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Scenarica's avatar

The reading list tells you more about where the firm's thinking is going than any investment memo would. Three books about how technology destroys and rebuilds industries. Three about how markets are designed. One about how Samsung built a gap so wide competitors stopped trying. Almost none of them are about crypto. They're about the systems crypto is trying to replace, which tells you the team is thinking about what they're building into rather than what they're building with.

The MacKenzie pick is the one I'd start with. The thesis that financial models don't just describe markets but change them is the question hanging over prediction markets right now. Black-Scholes didn't predict options prices. It created them because everyone started using the same model and the market converged toward it. Prediction markets are doing something similar: the probability becomes the reference point, and the reference point shapes the trading, which shapes the probability. The model and the market stop being separate things. Understanding that loop is probably why it's on this list.

The Credit Strategist's avatar

I would add Ed Conway’s Material World

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