uncertainty people treat others' behaviour as evidence of correct behaviour, and Girard pushed it further: we copy the desire itself. In markets this turns price into its own justification, buying begetting buying until the loop snaps. The test is simple - if the strongest argument for a position is who else owns it, you hold a queue number rather than a thesis.

Charles Mackay · 1841

Crowd manias from the Mississippi scheme and South Sea Bubble to witch trials.

“The first couple of chapters of this book, which describes in detail the great financial and stock market manias of the eighteenth century, are essential reading for all serious investors.” — Barton Biggs

Source: Biggs on the first chapters as essential reading

Recommended by: Barton Biggs, Bernard Baruch, Peter Cundill and 2 others

Gustave Le Bon · 1895

How individuals lose judgement in a crowd and how leaders sway crowds.

“The Crowd, written in 1895 by Gustave Le Bon, is probably the most instrumental book in framing my ability to go against the grain of conventional thought and not feel insecure.” — Frank Martin

Source: Martin on the book that let him go against conventional thought

Recommended by: Frank Martin, Mohnish Pabrai, Peter Cundill and 1 other

Eric Hoffer · 1951

Why mass movements of every kind draw the same frustrated people and use one method.

“My favourite book to recommend is The True Believer: Thoughts on the Nature of Mass Movements by Eric Hoffer. There is no discussion about investing, but it is extremely helpful in understanding…” — Joe Rosenberg

Source: Rosenberg on the book he most often recommends

Recommended by: Joe Rosenberg, Mohnish Pabrai and 6 others

Charles P. Kindleberger · 1978

Financial crises follow a repeated sequence of boom, mania, panic and crash.

Recommended by: Howard Marks, Li Lu

Robert B. Cialdini · 1984

Six principles of compliance, from reciprocity to scarcity, and how sellers use them.

“…books I've recommended, highlighted to death, or forced on friends.” — Andrew Wilkinson

Source: Andrew Wilkinson's Bookshelf, neverenough.com

Recommended by: Andrew Wilkinson, Charlie Munger and 29 others

Edward Chancellor · 1999

Speculation from ancient Rome and tulip mania to the 1990s, and its recurring traits.

Robert J. Shiller · 2000

How psychology, not fundamentals, drove the stock and housing booms of 2000 and 2005.

James Surowiecki · 2004

When groups judge better than experts, and the four conditions that make it work.

“Jim Surowiecki deftly articulated this line of thinking in his delightful book, The Wisdom of Crowds.” — Michael Mauboussin

Source: Contrarian Investing: The Psychology of Going Against the Crowd (Legg Mason Capital Management)

Recommended by: Michael Mauboussin, Mohnish Pabrai and 3 others

Dale Carnegie · 1936

Techniques for handling people, being liked and winning others to your view.

Rene Girard · 1978

Mimetic rivalry, where rivals grow alike, and the violence it unleashes in societies.

Timur Kuran · 1995

Preference falsification: why people hide their views and how that hides change.

“So this is one of the all time great books. Incredible.” — Marc Andreessen

Source: Lex Fridman Podcast #458 transcript — Marc Andreessen

Recommended by: Marc Andreessen

Robert B. Cialdini · 2016

Where you direct attention just before a message shapes how it is received.

Steven Pinker · 2025

Common knowledge, where everyone knows that everyone knows, and what it does.

Recommended by: Bill Gates

Rene Girard · 1963

Girard reading Dostoevsky; mimetic rivalry and resentment

Recommended by: Peter Thiel

Michael Suk-Young Chwe · 2001

Common knowledge and coordination; why rituals and advertising work

Recommended by: Mark Zuckerberg

Noah J. Goldstein, Steve J. Martin, Robert B. Cialdini · 2008

Cialdini's persuasion research condensed into fifty applied findings

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