Join 📚 Hadar's Highlights
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“Naturally, since I myself am a writer, I do not wish the ordinary reader to read no modern books. But if he must read only the new or only the old, I would advise him to read the old. And I would give him this advice precisely because he is an amateur and therefore much less protected than the expert against the dangers of an exclusive contemporary diet. A new book is still on its trial and the amateur is not in a position to judge it. It has to be tested against the great body of Christian thought down the ages, and all its hidden implications (often unsuspected by the author himself) have to be brought to light. Often it cannot be fully understood without the knowledge of a good many other modern books.”
— C.S. Lewis
C.S. Lewis on Reading Old Books
fs.blog
Without the fear of heights, there can be no appreciation for the beauty of high places.
The Dark Forest
Cixin Liu
The first kind of bubble is where everyone believes the future will be like the present. Think credit bubbles and real estate; think 2007-2008, where the fundamental belief that drove the bubble forward and into ruin was “We’ve figured this out. We can’t lose. The risk has all been worked out. Lever up, cowboy. We will never die.”
There are two reflexive feedback loops at work here. The first is the positive feedback cycle between that belief, “We have the future figured out”, and rising asset prices - which confirm the invincible mentality and drive it forward. The second loop is that rising asset prices translate to lower cost of capital. In a mindset like this, we get excessively comfortable with investing that low-cost capital into businesses and investments that generate predictable future earnings, or the illusion of predictable. That cheap capital can then meaningfully contribute to those earnings actually materializing, on schedule. Bubbles can genuinely be self-fulfilling prophecies; to a point. Past that point it’s bad.
Never Hertz to Ask
Alex Danco
...catch up on these, and many more highlights
Readwise