Journeys

A journey puts a handful of ideas in the order they are best met: the mechanism first, then the case that shows it, then the argument against it, then where to practise. Each step is one idea from one source, with the original a click away.

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  Journey · 12 steps

  Financial crises, from the boom to the rescue

  How a bubble forms, why a bank fails, what a rescue can and cannot fix, and how to think while it happens.

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  Journey · 10 steps

  Investment psychology: deciding well under uncertainty

  Price against value, luck against skill, the biases that cost money and how to review your own record honestly.

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  Journey · 11 steps

  Accounting fraud and how it is found

  Where earnings and cash part company, how frauds are built on that gap, and the fieldwork that exposes them.

• Journey · 12 steps

  Company valuation, from cash flow to a decision

  What a DCF is really saying, where the value sits, the costs that hide, and how price against value decides what a company does.

• Journey · 11 steps

  AI, from tokens to capital spending

  How language models work, how to make them reliable, what the workload is doing to the industry and what it means for the jobs.