How the world works

Money & decisions

Wealth, risk and the psychology behind good (and bad) financial choices.

Read your way in

  1. The richest-looking object may mark money that has gone — Morgan Housel · The Psychology of MoneyA glance
  2. Luck leaves no label on an outcome — Annie Duke · Thinking in BetsA glance
  3. A fee eats twice — Benjamin Graham · The Intelligent InvestorA glance
  4. Every price contains a little time — Vicki Robin & Joe Dominguez · Your Money or Your LifeA glance
  5. Success stories are not the whole sample — Nassim Nicholas Taleb · Fooled by RandomnessA glance
  6. The mug that changed value when it crossed the table — Richard H. Thaler · Misbehaving: The Making of Behavioral EconomicsA glance
  7. The visitor who names a different price every morning — Benjamin Graham · The Intelligent InvestorA glance
  8. More holdings do not always mean more variety — Morgan Housel · The Psychology of MoneyA glance
  9. A pound can feel different after it receives a label — Richard H. Thaler · Misbehaving: The Making of Behavioral EconomicsA glance
  10. A buffer changes the shape of an unpleasant surprise — Vicki Robin & Joe Dominguez · Your Money or Your LifeA glance
  11. A minimum payment can give a balance a long tail — Annie Duke · Thinking in BetsA glance
  12. Deposit insurance began as a controversial promise — Nassim Nicholas Taleb · Fooled by RandomnessA glance

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The books behind it

  • Morgan Housel, 2020. Why this book: Stories expose how luck, memory and ego shape money choices more clearly than a formula can.
  • Annie Duke, 2018. Why this book: Poker supplies a vivid language for separating a sound decision from the result luck delivered.
  • Benjamin Graham, 1949. Why this book: Graham's durable distinction between price and value remains a bracing antidote to market mood.
  • Vicki Robin & Joe Dominguez, 1992. Why this book: Its life-energy lens makes the hidden exchange between spending and time unusually visible.
  • Nassim Nicholas Taleb, 2001. Why this book: Taleb shows, from inside markets, how readily a lucky history can be mistaken for skill.
  • Richard H. Thaler, 2015. Why this book: A participant's history of the experiments that made economics take ordinary irrationality seriously.