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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FH

Financial History

Holds histories of money, banking, bubbles, crashes, hyperinflations and Wall Street.

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

John Kenneth Galbraith · 1955

The late-1920s boom in margin loans and investment trusts, and the 1929 crash.

Recommended by: Mohnish Pabrai

Sidney Homer, Richard Sylla · 1963

Interest rates from Babylonian lending through Rome and Europe to modern bonds.

Recommended by: Mohnish Pabrai

Adam Fergusson · 1975

What Germany's 1921 to 1923 hyperinflation did to ordinary people's lives.

Recommended by: Balaji S. Srinivasan

Ron Chernow · 1990

The Morgan banks from 1830s London to J.P. Morgan and Morgan Stanley in the 1980s.

Recommended by: Mohnish Pabrai, Paul Graham

Barry Eichengreen · 1992

How the gold standard spread the Depression, and why leaving it early meant recovery.

Ron Chernow · 1993

Two centuries of a Jewish banking family from Hamburg to London and New York.

Recommended by: Mohnish Pabrai

Peter L. Bernstein · 2000

Gold from ancient Egypt and Lydian coins to the end of Bretton Woods.

Liaquat Ahamed · 2009

How four central bankers and the gold standard turned a slump into the Depression.

“I'm going to use "classic" again but rightfully so.” — Christopher Bloomstran

Source: Semper Augustus 2020 Letter to Clients, 'To Read or Not to Read', p. 57

Recommended by: Christopher Bloomstran, Mohnish Pabrai

Nathaniel Popper · 2015

The rise of Bitcoin and the people trying to build a new money for the internet.

Barry Eichengreen · 2015

How 1930s lessons guided policy in 2008, averting a depression but adding errors.

Sebastian Mallaby · 2022

Venture capital from Arthur Rock to SoftBank, and why a few big bets pay for all.

Ferdinand Pecora · 1939

The 1933 Senate hearings exposing bankers' practices that led to securities laws.

“It's a passage from one of my favorite books, "Wall Street Under Oath.” — Howard Marks

Source: Oaktree memo 'Learning From Enron'

Recommended by: Howard Marks

John Carswell · 1960

The standard account of 1720.

John Brooks · 1969

Wall Street from 1920 to 1938: the boom, the crash, the Depression and reform.

John Brooks · 1973

Wall Street in the 1960s: performance funds, conglomerates and the paperwork crisis.

“Both books are outstanding histories of Rockefeller and Standard Oil and then of the booming 1960s.” — Christopher Bloomstran

Source: Semper Augustus 2022 Letter to Clients, 'Books and Stuff', p. 75

Recommended by: Christopher Bloomstran, Mohnish Pabrai

Carl-Ludwig Holtfrerich · 1986

Germany's 1914 to 1923 inflation, with a more sympathetic view of its policy.

Steven B. Webb · 1989

Monthly data tested against explanations of Germany's 1919 to 1923 inflation.

Gerald D. Feldman · 1993

The full political, social and economic history of Germany's 1914 to 1924 inflation.

Tom Bower · 1997

How Swiss bankers kept Jewish deposits and helped Nazis hide looted money.

Maury Klein · 2001

The best single narrative of 1929 itself.

Tim Parks · 2005

The Medici bank from its 1397 founding to its 1494 collapse.

Robert F. Bruner, Sean D. Carr · 2007

The 1907 panic day by day, from a failed copper corner to J.P. Morgan's rescue.

Recommended by: Mohnish Pabrai and 1 other

Anne Goldgar · 2007

The Dutch tulip episode of 1636 and 1637 from archives, and how its legend arose.

William L. Silber · 2007

The 1914 closure of the exchange, and how the dollar took over.

Niall Ferguson · 2008

The history of finance by instrument: credit, bonds, stocks, insurance and property.

Benjamin Roth · 2009

An Ohio lawyer's diary of the Depression years as he lived through them.

Benn Steil · 2013

The 1944 Bretton Woods conference as a contest between Keynes and Harry Dexter White.

Mauricio Drelichman, Hans-Joachim Voth · 2014

Why bankers kept lending to Philip II of Spain despite four payment suspensions.

Lodewijk Petram · 2014

How trading in Dutch East India Company shares grew into the first stock market.

Bastian Obermayer, Frederik Obermaier · 2016

Insider: the reporters who received and worked the Mossack Fonseca leak.

Murray N. Rothbard · 1963

The Austrian account of 1929 and the policy response that followed

Michael Cannon · 1966

The Melbourne property mania and bank collapses of the 1890s.

Aurel Schubert · 1991

The definitive study of the bank failure that broke Central European finance.

David Kynaston · 1994

The four-volume history of the world's oldest continuous financial centre.

Isabel Vincent · 1997

Companion investigation into Swiss banks and looted wartime assets.

Janet Gleeson · 2000

John Law, the Mississippi bubble and the invention of paper money in France.

Roger Boyes · 2009

Contemporaneous reporting on the collapse and the Icesave dispute.

Matthew Hart · 2013

Gold's history from early kingdoms to the mining boom after the 2008 crisis.

Frederick Taylor · 2013

Modern retelling with more on the stabilisation and the Rentenmark.

James Owen Weatherall · 2013

How physicists and mathematicians came to run money; useful context for Simons.

Recommended by: Eric Weinstein

Christopher Knowlton · 2020

The 1920s Florida land boom and its collapse.

Recommended by: Morgan Housel

Barrie Wigmore · 1985

A reference history of US securities markets from the 1929 crash to 1933.

Recommended by: Mohnish Pabrai

William Goetz · 2005

Financial innovations, from Mesopotamian interest and Chinese paper money onward.

Recommended by: Mohnish Pabrai

Roger Lowenstein · 2015

How the Federal Reserve was argued into existence, from the 1907 panic to 1913.

Recommended by: Seth Klarman

T4 1929
Andrew Ross Sorkin · 2025

The 1929 Wall Street crash: the greed and folly behind America's greatest collapse.

Recommended by: Bill Gates, Howard Marks

More general history