the new new thing

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The New New Thing: A Silicon Valley Story by Michael Lewis

Alan Greenspan, Albert Einstein, Andy Kessler, Benchmark Capital, business climate, classic study, creative destruction, data acquisition, Fairchild Semiconductor, family office, high net worth, invention of the steam engine, invisible hand, Ivan Sutherland, Jeff Bezos, Larry Ellison, Marc Andreessen, Mary Meeker, Menlo Park, PalmPilot, pre–internet, risk tolerance, Sand Hill Road, Silicon Valley, Silicon Valley startup, tech worker, the new new thing, Thorstein Veblen, wealth creators, Y2K

For that matter, there is no name for what he's looking for, which, typically, is a technology, or an idea, on the cusp of commercial viability. The new new thing. It's easier to say what the new new thing is not than to say what it is. It is not necessarily a new invention. It is not even necessarily a new ideamost everything has been considered by someone, at some point. The new new thing is a notion that is poised to be taken seriously in the marketplace. It's the idea that is a tiny push away from general acceptance and, when it gets that push, will change the world. The searcher for the new new thing conforms to no well-established idea of what people should do for a living. He gropes. Finding the new new thing is as much a matter of timing as of technical or financial aptitude, though both of those qualities help.

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cover title: author: publisher: isbn10 | asin: print isbn13: ebook isbn13: language: subject publication date: lcc: ddc: subject: The New New Thing : A Silicon Valley Story Lewis, Michael. W. W. Norton & Company, Inc. 0393048136 9780393048131 9780585224183 English Clark, Jim,--1944- , Businessmen--United States-Biography, Computer software industry--United States-History. 1999 HD9696.63L49 2000eb 338.4/700 Clark, Jim,--1944- , Businessmen--United States-Biography, Computer software industry--United States-History. cover Page 1 The New New Thing Page 3 Also by Michael Lewis Liar's Poker The Money Culture Pacific Rift Trail Fever Page 4 Page 5 The New New Thing A Silicon Valley Story Michael Lewis Page 6 Copyright © 2000 by Michael Lewis All rights reserved Printed in the United States of America First Edition For information about permission to reproduce selections from this book, write to Permissions, W.

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After he'd drawn his little diagram of the world's largest market with himself in the middle, he was finished. Other people could take care of the messy details of turning Healtheon into a giant corporation. That's what he always said just after he had disgorged the new new thing, and the new new thing became, simply, the new thing. He was not finished, however. The one hard rule in Jim Clark's life was that he must always pursue the new new thing. Three multibillion-dollar companies was not enough for one lifetime. Once when I'd asked him how he planned to convert his wealth to leisure, he said, "You've got to figure out something that is out of the path of Microsoft.

As the Future Catches You: How Genomics & Other Forces Are Changing Your Work, Health & Wealth by Juan Enriquez

Albert Einstein, AOL-Time Warner, Apollo 13, Berlin Wall, bioinformatics, borderless world, British Empire, Buckminster Fuller, business cycle, creative destruction, digital divide, double helix, Ford Model T, global village, Gregor Mendel, half of the world's population has never made a phone call, Helicobacter pylori, Howard Rheingold, Jeff Bezos, Joseph Schumpeter, Kevin Kelly, knowledge economy, more computing power than Apollo, Neal Stephenson, new economy, personalized medicine, purchasing power parity, Ray Kurzweil, Richard Feynman, Robert Metcalfe, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, spice trade, stem cell, the new new thing, yottabyte

Because the speed of change is so rapid, it is sometimes easier to follow the day-to-day changes in the digital world through magazines rather than books. I find Wired, Fast Company, and Red Herring useful ways to follow the intersection of technology and business. 6. Michael Lewis describes the uncertainty and fragility of big business beautifully in The New New Thing: A Silicon Valley Story (New York: W.W. Norton, 1999). Chapter VI: Genetics … the Next Dominant Language 1. Richard Lewontin is a source of never-ending smart and wry observations: See It Ain’t Necessarily So: The Dream of the Human Genome and Other Illusions (New York: NYRB, 2000). 2.

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at www.sims.berkeley.edu/how-much-info/print.html. Meanwhile, a series of Web companies are trying to catalog all global digital knowledge. 6. One of the leading authorities in the field is Nagoya University’s Makoto Fujita. 7. You can read a great description of Clark and Silicon Valley in Michael Lewis’ The New New Thing. 8. There is a really interesting article in Science that outlines the initial possibilities. James R. Heath et al., “A Defect Tolerant Computer Architecture: Opportunities for Nanotechnology,” 280 (June 12, 1998): 1716. 9. www.beowulf.org. 10. You can see what is discovered daily by looking at the Protein Data Bank: www.rcsb.org/pdb/index.html. 11.

Coach: Lessons on the Game of Life by Michael Lewis

the new new thing

COACH ALSO BY MICHAEL LEWIS Flash Boys Boomerang The Big Short Home Game The Blind Side Moneyball Next The New New Thing Losers Pacific Rift The Money Culture Liar's Poker EDITED BY MICHAEL LEWIS Panic COACH LESSONS ON THE GAME OF LIFE MICHAEL LEWIS W. W. NORTON & COMPANY New York London Copyright © 2005 by Michael Lewis Copyright © 2005 by Tabitha Soren All rights reserved For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 Library of Congress Cataloging-in-Publication Data Lewis, Michael (Michael M.)

Money: The True Story of a Made-Up Thing by Jacob Goldstein

Alan Greenspan, Antoine Gombaud: Chevalier de Méré, back-to-the-land, bank run, banks create money, Bear Stearns, Berlin Wall, Bernie Sanders, bitcoin, blockchain, break the buck, card file, central bank independence, collective bargaining, coronavirus, COVID-19, cryptocurrency, David Graeber, Edmond Halley, Fall of the Berlin Wall, fiat currency, financial innovation, Fractional reserve banking, full employment, German hyperinflation, Glass-Steagall Act, index card, invention of movable type, invention of writing, Isaac Newton, life extension, M-Pesa, Marc Andreessen, Martin Wolf, Menlo Park, Mikhail Gorbachev, mobile money, Modern Monetary Theory, money market fund, probability theory / Blaise Pascal / Pierre de Fermat, Ronald Reagan, Ross Ulbricht, Satoshi Nakamoto, Second Machine Age, side hustle, Silicon Valley, software is eating the world, Steven Levy, the new new thing, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, transaction costs

In the first months of 1720 he made it illegal to possess large amounts of gold or silver coins. Suddenly everybody had lots of new gold and silver jewelry. So Law made it illegal to produce any gold object bigger than one ounce, except for crosses and ceremonial chalices. This prompted an immediate outbreak of piety in Paris; big gold crosses were the new new thing. Law banned big gold crosses. As the jewelers were getting rich, Law was starting to lose his grip. He pushed through a series of measures that required people to use paper money for all large purchases. Then he said that, by the end of the year, people would no longer be able to exchange their banknotes for gold and silver.

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The giant corporations would spend millions of dollars in their quest to create proprietary digital cash. The radical programmers would work for free, often in their spare time, and would give their code away to anyone who wanted it. The corporations would ultimately fail; the radical programmers would succeed. When Digital Cash Was the New New Thing In 1989, after a decade in academia, David Chaum decided to save privacy or get rich trying. He took the patents he’d accumulated over the previous decade (“a device which will assist in the performance of a financial transaction, yet secure the transactions details against covert inspection”) and started a company called DigiCash.

The Immigrant Exodus: Why America Is Losing the Global Race to Capture Entrepreneurial Talent by Vivek Wadhwa

card file, corporate governance, crowdsourcing, Elon Musk, immigration reform, Marc Andreessen, open economy, open immigration, pattern recognition, Ray Kurzweil, Sand Hill Road, Silicon Valley, Silicon Valley startup, software as a service, synthetic biology, the new new thing, Y2K

Valley insiders joked that IC engineers—meaning “Indian and Chinese” rather than “integrated circuit” (which is commonly abbreviated as IC)—built the region’s tech industry. Silicon Valley legend and former Stanford engineering professor James Clark (who co-founded Netscape and later WebMD) famously sung the praises of Indian engineers in the pop-culture version of Silicon Valley history and the Internet in Michael Lewis’s book The New New Thing. Few doubted that these immigrant engineers had become significant contributors to the rapid growth and cycle of innovation of Silicon Valley. But how much of a contribution had they made? Using a combination of US Census data and interviews with 175 immigrant entrepreneurs, AnnaLee Saxenian arrived at some surprising conclusions in the report “Silicon Valley’s New Immigrant Entrepreneurs,” published in 1999.

Globish: How the English Language Became the World's Language by Robert McCrum

Alistair Cooke, anti-communist, AOL-Time Warner, Berlin Wall, Bletchley Park, British Empire, call centre, Charles Lindbergh, classic study, colonial rule, credit crunch, cuban missile crisis, Deng Xiaoping, Etonian, export processing zone, failed state, Fall of the Berlin Wall, Ford Model T, Francis Fukuyama: the end of history, invention of movable type, invention of writing, invisible hand, Isaac Newton, jimmy wales, knowledge economy, Livingstone, I presume, Martin Wolf, Naomi Klein, Norman Mailer, Parag Khanna, Ralph Waldo Emerson, Republic of Letters, Ronald Reagan, sceptred isle, Scramble for Africa, Silicon Valley, Steven Pinker, the new new thing, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade route, transatlantic slave trade, transcontinental railway, upwardly mobile

Friedman, The World is Flat: The Globalized World in the Twenty-First Century (London, 2005), p. 53. 232 In the next two decades: Zakaria, The Post-American World, p. 20. 234 ‘the Internet boom triggered’: Michael Lewis, The New New Thing (New York,1999), p. 2 235 called it ‘an abstract’: quoted in Friedman, op. cit., p. 60 235 Two weeks after Netscape: see Michael Lewis, The New New Thing (New York, 1999). 235 the next Californian Gold Rush: see John Naughton, A Brief History of the Future: The Origins of the Internet (London, 1999). 235 ‘a whole new global platform for collaboration’: Friedman, The World is Flat, p. 91. 237 Anglophile Latin Americans: Allen Guttmann, Sports: The First Five Millennia (Amherst, Mass., 2004). 237 the Superbowl and the World Cup: Franklin Foer, How Soccer Explains the World (London, 2004). 237 The international dimension is comparatively new: David Goldblatt, The Ball is Round, (London, 2006), p. 681. 238 a dreadful anthem: David Goldblatt, The Ball is Round: A Global History of Football (London, 2006), p. 840. 239 ‘You like muffin?’

Don't Be Evil: How Big Tech Betrayed Its Founding Principles--And All of US by Rana Foroohar

"Susan Fowler" uber, "World Economic Forum" Davos, accounting loophole / creative accounting, Airbnb, Alan Greenspan, algorithmic bias, algorithmic management, AltaVista, Andy Rubin, autonomous vehicles, banking crisis, barriers to entry, behavioural economics, Bernie Madoff, Bernie Sanders, Big Tech, bitcoin, Black Lives Matter, book scanning, Brewster Kahle, Burning Man, call centre, Cambridge Analytica, cashless society, clean tech, cloud computing, cognitive dissonance, Colonization of Mars, computer age, corporate governance, creative destruction, Credit Default Swap, cryptocurrency, data is the new oil, data science, deal flow, death of newspapers, decentralized internet, Deng Xiaoping, digital divide, digital rights, disinformation, disintermediation, don't be evil, Donald Trump, drone strike, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Etonian, Evgeny Morozov, fake news, Filter Bubble, financial engineering, future of work, Future Shock, game design, gig economy, global supply chain, Gordon Gekko, Great Leap Forward, greed is good, income inequality, independent contractor, informal economy, information asymmetry, intangible asset, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, junk bonds, Kenneth Rogoff, life extension, light touch regulation, low interest rates, Lyft, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Menlo Park, military-industrial complex, move fast and break things, Network effects, new economy, offshore financial centre, PageRank, patent troll, Paul Volcker talking about ATMs, paypal mafia, Peter Thiel, pets.com, price discrimination, profit maximization, race to the bottom, recommendation engine, ride hailing / ride sharing, Robert Bork, Sand Hill Road, search engine result page, self-driving car, shareholder value, sharing economy, Sheryl Sandberg, Shoshana Zuboff, side hustle, Sidewalk Labs, Silicon Valley, Silicon Valley startup, smart cities, Snapchat, SoftBank, South China Sea, sovereign wealth fund, Steve Bannon, Steve Jobs, Steven Levy, stock buybacks, subscription business, supply-chain management, surveillance capitalism, TaskRabbit, tech billionaire, tech worker, TED Talk, Telecommunications Act of 1996, The Chicago School, the long tail, the new new thing, Tim Cook: Apple, too big to fail, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, Upton Sinclair, warehouse robotics, WeWork, WikiLeaks, zero-sum game

His research shows that while it’s been declining for decades now, it took a particularly sharp plunge in the mid-2000s, which is when Big Tech really boomed.49 While there are many reasons for the trend—from demographics to mobility to immigration—many economists feel that the rise of a technologically driven superstar economy, in which a few large players have taken an increasing share of the economic pie over that time, is a big part of the story. According to the Roosevelt Institute, “Markets are now more concentrated and less competitive than at any point since the Gilded Age.”50 And, despite Silicon Valley’s reputation for cranking out the New New Thing, nothing truly transformative has come out of the biggest technology firms in a decade or so; even Apple, a brand synonymous with innovation, hasn’t released a new groundbreaking product since the iPad in 2010, opting instead to simply add new bells and whistles to existing product lines.51 So where are the new innovators of today?

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Kim was dubbed the “Madonna of Silicon Valley,” named one of Time magazine’s twenty-five most influential Americans on the Internet, and even appeared on the cover of Fortune. Silicon Valley was a far more playful place back then, before the big money hit, and I was psyched to attend Polese’s launch party for her new company, Marimba. I remember that it was full of interesting, open, energetic, and unpretentious people who seemed genuinely excited about creating the New New Thing. It was mostly guys starting the businesses back then (as it is now); Polese was one of the first women to break into the boys’ club of Silicon Valley, an early prototype, as it were, of more recognizable names such as Marissa Mayer, then the Yahoo CEO, and more recently Facebook’s Sheryl Sandberg, the queen to Zuckerberg’s king.

Home Game: An Accidental Guide to Fatherhood by Michael Lewis

airport security, Berlin Wall, Fall of the Berlin Wall, psychological pricing, the new new thing

HOME GAME BOOKS BY MICHAEL LEWIS Liar’s Poker The Money Culture Pacific Rift Losers The New New Thing Next Moneyball The Blind Side Coach EDITED BY MICHAEL LEWIS Panic HOME GAME An Accidental Guide to Fatherhood MICHAEL LEWIS W. W. Norton & Company New York • London Copyright © 2009 by Michael Lewis All rights reserved For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 Library of Congress Cataloging-in-Publication Data Lewis, Michael (Michael M.)

The Code: Silicon Valley and the Remaking of America by Margaret O'Mara

A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, affirmative action, Airbnb, Alan Greenspan, AltaVista, Alvin Toffler, Amazon Web Services, An Inconvenient Truth, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, autonomous vehicles, back-to-the-land, barriers to entry, Ben Horowitz, Berlin Wall, Big Tech, Black Lives Matter, Bob Noyce, Buckminster Fuller, Burning Man, business climate, Byte Shop, California gold rush, Californian Ideology, carried interest, clean tech, clean water, cloud computing, cognitive dissonance, commoditize, company town, Compatible Time-Sharing System, computer age, Computer Lib, continuous integration, cuban missile crisis, Danny Hillis, DARPA: Urban Challenge, deindustrialization, different worldview, digital divide, Do you want to sell sugared water for the rest of your life?, don't be evil, Donald Trump, Doomsday Clock, Douglas Engelbart, driverless car, Dynabook, Edward Snowden, El Camino Real, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Fairchild Semiconductor, Frank Gehry, Future Shock, Gary Kildall, General Magic , George Gilder, gig economy, Googley, Hacker Ethic, Hacker News, high net worth, hockey-stick growth, Hush-A-Phone, immigration reform, income inequality, industrial research laboratory, informal economy, information retrieval, invention of movable type, invisible hand, Isaac Newton, It's morning again in America, Jeff Bezos, Joan Didion, job automation, job-hopping, John Gilmore, John Markoff, John Perry Barlow, Julian Assange, Kitchen Debate, knowledge economy, knowledge worker, Larry Ellison, Laura Poitras, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, military-industrial complex, millennium bug, Mitch Kapor, Mother of all demos, move fast and break things, mutually assured destruction, Neil Armstrong, new economy, Norbert Wiener, old-boy network, Palm Treo, pattern recognition, Paul Graham, Paul Terrell, paypal mafia, Peter Thiel, pets.com, pirate software, popular electronics, pre–internet, prudent man rule, Ralph Nader, RAND corporation, Richard Florida, ride hailing / ride sharing, risk tolerance, Robert Metcalfe, ROLM, Ronald Reagan, Salesforce, Sand Hill Road, Second Machine Age, self-driving car, shareholder value, Sheryl Sandberg, side hustle, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social graph, software is eating the world, Solyndra, speech recognition, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Strategic Defense Initiative, supercomputer in your pocket, Susan Wojcicki, tacit knowledge, tech billionaire, tech worker, technoutopianism, Ted Nelson, TED Talk, the Cathedral and the Bazaar, the market place, the new new thing, The Soul of a New Machine, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas L Friedman, Tim Cook: Apple, Timothy McVeigh, transcontinental railway, Twitter Arab Spring, Uber and Lyft, uber lyft, Unsafe at Any Speed, upwardly mobile, Vannevar Bush, War on Poverty, Wargames Reagan, WarGames: Global Thermonuclear War, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, work culture , Y Combinator, Y2K

On America Online and the dial-up networking era, see Kara Swisher, AOL.com (1998); on AOL’s merger with Time Warner and the dot-com euphoria that accompanied it, see Swisher’s aptly titled There Must Be a Pony in Here Somewhere (2003). Michael Lewis tells the story of Netscape and the irrepressible Jim Clark in The New New Thing (2000). The rise of a new generation of companies from the ashes of the dot-com bust is the subject of Sarah Lacy, Once You’re Lucky, Twice You’re Good (2008). John Battelle explores the technologies and technologists behind the first wave of search engines, and Google’s rise above them all, in The Search (2005).

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Michael Schrage, “Nation’s High-Tech Engine Fueled by Venture Capital,” The Washington Post, May 20, 1984, G1; Udayan Gupta, Done Deals: Venture Capitalists Tell Their Stories (Cambridge, Mass.: Harvard Business School Press, 2000), 374–5; Regis McKenna, interview with the author, May 31, 2016. 4. Michael Lewis, The New New Thing: A Silicon Valley Story (New York: W.W. Norton, 1999). 5. Gupta, Done Deals, 380. 6. Marc Andreessen interviewed by David K. Allison, Computerworld Honors Program Archives, June 1995, Mountain View, Calif. 7. David Bank, “Why Sun Thinks Hot Java Will Give You a Lift,” San Jose Mercury News, March 23, 1995, 1A; Karen Southwick, High Noon: The Inside Story of Scott McNealy and the Rise of Sun Microsystems (New York: Wiley, 1999), 131. 8.

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Stiglitz, “The Roaring Nineties,” The Atlantic 290, no. 3 (October 2002): 75–89; Sebastian Mallaby, The Man Who Knew: The Life and Times of Alan Greenspan (New York: Bloomsbury, 2016). 25. David Einstein, “Netscape Mania Sends Stock Soaring,” The San Francisco Chronicle, August 10, 1995, D1; Lewis, The New New Thing, 85. 26. Rory J. O’Connor, “Microsoft Previews On-Line Service,” San Jose Mercury News, November 15, 1994, D1. 27. Saul Hansell, “Flights of Fancy in Internet Stocks,” The New York Times, November 22, 1998, B7; Patrick McGeehan, “Research Redux: Morgan Prints a Sleeper,” The Wall Street Journal, March 20, 1996, C1. 28.

Hooked: How to Build Habit-Forming Products by Nir Eyal

Airbnb, AltaVista, behavioural economics, Cass Sunstein, choice architecture, cognitive bias, cognitive dissonance, dark pattern, en.wikipedia.org, fail fast, framing effect, game design, gamification, Google Glasses, growth hacking, Ian Bogost, IKEA effect, Inbox Zero, invention of the telephone, iterative process, Jeff Bezos, Lean Startup, lock screen, Mahatma Gandhi, Mark Zuckerberg, meta-analysis, Oculus Rift, Paradox of Choice, Paul Buchheit, Paul Graham, Peter Thiel, QWERTY keyboard, reality distortion field, Richard Thaler, Silicon Valley, Silicon Valley startup, Snapchat, social bookmarking, TaskRabbit, telemarketer, the new new thing, Toyota Production System, Y Combinator

Platforms like YouTube, Facebook, Pinterest, and Twitter all leverage user-generated content to provide visitors with a never-ending stream of newness. Naturally, even sites utilizing infinite variability are not guaranteed to hold on to users forever. Eventually—to borrow from the title of Michael Lewis’s 1999 book about the dot-com boom in Silicon Valley—the “new new thing” comes along and consumers migrate to it for the reasons discussed in earlier chapters. However, products utilizing infinite variability stand a better chance of holding on to users’ attention, while those with finite variability must constantly reinvent themselves just to keep pace. Which Rewards Should You Offer?

Makers and Takers: The Rise of Finance and the Fall of American Business by Rana Foroohar

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, additive manufacturing, Airbnb, Alan Greenspan, algorithmic trading, Alvin Roth, Asian financial crisis, asset allocation, bank run, Basel III, Bear Stearns, behavioural economics, Big Tech, bonus culture, Bretton Woods, British Empire, business cycle, buy and hold, call centre, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, Carmen Reinhart, carried interest, centralized clearinghouse, clean water, collateralized debt obligation, commoditize, computerized trading, corporate governance, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, crowdsourcing, data science, David Graeber, deskilling, Detroit bankruptcy, diversification, Double Irish / Dutch Sandwich, electricity market, Emanuel Derman, Eugene Fama: efficient market hypothesis, financial deregulation, financial engineering, financial intermediation, Ford Model T, Frederick Winslow Taylor, George Akerlof, gig economy, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Greenspan put, guns versus butter model, High speed trading, Home mortgage interest deduction, housing crisis, Howard Rheingold, Hyman Minsky, income inequality, index fund, information asymmetry, interest rate derivative, interest rate swap, Internet of things, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", John Bogle, John Markoff, joint-stock company, joint-stock limited liability company, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, London Whale, Long Term Capital Management, low interest rates, manufacturing employment, market design, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, non-tariff barriers, offshore financial centre, oil shock, passive investing, Paul Samuelson, pensions crisis, Ponzi scheme, principal–agent problem, proprietary trading, quantitative easing, quantitative trading / quantitative finance, race to the bottom, Ralph Nader, Rana Plaza, RAND corporation, random walk, rent control, Robert Shiller, Ronald Reagan, Satyajit Das, Savings and loan crisis, scientific management, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, Snapchat, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, Steve Jobs, stock buybacks, subprime mortgage crisis, technology bubble, TED Talk, The Chicago School, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, too big to fail, Tragedy of the Commons, trickle-down economics, Tyler Cowen: Great Stagnation, Vanguard fund, vertical integration, zero-sum game

And that’s a shame, because a 2015 survey of hundreds of high-level financial professionals found that more than a third had witnessed instances of malfeasance at their own firms and 38 percent disagreed that the industry puts a client’s best interests first.69 THE THEATER OF FINANCIALIZATION Of course, there are other theories about why financialization occurs. Nobel Prize winner Robert Shiller has described the “irrational exuberance” that he believes is a natural human tendency. The fact that we go repeatedly from boom to bust throughout history, moving like lemmings toward the New New Thing—be it tulips or collateralized debt obligations (CDOs)—points to the idea that there are strong psychological forces at work. (The neuroscience of traders’ brains, which respond to deal making similarly to how addicts’ brains respond to cocaine, is in itself a fascinating area of scholarly inquiry.)70 Other academics, like University of Michigan scholar Gerald Davis, focus on the importance of new management theories such as our notion of shareholder value that puts the investor before everyone and everything else in society, including customers, employees, and the public good.71 The changes in the financial system have gone hand in hand with changes in business culture.

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Altogether, it has shelled out some $138 billion on share buybacks and dividend payments from 2000 to 2014, while spending only $59 billion on its own capital expenditures (along with $32 billion on acquisitions).36 Basically, IBM, like so many companies in our taker economy, is using a lot more cash to please investors than to discover the New New Thing. There are those who would argue that $59 billion isn’t small change. True enough; yet the mercurial nature of the tech business makes it imperative for companies like Apple and IBM, which depend on innovation for growth, to save as much as possible in order to stay ahead of unexpected competitors, rather than disgorging all their free cash to investors.

The Little Book of Hedge Funds by Anthony Scaramucci

Alan Greenspan, Andrei Shleifer, asset allocation, Bear Stearns, Bernie Madoff, business process, carried interest, corporate raider, Credit Default Swap, diversification, diversified portfolio, Donald Trump, Eugene Fama: efficient market hypothesis, fear of failure, financial engineering, fixed income, follow your passion, global macro, Gordon Gekko, high net worth, index fund, it's over 9,000, John Bogle, John Meriwether, Long Term Capital Management, mail merge, managed futures, margin call, mass immigration, merger arbitrage, Michael Milken, money market fund, Myron Scholes, NetJets, Ponzi scheme, profit motive, proprietary trading, quantitative trading / quantitative finance, random walk, Renaissance Technologies, risk-adjusted returns, risk/return, Ronald Reagan, Saturday Night Live, Sharpe ratio, short selling, short squeeze, Silicon Valley, tail risk, Thales and the olive presses, Thales of Miletus, the new new thing, too big to fail, transaction costs, two and twenty, uptick rule, Vanguard fund, Y2K, Yogi Berra, zero-sum game

Hugo Lindgre, “Long-Short Story Short,” New York Magazine, April 9, 2007. 3. Sebastian Mallaby, More Money Than God: Hedge Funds and the Making of a New Elite (New York: The Penguin Press, 2010). 4. Daniel A. Strachman, Getting Started in Hedge Funds, 3rd ed. (Hoboken, NJ: John Wiley & Sons, 2011). 5. Michael Lewis, The New New Thing: A Silicon Valley Story (New York: W.W. Norton, 1999). 6. Gregory Zuckerman, The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History (New York: Crown Business, 2010). Chapter Three Accessing the Inaccessible From the Elite to Main Street Hedge fund investors are no longer an elite core of the world’s wealthiest investors.

The Fifth Risk by Michael Lewis

Albert Einstein, behavioural economics, Bernie Sanders, Biosphere 2, chief data officer, cloud computing, data science, Donald Trump, fake news, Ferguson, Missouri, low interest rates, machine readable, opioid epidemic / opioid crisis, Silicon Valley, Solyndra, Steve Bannon, tail risk, the new new thing, uranium enrichment

As the material mushroomed into a book and threatened to receive more attention than I expected, I was relieved and grateful that Janet Byrne agreed once again to make me appear to be a better writer than I am. And I’m not sure what I would do without Starling Lawrence, who has edited my books since I began writing them. Podcasts? ALSO BY MICHAEL LEWIS The Undoing Project Flash Boys The Big Short Boomerang Home Game The Blind Side Coach Moneyball Next The New New Thing Losers Pacific Rift The Money Culture Liar’s Poker EDITED BY MICHAEL LEWIS Panic Copyright © 2018 by Michael Lewis All rights reserved First Edition For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 For information about special discounts for bulk purchases, please contact W.

All the Money in the World by Peter W. Bernstein

Albert Einstein, anti-communist, AOL-Time Warner, Bear Stearns, Berlin Wall, Bill Gates: Altair 8800, book value, call centre, Carl Icahn, Charles Lindbergh, clean tech, Cornelius Vanderbilt, corporate governance, corporate raider, creative destruction, currency peg, David Brooks, Donald Trump, estate planning, Fairchild Semiconductor, family office, financial engineering, financial innovation, George Gilder, high net worth, invisible hand, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, job-hopping, John Markoff, junk bonds, Larry Ellison, Long Term Capital Management, Marc Andreessen, Martin Wolf, Maui Hawaii, means of production, mega-rich, Menlo Park, Michael Milken, Mikhail Gorbachev, new economy, Norman Mailer, PageRank, Peter Singer: altruism, pez dispenser, popular electronics, Quicken Loans, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sand Hill Road, school vouchers, Search for Extraterrestrial Intelligence, shareholder value, short squeeze, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, SoftBank, stem cell, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, tech baron, tech billionaire, Teledyne, the new new thing, Thorstein Veblen, too big to fail, traveling salesman, urban planning, wealth creators, William Shockley: the traitorous eight, women in the workforce

In the early 1990s Clark and Andreessen developed the Web-browsing software that became Netscape and begat the Internet craze. Once again, Clark had come up with another blockbuster. “Bill Gates sent a memo45 to his employees saying that the Internet now posed the greatest threat to Microsoft’s control of the computer industry,” writes Michael Lewis in The New New Thing: A Silicon Valley Story, an entertaining account of the life and times of Jim Clark. “The one thousand Microsoft employees dedicated to building a telecomputer were reassigned to compete with Jim Clark’s startup. Thousands of others at Oracle and Sun and even Time Warner were similarly redirected.”

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“PeopleSoft prided itself”: The information on David Duffield comes primarily from the interview with him. 42. Only half of the top forty: AnnaLee Saxenian, The New Argonauts: Regional Advantage in a Global Economy (Cambridge, Mass.: Harvard University Press, 2006), p. 34. 43. Soon Silicon Graphics was earning billions: Michael Lewis, The New New Thing: A Silicon Valley Story (New York: Penguin, 2001), p. 47. 44. Clark also foresaw: Ibid., p. 50. 45. “Bill Gates sent a memo”: Ibid., p. 70. 46. “The speed with which Clark”: Ibid., p. 75. 47. When the bubble burst: Ken Kurson, “Don’t Worry Be Happy: Yacht Designers Say They’ve Got a Depression-Proof Business.

Boomerang: Travels in the New Third World by Michael Lewis

Apollo 11, Bear Stearns, Berlin Wall, Bernie Madoff, Carmen Reinhart, Celtic Tiger, collapse of Lehman Brothers, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, fiat currency, financial engineering, financial thriller, full employment, German hyperinflation, government statistician, Irish property bubble, junk bonds, Kenneth Rogoff, Neil Armstrong, offshore financial centre, pension reform, Ponzi scheme, proprietary trading, Ronald Reagan, Ronald Reagan: Tear down this wall, South Sea Bubble, subprime mortgage crisis, the new new thing, Tragedy of the Commons, tulip mania, women in the workforce

ALSO BY MICHAEL LEWIS The Big Short Home Game Liar’s Poker The Money Culture Pacific Rift Losers The New New Thing Next Moneyball Coach The Blind Side EDITED BY MICHAEL LEWIS Panic Michael Lewis Travels in the New Third World W. W. Norton & Company New York • London To Doug Stumpf, gifted editor and gentle soul, without whom it never would have occurred to me to tour the ruins CONTENTS Preface: The Biggest Short I WALL STREET ON THE TUNDRA II AND THEY INVENTED MATH III IRELAND’S ORIGINAL SIN IV THE SECRET LIVES OF GERMANS V TOO FAT TO FLY Acknowledgments PREFACE THE BIGGEST SHORT This book began accidentally, while I was at work on another book, about Wall Street and the 2008 U.S. financial disaster.

Valley of Genius: The Uncensored History of Silicon Valley (As Told by the Hackers, Founders, and Freaks Who Made It Boom) by Adam Fisher

adjacent possible, Airbnb, Albert Einstein, AltaVista, An Inconvenient Truth, Andy Rubin, AOL-Time Warner, Apple II, Apple Newton, Apple's 1984 Super Bowl advert, augmented reality, autonomous vehicles, Bill Atkinson, Bob Noyce, Brownian motion, Buckminster Fuller, Burning Man, Byte Shop, circular economy, cognitive dissonance, Colossal Cave Adventure, Computer Lib, disintermediation, Do you want to sell sugared water for the rest of your life?, don't be evil, Donald Trump, Douglas Engelbart, driverless car, dual-use technology, Dynabook, Elon Musk, Fairchild Semiconductor, fake it until you make it, fake news, frictionless, General Magic , glass ceiling, Hacker Conference 1984, Hacker Ethic, Henry Singleton, Howard Rheingold, HyperCard, hypertext link, index card, informal economy, information retrieval, Ivan Sutherland, Jaron Lanier, Jeff Bezos, Jeff Rulifson, John Markoff, John Perry Barlow, Jony Ive, Kevin Kelly, Kickstarter, knowledge worker, Larry Ellison, life extension, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Maui Hawaii, Menlo Park, Metcalfe’s law, Mondo 2000, Mother of all demos, move fast and break things, Neal Stephenson, Network effects, new economy, nuclear winter, off-the-grid, PageRank, Paul Buchheit, paypal mafia, peer-to-peer, Peter Thiel, pets.com, pez dispenser, popular electronics, quantum entanglement, random walk, reality distortion field, risk tolerance, Robert Metcalfe, rolodex, Salesforce, self-driving car, side project, Silicon Valley, Silicon Valley startup, skeuomorphism, skunkworks, Skype, Snow Crash, social graph, social web, South of Market, San Francisco, Startup school, Steve Jobs, Steve Jurvetson, Steve Wozniak, Steven Levy, Stewart Brand, Susan Wojcicki, synthetic biology, Ted Nelson, telerobotics, The future is already here, The Hackers Conference, the long tail, the new new thing, Tim Cook: Apple, Tony Fadell, tulip mania, V2 rocket, We are as Gods, Whole Earth Catalog, Whole Earth Review, Y Combinator

ISBNs: 978-1-4555-5902-2 (hardcover), 978-1-4555-5901-5 (ebook), 978-1-5387-1449-2 (international trade) E3-20180511-JV-NF Contents Cover Title Page Copyright Dedication Epigraph PREFACE Silicon Valley, Explained: The story of the past, as told by the people of the future BOOK ONE Among the Computer Bums The Big Bang: Everything starts with Doug Engelbart Ready Player One: The first T-shirt tycoon The Time Machine: Inventing the future at Xerox PARC Breakout: Jobs and Woz change the game Towel Designers: Atari’s high-strung prima donnas PARC Opens the Kimono: Good artists copy, great artists steal 3P1C F41L: It’s game over for Atari Hello, I’m Macintosh: It sure is great to get out of that bag Fumbling the Future: Who blew it: Xerox PARC—or Steve Jobs? BOOK TWO The Hacker Ethic What Information Wants: Heroes of the computer revolution The Whole Earth ’Lectronic Link: Welcome to the restaurant at the end of the universe Reality Check: The new new thing—that wasn’t From Insanely Great to Greatly Insane: General Magic mentors a generation The Bengali Typhoon: Wired’s revolution of the month Toy Stories: From PARC to Pixar Jerry Garcia’s Last Words: Netscape opened at what?! A Fish, a Barrel, and a Gun: Suck perfects the art of snark Culture Hacking: The cyberunderground goes mainstream BOOK THREE Network Effects The Check Is in the Mail: eBay’s trillion-dollar garage sale The Shape of the Internet: A problem of great googolplexity Free as in Beer: Two teenagers crash the music industry The Dot Bomb: Only the cockroaches survive… and you’re one of the cockroaches The Return of the King: iCame, iSaw, iConquered I’m Feeling Lucky: Google cracks the code I’m CEO… Bitch: Zuck moves to Silicon Valley to “dominate” (and does) Purple People Eater: Apple, the company that cannibalizes itself Twttr: Nose-ring-wearing, tattooed, neck-bearded, long-haired punk hippie misfits To Infinity… and Beyond!

…

And then it became big business, and it was hard for intellectuals to be the primary driving force anymore. It became the businesspeople who started driving it. Which is understandable given the scale and scope of what happened. It just became too large for intellectuals to hold. Reality Check The new new thing—that wasn’t Virtual reality is Silicon Valley’s next new thing. Facebook and Google (not to mention Microsoft) are making huge bets on the technology and battling to control its future. Hollywood has jumped on the bandwagon, too: The best VR content is now showcased every year at the Sundance Film Festival.

Financial Market Meltdown: Everything You Need to Know to Understand and Survive the Global Credit Crisis by Kevin Mellyn

Alan Greenspan, asset-backed security, bank run, banking crisis, Bernie Madoff, bond market vigilante , bonus culture, Bretton Woods, business cycle, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, deal flow, disintermediation, diversification, fiat currency, financial deregulation, financial engineering, financial innovation, financial intermediation, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, George Santayana, global reserve currency, Greenspan put, Home mortgage interest deduction, inverted yield curve, Isaac Newton, joint-stock company, junk bonds, Kickstarter, liquidity trap, London Interbank Offered Rate, long peace, low interest rates, margin call, market clearing, mass immigration, Money creation, money market fund, moral hazard, mortgage tax deduction, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, paradox of thrift, pattern recognition, pension reform, pets.com, Phillips curve, plutocrats, Ponzi scheme, profit maximization, proprietary trading, pushing on a string, reserve currency, risk tolerance, risk-adjusted returns, road to serfdom, Ronald Reagan, shareholder value, Silicon Valley, South Sea Bubble, statistical model, Suez canal 1869, systems thinking, tail risk, The Great Moderation, the long tail, the new new thing, the payments system, too big to fail, value at risk, very high income, War on Poverty, We are all Keynesians now, Y2K, yield curve

A feeling of safety for a banker comes from doing what all the other banks are doing. If one bank begins to make money doing something that banks had previously steered clear of in the way of lending, other banks are under 17 18 FINANCIAL MARKET MELTDOWN great pressure to follow suit. It takes real courage to buck the herd. Even if the ‘‘new new thing’’ blows up, the bankers who simply did what everyone else was doing seldom lose their jobs. This tendency to lend too easily when times are good is matched by an equally strong instinct for the bank herd to stampede away from lending markets when the economy turns down. In short, bank lending fuels an economic boom on the way up and fuels an economic bust when lending suddenly dries up.

Flash Boys: A Wall Street Revolt by Michael Lewis

automated trading system, bash_history, Berlin Wall, Bernie Madoff, collateralized debt obligation, computerized markets, drone strike, Dutch auction, Fall of the Berlin Wall, financial intermediation, Flash crash, High speed trading, information security, latency arbitrage, National best bid and offer, pattern recognition, payment for order flow, Pershing Square Capital Management, proprietary trading, risk tolerance, Rubik’s Cube, Sergey Aleynikov, Small Order Execution System, Spread Networks laid a new fibre optics cable between New York and Chicago, the new new thing, too big to fail, trade route, transaction costs, Vanguard fund

They are: Lana Amer, Benjamin Aisen, Daniel Aisen, Joshua Blackburn, Donald Bollerman, James Cape, Francis Chung, Adrian Facini, Stan Feldman, Brian Foley, Ramon Gonzalez, Bradley Katsuyama, Craig Katsuyama, Joe Kondel, Gerald Lam, Frank Lennox, Tara McKee, Rick Molakala, Tom O’Brien, Robert Park, Stefan Parker, Zoran Perkov, Eric Quinlan, Ronan Ryan, Rob Salman, Prerak Sanghvi, Eric Schmid, John Schwall, Constantine Sokoloff, Beau Tateyama, Matt Trudeau, Larry Yu, Allen Zhang, and Billy Zhao. ALSO BY MICHAEL LEWIS Boomerang The Big Short Home Game The Blind Side Coach Moneyball Next The New New Thing Losers Pacific Rift The Money Culture Liar’s Poker EDITED BY MICHAEL LEWIS Panic Don’t miss other bestselling titles by MICHAEL LEWIS michaellewiswrites.com “It is the work of our greatest financial journalist, at the top of his game. And it’s essential reading.”

The Internet Is Not the Answer by Andrew Keen

"World Economic Forum" Davos, 3D printing, A Declaration of the Independence of Cyberspace, Airbnb, AltaVista, Andrew Keen, AOL-Time Warner, augmented reality, Bay Area Rapid Transit, Berlin Wall, Big Tech, bitcoin, Black Swan, Bob Geldof, Boston Dynamics, Burning Man, Cass Sunstein, Charles Babbage, citizen journalism, Clayton Christensen, clean water, cloud computing, collective bargaining, Colonization of Mars, computer age, connected car, creative destruction, cuban missile crisis, data science, David Brooks, decentralized internet, DeepMind, digital capitalism, disintermediation, disruptive innovation, Donald Davies, Downton Abbey, Dr. Strangelove, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, fail fast, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Frank Gehry, Frederick Winslow Taylor, frictionless, fulfillment center, full employment, future of work, gentrification, gig economy, global village, Google bus, Google Glasses, Hacker Ethic, happiness index / gross national happiness, holacracy, income inequality, index card, informal economy, information trail, Innovator's Dilemma, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, John Perry Barlow, Joi Ito, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kevin Roose, Kickstarter, Kiva Systems, Kodak vs Instagram, Lean Startup, libertarian paternalism, lifelogging, Lyft, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Mary Meeker, Metcalfe’s law, military-industrial complex, move fast and break things, Nate Silver, Neil Armstrong, Nelson Mandela, Network effects, new economy, Nicholas Carr, nonsequential writing, Norbert Wiener, Norman Mailer, Occupy movement, packet switching, PageRank, Panopticon Jeremy Bentham, Patri Friedman, Paul Graham, peer-to-peer, peer-to-peer rental, Peter Thiel, plutocrats, Potemkin village, power law, precariat, pre–internet, printed gun, Project Xanadu, RAND corporation, Ray Kurzweil, reality distortion field, ride hailing / ride sharing, Robert Metcalfe, Robert Solow, San Francisco homelessness, scientific management, Second Machine Age, self-driving car, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Skype, smart cities, Snapchat, social web, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, subscription business, TaskRabbit, tech bro, tech worker, TechCrunch disrupt, Ted Nelson, telemarketer, The future is already here, The Future of Employment, the long tail, the medium is the message, the new new thing, Thomas L Friedman, Travis Kalanick, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, urban planning, Vannevar Bush, warehouse robotics, Whole Earth Catalog, WikiLeaks, winner-take-all economy, work culture , working poor, Y Combinator

In 2008 alone, there were 39,000 jobs lost in the British creative economy.57 Today, in 2014, the prospects of young musicians or entrepreneurs breaking into the industry are dramatically worse than they were twenty-five years ago. Back in 1989, we all wanted to work in the music business; but today, in 2014, the new new thing is multibillion-dollar companies like Spotify and Pandora that are destroying the livelihoods of independent musicians. Yes, the Internet did change everything in the music industry. Music is, indeed, now abundant. And that’s been the catastrophe of the last quarter century. CHAPTER SIX THE ONE PERCENT ECONOMY An Abundance of Stupidity My own epiphany about the Internet’s disastrous impact on culture is well documented.

How to Fix the Future: Staying Human in the Digital Age by Andrew Keen

"World Economic Forum" Davos, 23andMe, Ada Lovelace, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, AlphaGo, Andrew Keen, Apple's 1984 Super Bowl advert, augmented reality, autonomous vehicles, basic income, Bernie Sanders, Big Tech, bitcoin, Black Swan, blockchain, Brewster Kahle, British Empire, carbon tax, Charles Babbage, computer age, Cornelius Vanderbilt, creative destruction, crowdsourcing, data is the new oil, death from overwork, DeepMind, Demis Hassabis, Didi Chuxing, digital capitalism, digital map, digital rights, disinformation, don't be evil, Donald Trump, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, European colonialism, fake news, Filter Bubble, Firefox, fulfillment center, full employment, future of work, gig economy, global village, income inequality, independent contractor, informal economy, Internet Archive, Internet of things, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joi Ito, Kevin Kelly, knowledge economy, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Mitch Kapor, move fast and break things, Network effects, new economy, Nicholas Carr, Norbert Wiener, OpenAI, Parag Khanna, peer-to-peer, Peter Thiel, plutocrats, post-truth, postindustrial economy, precariat, Ralph Nader, Ray Kurzweil, Recombinant DNA, rent-seeking, ride hailing / ride sharing, Rutger Bregman, Salesforce, Sam Altman, Sand Hill Road, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Silicon Valley startup, Skype, smart cities, Snapchat, social graph, software is eating the world, Stephen Hawking, Steve Jobs, Steve Wozniak, subscription business, surveillance capitalism, Susan Wojcicki, tech baron, tech billionaire, tech worker, technological determinism, technoutopianism, The Future of Employment, the High Line, the new new thing, Thomas L Friedman, Tim Cook: Apple, Travis Kalanick, Triangle Shirtwaist Factory, Uber and Lyft, Uber for X, uber lyft, universal basic income, Unsafe at Any Speed, Upton Sinclair, urban planning, WikiLeaks, winner-take-all economy, Y Combinator, Yogi Berra, Zipcar

So, how to rebuild the future and manifest the human agency that Snowden says we’ve lost? “Five fixes, John,” I say. “Give me five bullet points on how we can fall back in love with the future.” Borthwick’s Five Bullets A cheerful, boyish-looking fellow with a mop of dark hair, Borthwick grins at my challenge. Rather than the personal computer or the internet, for him the new new thing is artificial intelligence—the technology behind networked smart machines, smart cars, smart algorithms, smart homes, and smart cities. It’s the superintelligent technology that some people fear could destroy humanity, and that’s what preoccupies Borthwick at first when he addresses my question.

Women and Autoimmune Disease by Robert G. Lahita

Gregor Mendel, medical residency, stem cell, systems thinking, the new new thing, Yogi Berra

Another wonderful advance in treating rheumatoid arthritis is the advent of drugs called DMARDs, or disease-modifying arthritisrelated drugs, which do not treat the symptoms, but rather treat the disease process. The chemotherapeutic drugs such as methotrexate, hydroxychloroquine, and Imuran are examples of DMARDs that I give to patients early in the game to prevent the destruction of bone and joints. � Biological Response Modifiers: The New New Thing As terrific as it is to be able to relieve pain and prevent the inexorable destruction of joints, today the big excitement is in the biological response modifiers. This new approach to RA is designed to interrupt the work of cytokines, the communications molecules. If we block these message-carrying molecules—cytokines, like tumor necrosis factor (TNF), and chemokines—we can block the messages and ultimately abort or at least slow down the disease process.

The Big Short: Inside the Doomsday Machine by Michael Lewis

Alan Greenspan, An Inconvenient Truth, Asperger Syndrome, asset-backed security, Bear Stearns, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, diversified portfolio, facts on the ground, financial engineering, financial innovation, fixed income, forensic accounting, Gordon Gekko, high net worth, housing crisis, illegal immigration, income inequality, index fund, interest rate swap, John Meriwether, junk bonds, London Interbank Offered Rate, Long Term Capital Management, low interest rates, medical residency, Michael Milken, money market fund, moral hazard, mortgage debt, pets.com, Ponzi scheme, Potemkin village, proprietary trading, quantitative trading / quantitative finance, Quicken Loans, risk free rate, Robert Bork, short selling, Silicon Valley, tail risk, the new new thing, too big to fail, value at risk, Vanguard fund, zero-sum game

The Big Short Also by Michael Lewis Home Game Liar's Poker The Money Culture Pacific Rift Losers The New New Thing Next Moneyball Coach The Blind Side EDITED BY MICHAEL LEWIS Panic The Big Short INSIDE THE DOOMSDAY MACHINE Michael Lewis W. W. NORTON & COMPANY NEW YORK LONDON Copyright (c) 2010 by Michael Lewis All rights reserved For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 ISBN: 978-0-393-07819-0 W. W. Norton & Company, Inc. 500 Fifth Avenue, New York, N.Y. 10110 www.wwnorton.com W.

The Power of Pull: How Small Moves, Smartly Made, Can Set Big Things in Motion by John Hagel Iii, John Seely Brown

Albert Einstein, Andrew Keen, barriers to entry, Black Swan, business process, call centre, Clayton Christensen, clean tech, cloud computing, commoditize, corporate governance, creative destruction, disruptive innovation, Elon Musk, en.wikipedia.org, future of work, game design, George Gilder, intangible asset, Isaac Newton, job satisfaction, Joi Ito, knowledge economy, knowledge worker, loose coupling, Louis Pasteur, Malcom McLean invented shipping containers, Marc Benioff, Maui Hawaii, medical residency, Network effects, old-boy network, packet switching, pattern recognition, peer-to-peer, pre–internet, profit motive, recommendation engine, Ronald Coase, Salesforce, shareholder value, Silicon Valley, Skype, smart transportation, software as a service, supply-chain management, tacit knowledge, The Nature of the Firm, the new new thing, the strength of weak ties, too big to fail, trade liberalization, transaction costs, TSMC, Yochai Benkler

As top surfers, Dusty and his friends might already know how to execute a “pop-shove-it,” in which you rotate your board 180 degrees while in midair (a move learned from skateboarders), but what about the “superman,” where you quickly thrust the board in front of you, at arm’s length, while “flying” behind it? When somebody mastered that move on a surf break half a world away, Dusty and the others were some of the first to know about it. In this case the surfer’s “stock” of knowledge—the pop-shove-it—had just become less than the newest thing. Its value had diminished relative to the new new thing—the superman—that was getting its own fifteen minutes of fame before something else would inevitably supplant it. And yet these young men knew about it almost immediately. How do they keep up? By heading over to Surfermag.com, Surfingthemag.com, Surfline.com, or TWsurf.com and making sure they’ve seen the newest surfing maneuvers nearly as soon as they’ve been shot.

Volt Rush: The Winners and Losers in the Race to Go Green by Henry Sanderson

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, animal electricity, autonomous vehicles, Boris Johnson, carbon footprint, Carl Icahn, circular economy, commodity super cycle, corporate governance, corporate social responsibility, COVID-19, David Attenborough, decarbonisation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Elon Musk, energy transition, Extinction Rebellion, Exxon Valdez, Fairphone, Ford Model T, gigafactory, global supply chain, Global Witness, income per capita, Internet of things, invention of the steam engine, Kickstarter, lockdown, megacity, Menlo Park, oil shale / tar sands, planned obsolescence, popular capitalism, purchasing power parity, QR code, reality distortion field, Ronald Reagan, Scramble for Africa, short squeeze, Silicon Valley, Silicon Valley startup, smart grid, sovereign wealth fund, Steve Jobs, supply-chain management, tech billionaire, Tesla Model S, The Chicago School, the new new thing, three-masted sailing ship, Tony Fadell, UNCLOS, WikiLeaks, work culture

* On an unseasonably cold and overcast day in late May, I decided to pay a visit to a shop in south London that re-used electric vehicle batteries to convert old cars. I had read about Ewan McGregor spending £30,000 retrofitting his 1954 VW Beetle to go electric. It seemed strangely counterintuitive: electric cars were the new new thing; how could they help revive an old thing? Matthew Quitter, a friendly man with a greying beard and swept-back hair, opened a large wooden gate to welcome me to his garage under a railway arch in a narrow street near the Thames. Inside stood a number of old cars that had had their engines taken out and replaced with batteries and electric motors: a 1983 Land Rover, an old Mini and a proud black Bentley.

Losing the Signal: The Spectacular Rise and Fall of BlackBerry by Jacquie McNish, Sean Silcoff

"World Economic Forum" Davos, Albert Einstein, Andy Rubin, Carl Icahn, Clayton Christensen, corporate governance, diversified portfolio, indoor plumbing, Iridium satellite, Jeff Hawkins, junk bonds, Marc Benioff, Mary Meeker, Michael Milken, PalmPilot, patent troll, QWERTY keyboard, rolodex, Salesforce, Silicon Valley, Silicon Valley startup, skunkworks, Skype, Stephen Fry, Stephen Hawking, Steve Ballmer, Steve Jobs, the new new thing

By the end of the first day, Klimstra’s pockets bulged with business cards. “It was like shooting fish in a barrel,” he said. The next day, McMurtry and a few more evangelists were on the first plane to Boston. Conference goers hadn’t seen anything like the BlackBerry. At a time when primitive two-way paging was considered the new new thing and Internet browsing was still a novelty, a device offering instant access to office e-mails was startling. Initially, the miniature keyboard baffled conference attendees. Some scrunched fingers to try to type on the tiny keyboard as they would on their personal computers. Others poked at the tiny keys with a pencil.

My Life as a Quant: Reflections on Physics and Finance by Emanuel Derman

Bear Stearns, Berlin Wall, bioinformatics, Black-Scholes formula, book value, Brownian motion, buy and hold, capital asset pricing model, Claude Shannon: information theory, Dennis Ritchie, Donald Knuth, Emanuel Derman, financial engineering, fixed income, Gödel, Escher, Bach, haute couture, hiring and firing, implied volatility, interest rate derivative, Jeff Bezos, John Meriwether, John von Neumann, Ken Thompson, law of one price, linked data, Long Term Capital Management, moral hazard, Murray Gell-Mann, Myron Scholes, PalmPilot, Paul Samuelson, pre–internet, proprietary trading, publish or perish, quantitative trading / quantitative finance, Sharpe ratio, statistical arbitrage, statistical model, Stephen Hawking, Steve Jobs, stochastic volatility, technology bubble, the new new thing, transaction costs, volatility smile, Y2K, yield curve, zero-coupon bond, zero-sum game

Years earlier, reading it aloud without thinking, I had thought it only a forced rhyme about a talking dog. Now, I suddenly understood it. Though I was "upstairs" and more critical to the business than she was, she was "downstairs" in a finer establishment. As years went by I learned that quants, like the little boy in A. A. Milne's poem, are always halfway down the stairs. The new new thing in the derivatives world in 1990 was exotic options. My absorption in this world was triggered by the excitement at Goldman over what we all referred to as the "Kingdom of Denmark puts" On the last trading day of 1989, the Nikkei 225 index of Japanese stocks reached its zenith of 38,915.90.

How to Own the World: A Plain English Guide to Thinking Globally and Investing Wisely by Andrew Craig

Airbnb, Alan Greenspan, Albert Einstein, asset allocation, Berlin Wall, bitcoin, Black Swan, bonus culture, book value, BRICs, business cycle, collaborative consumption, diversification, endowment effect, eurozone crisis, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Future Shock, index fund, information asymmetry, joint-stock company, Joseph Schumpeter, Long Term Capital Management, low cost airline, low interest rates, Market Wizards by Jack D. Schwager, mortgage debt, negative equity, Northern Rock, offshore financial centre, oil shale / tar sands, oil shock, passive income, pensions crisis, quantitative easing, Reminiscences of a Stock Operator, road to serfdom, Robert Shiller, Russell Brand, Silicon Valley, smart cities, stocks for the long run, the new new thing, The Wealth of Nations by Adam Smith, Yogi Berra, Zipcar

HarperCollins Canada, 2009. Lewis, Michael. The Big Short: Inside the Doomsday Machine. New York: W. W. Norton & Company, 2010. ———. Flash Boys: A Wall Street Revolt. Penguin, 2015. ———. Liar’s Poker: Rising through the Wreckage on Wall Street. New York: W. W. Norton & Company, 2010. ———. The New New Thing: A Silicon Valley Story. New York: Penguin, 2001. Lieven, Anatol, and John Hulsman. Ethical Realism: A Vision for America’s Role in the World. New York: Pantheon, 2006. Lovelock, James. The Revenge of Gaia: Earth’s Climate in Crisis and the Fate of Humanity. New York: Basic Books, 2007. Lowenstein, Roger.

The Premonition: A Pandemic Story by Michael Lewis

"World Economic Forum" Davos, Airbnb, contact tracing, coronavirus, COVID-19, dark matter, data science, deep learning, Donald Davies, Donald Trump, double helix, energy security, facts on the ground, failed state, gentleman farmer, global supply chain, illegal immigration, Marc Benioff, Mark Zuckerberg, out of africa, precautionary principle, QAnon, rolling blackouts, Ronald Reagan, Salesforce, Silicon Valley, social distancing, Social Justice Warrior, stem cell, tech bro, telemarketer, the new new thing, working poor, young professional

Finally, there’s always someone you are sort of writing these books for—the person you sort of imagine reading it. That would be my editor, Starling Lawrence. His flowers are still the freshest in town. ALSO BY MICHAEL LEWIS The Fifth Risk The Undoing Project Flash Boys Boomerang The Big Short Home Game The Blind Side Coach Moneyball Next The New New Thing Losers Pacific Rift The Money Culture Liar’s Poker EDITED BY MICHAEL LEWIS Panic Copyright © 2021 by Michael Lewis All rights reserved First Edition For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 For information about special discounts for bulk purchases, please contact W.

The Paypal Wars: Battles With Ebay, the Media, the Mafia, and the Rest of Planet Earth by Eric M. Jackson

bank run, business process, call centre, creative destruction, disintermediation, Elon Musk, index fund, Internet Archive, iterative process, Joseph Schumpeter, market design, Max Levchin, Menlo Park, Metcalfe’s law, money market fund, moral hazard, Multics, Neal Stephenson, Network effects, new economy, offshore financial centre, PalmPilot, Peter Thiel, Robert Metcalfe, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, telemarketer, The Chicago School, the new new thing, Turing test

Adam Feuerstein, “X.com Raises $100 Million,” Upside Today, April 5, 2000, no longer available online. 14. Jim Seymour, “The Perils of Betting on ‘Concept Companies,’” TheStreet.com, http://www.thestreet.com/pf/comment/techsavvy/1139783.html. This story is also delightfully told by Michael Lewis in his classic Silicon Valley tale The New New Thing, (New York: Penguin Books, 2000), 91-101. 15. Sam Ames, “Earnings Season May Stabilize Jittery Markets,” News.com, April 10, 2000, http://news.com.com/2100-1023_3-239062.html. 16. For a recent history of the federal funds target rate, see Federal Reserve Monitor, The Wall Street Journal, http://online.wsj.com/documents/mktindex.htm?

Phishing for Phools: The Economics of Manipulation and Deception by George A. Akerlof, Robert J. Shiller, Stanley B Resor Professor Of Economics Robert J Shiller

Andrei Shleifer, asset-backed security, Bear Stearns, behavioural economics, Bernie Madoff, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, collapse of Lehman Brothers, compensation consultant, corporate raider, Credit Default Swap, Daniel Kahneman / Amos Tversky, dark matter, David Brooks, desegregation, en.wikipedia.org, endowment effect, equity premium, financial intermediation, financial thriller, fixed income, full employment, George Akerlof, greed is good, income per capita, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, junk bonds, Kenneth Arrow, Kenneth Rogoff, late fees, loss aversion, market bubble, Menlo Park, mental accounting, Michael Milken, Milgram experiment, money market fund, moral hazard, new economy, Pareto efficiency, Paul Samuelson, payday loans, Ponzi scheme, profit motive, publication bias, Ralph Nader, randomized controlled trial, Richard Thaler, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, short selling, Silicon Valley, stock buybacks, the new new thing, The Predators' Ball, the scientific method, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, theory of mind, Thorstein Veblen, too big to fail, transaction costs, Unsafe at Any Speed, Upton Sinclair, Vanguard fund, Vilfredo Pareto, wage slave

Some molecules have “chirality”: they come in either right-handed or left-handed form. The only difference between Nexium and Prilosec lies in the chirality of some of their molecules. (See Goldacre, Bad Pharma, pp. 146–48.) The marketing division then was assigned its task: to convince the good doctor that he should prescribe the new, new thing, just as the good teacher conscientiously assigns the latest-edition textbook. Chapter Seven: Innovation: The Good, the Bad, and the Ugly 1. The US Census estimated the world population of adults (those over the age of 20) at 4.725 billion in mid-2014. US Census Bureau, “World Population by Age and Sex,” last accessed December 1, 2014, http://www.census.gov/cgi-bin/broker.

Moneyball by Michael Lewis

Cass Sunstein, high batting average, Norman Mailer, old-boy network, placebo effect, RAND corporation, Richard Thaler, systematic trading, the new new thing, the scientific method, upwardly mobile

—Nick Hornby, The Believer “Fantastically informative and entertaining…bound to excite extreme envy.” —Josh Benson, New York Observer “Open this book…and your mind.” —Nat Newell, Columbia, South Carolina, State ALSO BY MICHAEL LEWIS Liar’s Poker The Money Culture Pacific Rift Losers The New New Thing Next MONEYBALL The Art of Winning an Unfair Game MICHAEL LEWIS W. W. NORTON & COMPANY NEW YORK LONDON Copyright © 2004, 2003 by Michael Lewis All rights reserved First published as a Norton 2004 For information about permission to reproduce selections from this book, write to Permissions, W.

Palo Alto: A History of California, Capitalism, and the World by Malcolm Harris

2021 United States Capitol attack, Aaron Swartz, affirmative action, air traffic controllers' union, Airbnb, Alan Greenspan, Alvin Toffler, Amazon Mechanical Turk, Amazon Web Services, Apple II, Apple's 1984 Super Bowl advert, back-to-the-land, bank run, Bear Stearns, Big Tech, Bill Gates: Altair 8800, Black Lives Matter, Bob Noyce, book scanning, British Empire, business climate, California gold rush, Cambridge Analytica, capital controls, Charles Lindbergh, classic study, cloud computing, collective bargaining, colonial exploitation, colonial rule, Colonization of Mars, commoditize, company town, computer age, conceptual framework, coronavirus, corporate personhood, COVID-19, cuban missile crisis, deindustrialization, Deng Xiaoping, desegregation, deskilling, digital map, double helix, Douglas Engelbart, Edward Snowden, Elon Musk, Erlich Bachman, estate planning, European colonialism, Fairchild Semiconductor, financial engineering, financial innovation, fixed income, Frederick Winslow Taylor, fulfillment center, future of work, Garrett Hardin, gentrification, George Floyd, ghettoisation, global value chain, Golden Gate Park, Google bus, Google Glasses, greed is good, hiring and firing, housing crisis, hydraulic fracturing, if you build it, they will come, illegal immigration, immigration reform, invisible hand, It's morning again in America, iterative process, Jeff Bezos, Joan Didion, John Markoff, joint-stock company, Jony Ive, Kevin Kelly, Kickstarter, knowledge worker, land reform, Larry Ellison, Lean Startup, legacy carrier, life extension, longitudinal study, low-wage service sector, Lyft, manufacturing employment, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Max Levchin, means of production, Menlo Park, Metcalfe’s law, microdosing, Mikhail Gorbachev, military-industrial complex, Monroe Doctrine, Mont Pelerin Society, moral panic, mortgage tax deduction, Mother of all demos, move fast and break things, mutually assured destruction, new economy, Oculus Rift, off grid, oil shale / tar sands, PageRank, PalmPilot, passive income, Paul Graham, paypal mafia, Peter Thiel, pets.com, phenotype, pill mill, platform as a service, Ponzi scheme, popular electronics, power law, profit motive, race to the bottom, radical life extension, RAND corporation, Recombinant DNA, refrigerator car, Richard Florida, ride hailing / ride sharing, rising living standards, risk tolerance, Robert Bork, Robert Mercer, Robert Metcalfe, Ronald Reagan, Salesforce, San Francisco homelessness, Sand Hill Road, scientific management, semantic web, sexual politics, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social web, SoftBank, software as a service, sovereign wealth fund, special economic zone, Stanford marshmallow experiment, Stanford prison experiment, stem cell, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, stock buybacks, strikebreaker, Suez canal 1869, super pumped, TaskRabbit, tech worker, Teledyne, telemarketer, the long tail, the new new thing, thinkpad, Thorstein Veblen, Tim Cook: Apple, Tony Fadell, too big to fail, Toyota Production System, Tragedy of the Commons, transcontinental railway, traumatic brain injury, Travis Kalanick, TSMC, Uber and Lyft, Uber for X, uber lyft, ubercab, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban renewal, value engineering, Vannevar Bush, vertical integration, Vision Fund, W. E. B. Du Bois, War on Poverty, warehouse robotics, Wargames Reagan, Washington Consensus, white picket fence, William Shockley: the traitorous eight, women in the workforce, Y Combinator, Y2K, Yogi Berra, éminence grise

Martin Kenney (Redwood City, CA: Stanford University Press, 2000), 235. 12. Ibid., 235. 13. Ron Sirak, “Nike Has a Tiger by the Tail,” Associated Press, January 30, 1997. 14. Gary Rivlin, The Godfather of Silicon Valley: Ron Conway and the Fall of the DotComs (New York: Random House, 2001), 31. 15. Michael Lewis, The New New Thing: A Silicon Valley Story (New York: W. W. Norton, 2014), 109. 16. Michael Lewis, “The Little Creepy Crawlers Who Will Eat You in the Night,” New York Times Magazine, March 1, 1998. 17. William Roseberry, “The Rise of Yuppie Coffees and the Reimagination of Class in the United States,” American Anthropologist 98, no. 4 (December 1996): 762–75. 18.

…

Gover, “The American Enterprise Institute’s Near-Death Experience,” SNF Agora Case Study, Johns Hopkins Stavros Niarchos Foundation, December 2020. 50. Alan Greenspan, “The Challenge of Central Banking in a Democratic Society: Remarks at the Annual Dinner and Francis Boyer Lecture of the American Enterprise Institute” (Washington, DC, December 5, 1996), https://www.federalreserve.gov/boarddocs/speeches/1996/19961205.htm. 51. Lewis, The New New Thing, 98. 52. Ibid., 219. 53. Amazon.com, “Press Release: Pets.Com Raises $50 Million from Amazon.Com, Bowman Capital, and Hummer Winblad Venture Partners,” June 14, 1999. 54. Jerry Useem, “All Dressed Up and No IPO,” Inc., February 1, 1998, https://www.inc.com/magazine/19980201/867.html. 55.

The Case Against Sugar by Gary Taubes

Albert Einstein, British Empire, cuban missile crisis, epigenetics, Everything should be made as simple as possible, Gary Taubes, Isaac Newton, meta-analysis, microbiome, phenotype, pre–internet, Ralph Nader, RAND corporation, randomized controlled trial, selection bias, seminal paper, the new new thing, the scientific method, Works Progress Administration

The ability to sequence the genomes of these bacterial species has opened up a new frontier of research, just as the ability to measure blood pressure, cholesterol, or insulin sensitivity did for earlier generations of researchers. The microbiome research, because it’s brand-new, is at a very preliminary stage. Still, as the new new thing (to borrow a phrase from the journalist Michael Lewis) in obesity and diabetes research, gut bacteria get an inordinate amount of attention, particularly from the media, though we may not know for decades what to make of the observations that ensue—what is signal and what is noise. Most of the work so far has been done in laboratory mice and rats, and the relevance to human life (or even to other laboratory animals) is unclear.

The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis

Albert Einstein, availability heuristic, behavioural economics, Cass Sunstein, choice architecture, complexity theory, Daniel Kahneman / Amos Tversky, Donald Trump, Douglas Hofstadter, endowment effect, feminist movement, framing effect, hindsight bias, John von Neumann, Kenneth Arrow, Linda problem, loss aversion, medical residency, Menlo Park, Murray Gell-Mann, Nate Silver, New Journalism, Paul Samuelson, peak-end rule, Richard Thaler, Saturday Night Live, Skinner box, Stanford marshmallow experiment, statistical model, systematic bias, the new new thing, Thomas Bayes, Walter Mischel, Yom Kippur War

Finally, the possibility that this might be the last book that I ever give Bill Rusin to sell got my rear end in the desk chair sooner than I otherwise would have, so that he might work his magic. But not for the last time, I hope. ALSO BY MICHAEL LEWIS Flash Boys The Big Short Boomerang Home Game The Blind Side Coach Moneyball Next The New New Thing Losers Pacific Rift The Money Culture Liar’s Poker EDITED BY MICHAEL LEWIS Panic Copyright © 2017 by Michael Lewis All rights reserved First Edition For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 For information about special discounts for bulk purchases, please contact W.

Digital Wars: Apple, Google, Microsoft and the Battle for the Internet by Charles Arthur

activist fund / activist shareholder / activist investor, AltaVista, Andy Rubin, Build a better mousetrap, Burning Man, cloud computing, commoditize, credit crunch, crowdsourcing, disintermediation, don't be evil, en.wikipedia.org, Firefox, gravity well, Jeff Bezos, John Gruber, Mark Zuckerberg, Menlo Park, Network effects, PageRank, PalmPilot, pre–internet, Robert X Cringely, Silicon Valley, Silicon Valley startup, skunkworks, Skype, slashdot, Snapchat, software patent, speech recognition, stealth mode startup, Steve Ballmer, Steve Jobs, Susan Wojcicki, the long tail, the new new thing, the scientific method, Tim Cook: Apple, Tony Fadell, turn-by-turn navigation, upwardly mobile, vertical integration

filingID=1047469-98-44981&CIK=320193 3 http://www.sec.gov/Archives/edgar/data/789019/000132210-98-001067.txt References and further reading Auletta, Ken (2009) Googled: The end of the world as we know it, Virgin Books, London Battelle, John (2005) The Search: How Google and its rivals rewrote the rules of business and transformed our culture, Nicholas Brealey, London Deutschman, Alan (2000) The Second Coming of Steve Jobs, Broadway Books, New York Edwards, Douglas (2011) I’m Feeling Lucky: The confessions of Google employee number 59, Allen Lane, London Elliot, Jay (2011) The Steve Jobs Way: iLeadership for a new generation, Vanguard Press, New York Foley, Mary Jo (2008) Microsoft 2.0: How Microsoft plans to stay relevant in the post-Gates era, John Wiley, Hoboken, NJ Isaacson, Walter (2011) Steve Jobs, Little, Brown, London Kirkpatrick, David (2010) The Facebook Effect: The inside story of the company that is connecting the world, Simon & Schuster, New York Levis, Kieran (2009) Winners and Losers: Creators and casualties of the age of the internet, Atlantic Books, London Levy, Steven (2006) The Perfect Thing: How the iPod became the defining object of the 21st century, Ebury Press, London Levy, Steven (2011) In the Plex: How Google thinks, works and shapes our lives, Simon & Schuster, New York Lewis, Michael (1999) The New New Thing: A Silicon Valley story, Hodder & Stoughton, London Norman, Donald A (2004) Emotional Design: Why we love (or hate) everyday things, Basic Books, New York Wu, Tim (2011) The Master Switch: The rise and fall of information empires, Atlantic Books, London Acknowledgements First mention must go to Susannah Lear, who e-mailed me out of the blue with the Velcro-covered idea of a book about these three companies and their interactions.

Mind in Motion: How Action Shapes Thought by Barbara Tversky

Apple's 1984 Super Bowl advert, Asperger Syndrome, augmented reality, clean water, cognitive load, continuous integration, double helix, en.wikipedia.org, fundamental attribution error, Hans Rosling, Intergovernmental Panel on Climate Change (IPCC), John Snow's cholera map, Lao Tzu, meta-analysis, mirror neurons, natural language processing, neurotypical, patient HM, Richard Feynman, Steven Pinker, TED Talk, the new new thing, theory of mind, urban planning

Yet, millennia ago, people began making egoless maps, broad views of landmarks and paths (the flattened framework) relative to each other, views that brought in far more than could be seen from a single place. Creating a map means integrating many different experiences and flattening them to a plane. Some of those experiences come from the moving bubble, but others may be indirect, from other people’s reports or sketch maps. The new new thing keeps changing, that’s a given. But the oldest old thing keeps changing too. As new archaeological sites are discovered, the oldest known map keeps moving backward. Of course, we are unlikely to find the really and truly oldest maps because they were probably arrangements of sticks and stones or drawn in the sand or gestured in the air and are unlikely to have survived.

Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Alan Greenspan, Albert Einstein, algorithmic trading, assortative mating, banking crisis, barriers to entry, Basel III, battle of ideas, Bear Stearns, behavioural economics, Bernie Madoff, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black Swan, Boris Johnson, Branko Milanovic, Bretton Woods, BRICs, Bullingdon Club, business climate, call centre, carried interest, Cass Sunstein, Clayton Christensen, collapse of Lehman Brothers, commoditize, conceptual framework, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, Deng Xiaoping, disruptive innovation, don't be evil, double helix, energy security, estate planning, experimental subject, financial deregulation, financial engineering, financial innovation, Flash crash, Ford Model T, Frank Gehry, Gini coefficient, Glass-Steagall Act, global village, Goldman Sachs: Vampire Squid, Gordon Gekko, Guggenheim Bilbao, haute couture, high net worth, income inequality, invention of the steam engine, job automation, John Markoff, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, liberation theology, light touch regulation, linear programming, London Whale, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, Max Levchin, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, NetJets, new economy, Occupy movement, open economy, Peter Thiel, place-making, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, postindustrial economy, Potemkin village, profit motive, public intellectual, purchasing power parity, race to the bottom, rent-seeking, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, self-driving car, seminal paper, Sheryl Sandberg, short selling, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, starchitect, stem cell, Steve Jobs, TED Talk, the long tail, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tony Hsieh, too big to fail, trade route, trickle-down economics, Tyler Cowen: Great Stagnation, wage slave, Washington Consensus, winner-take-all economy, zero-sum game

The 2010 lineup of Zeitgeist speakers included such notables as Archbishop Desmond Tutu, London mayor Boris Johnson, and Starbucks CEO Howard Schultz (not to mention, of course, Google’s own CEO, Eric Schmidt). But the most potent currency at this and comparable gatherings is neither fame nor money. Rather, it’s what author Michael Lewis has dubbed “the new new thing”—the insight or algorithm or technology with the potential to change the world. Hence the presence of three Nobel laureates, including Daniel Kahneman, a pioneer in behavioral economics. One of the business stars in attendance was then thirty-six-year-old entrepreneur Tony Hsieh, who had sold his Zappos online shoe retailer to Amazon for more than a billion dollars the previous summer.

Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor by John Kay

Alan Greenspan, Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, behavioural economics, Berlin Wall, Big bang: deregulation of the City of London, Bletchley Park, business cycle, California gold rush, Charles Babbage, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Dr. Strangelove, Dutch auction, Edward Lloyd's coffeehouse, electricity market, equity premium, equity risk premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, Fairchild Semiconductor, financial innovation, flying shuttle, Ford Model T, Francis Fukuyama: the end of history, George Akerlof, George Gilder, Goodhart's law, Great Leap Forward, greed is good, Gunnar Myrdal, haute couture, Helicobacter pylori, illegal immigration, income inequality, industrial cluster, information asymmetry, intangible asset, invention of the telephone, invention of the wheel, invisible hand, John Meriwether, John Nash: game theory, John von Neumann, junk bonds, Kenneth Arrow, Kevin Kelly, knowledge economy, Larry Ellison, light touch regulation, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Michael Milken, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, Pareto efficiency, Paul Samuelson, pets.com, Phillips curve, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, proprietary trading, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, Right to Buy, risk tolerance, road to serfdom, Robert Solow, Ronald Coase, Ronald Reagan, Savings and loan crisis, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, Stuart Kauffman, telemarketer, The Chicago School, The Market for Lemons, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Vilfredo Pareto, Washington Consensus, women in the workforce, work culture , yield curve, yield management

London and New York: Oxford University Press. Levy, M. R 1989. The VCR Age: Home Video and Mass Communication. Newbury Park, Cali£: Sage Publications. Lewis, A., and T. W. Schultz. 1953. The Economic Organization ofAgriculture. New York: McGraw-Hill. Lewis, M. 1989. Liar's Poker: Two Cities) True Greed. New York: Penguin. ---. 2000. The New New Thing. New York: W. W. Norton. Lewis, W. A. 1954. "Economic Development with Unlimited Supplies of Labor." Manchester School 22 (May): 139-91. Liebowitz, S.]., and S. E. Margolis. 1990. "The Fable of the Keys." journal ofLaw and Economics 33 (April): 1-25. Little, I. 1996. Picking Winners: The East Asian Experience.

Empire: How Britain Made the Modern World by Niall Ferguson

British Empire, Cape to Cairo, colonial rule, Corn Laws, death from overwork, European colonialism, imperial preference, income per capita, information security, John Harrison: Longitude, joint-stock company, Khartoum Gordon, Khyber Pass, land reform, land tenure, liberal capitalism, Livingstone, I presume, low interest rates, Mahatma Gandhi, mass immigration, military-industrial complex, night-watchman state, Panopticon Jeremy Bentham, profit motive, Scramble for Africa, spice trade, Suez canal 1869, Suez crisis 1956, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the new new thing, The Wealth of Nations by Adam Smith, Thomas Malthus, three-masted sailing ship, trade route, transatlantic slave trade, undersea cable, union organizing, zero-sum game

More than anyone else in Europe, the English developed an insatiable appetite for imported commodities. In particular, what the English consumer liked was to mix his sugar with an orally administered and highly addictive drug, caffeine, supplemented with an inhaled but equally addictive substance, nicotine. In Defoe’s time, tea, coffee, tobacco and sugar were the new, new things. And all of them had to be imported. The first recorded English request for a pot of tea is in a letter dated 27 June 1615 from Mr R. Wickham, agent of the East India Company on the Japanese island of Hirado, to his colleague Mr Eaton at Macao, asking him to send on only ‘the best sort of chaw’.

Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives by Satyajit Das

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, Asian financial crisis, asset-backed security, Bear Stearns, beat the dealer, Black Swan, Black-Scholes formula, Bretton Woods, BRICs, Brownian motion, business logic, business process, buy and hold, buy low sell high, call centre, capital asset pricing model, collateralized debt obligation, commoditize, complexity theory, computerized trading, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, currency peg, currency risk, disinformation, disintermediation, diversification, diversified portfolio, Edward Thorp, Eugene Fama: efficient market hypothesis, Everything should be made as simple as possible, financial engineering, financial innovation, fixed income, Glass-Steagall Act, Haight Ashbury, high net worth, implied volatility, index arbitrage, index card, index fund, interest rate derivative, interest rate swap, Isaac Newton, job satisfaction, John Bogle, John Meriwether, junk bonds, locking in a profit, Long Term Capital Management, low interest rates, mandelbrot fractal, margin call, market bubble, Marshall McLuhan, mass affluent, mega-rich, merger arbitrage, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mutually assured destruction, Myron Scholes, new economy, New Journalism, Nick Leeson, Nixon triggered the end of the Bretton Woods system, offshore financial centre, oil shock, Parkinson's law, placebo effect, Ponzi scheme, proprietary trading, purchasing power parity, quantitative trading / quantitative finance, random walk, regulatory arbitrage, Right to Buy, risk free rate, risk-adjusted returns, risk/return, Salesforce, Satyajit Das, shareholder value, short selling, short squeeze, South Sea Bubble, statistical model, technology bubble, the medium is the message, the new new thing, time value of money, too big to fail, transaction costs, value at risk, Vanguard fund, volatility smile, yield curve, Yogi Berra, zero-coupon bond

A few cultivate a taste for narcotics to fuel the blood-lust of the trading rooms. Over time, the impact of high income on the survivors is different. The divorces, maintenance payments and lifestyle require vast sums, but money also becomes a scorecard of success. Michael Lewis, the successful author of Liar’s Poker and The New New Thing, writing about the failure of Long Term Capital Management (LTCM), finds himself fixated by something that seems like envy. Hans Hufschmid, a former colleague of Lewis’s at Salomon, had worked at LTCM where his investment was worth maybe $50 million, at least until it DAS_C03.QXP 8/7/06 78 4:25 PM Page 78 Tr a d e r s , G u n s & M o n e y collapsed.

Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier by Edward L. Glaeser

affirmative action, Andrei Shleifer, Berlin Wall, Boeing 747, British Empire, Broken windows theory, carbon footprint, carbon tax, Celebration, Florida, classic study, clean water, company town, congestion charging, congestion pricing, Cornelius Vanderbilt, declining real wages, desegregation, different worldview, diversified portfolio, Edward Glaeser, Elisha Otis, endowment effect, European colonialism, Fairchild Semiconductor, financial innovation, Ford Model T, Frank Gehry, global village, Guggenheim Bilbao, haute cuisine, high-speed rail, Home mortgage interest deduction, James Watt: steam engine, Jane Jacobs, job-hopping, John Snow's cholera map, junk bonds, Lewis Mumford, machine readable, Mahatma Gandhi, McMansion, megacity, megaproject, Michael Milken, mortgage debt, mortgage tax deduction, New Urbanism, place-making, Ponzi scheme, Potemkin village, Ralph Waldo Emerson, rent control, RFID, Richard Florida, Rosa Parks, school vouchers, Seaside, Florida, Silicon Valley, Skype, smart cities, Steven Pinker, streetcar suburb, strikebreaker, Thales and the olive presses, the built environment, The Death and Life of Great American Cities, the new new thing, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, vertical integration, William Shockley: the traitorous eight, Works Progress Administration, young professional

Henry Ford got his start in the engine business, while Billy Durant, the entrepreneur behind General Motors, began making horse-drawn carriages in nearby Flint. At the end of the nineteenth century, Detroit looked a lot like Silicon Valley in the 1960s and 1970s. The Motor City thrived as a hotbed of small innovators, many of whom focused on the new new thing, the automobile. The basic science of the automobile had been worked out in Germany in the 1880s, but the German innovators had no patent protection in the United States. As a result, Americans were competing furiously to figure out how to produce good cars on a mass scale. In general, there’s a strong correlation between the presence of small firms and the later growth of a region.

The Contrarian: Peter Thiel and Silicon Valley's Pursuit of Power by Max Chafkin

3D printing, affirmative action, Airbnb, anti-communist, bank run, Bernie Sanders, Big Tech, bitcoin, Black Lives Matter, Black Monday: stock market crash in 1987, Blitzscaling, Boeing 747, borderless world, Cambridge Analytica, charter city, cloud computing, cognitive dissonance, Cornelius Vanderbilt, coronavirus, COVID-19, Credit Default Swap, cryptocurrency, David Brooks, David Graeber, DeepMind, digital capitalism, disinformation, don't be evil, Donald Trump, driverless car, Electric Kool-Aid Acid Test, Elon Musk, Ethereum, Extropian, facts on the ground, Fairchild Semiconductor, fake news, Ferguson, Missouri, Frank Gehry, Gavin Belson, global macro, Gordon Gekko, Greyball, growth hacking, guest worker program, Hacker News, Haight Ashbury, helicopter parent, hockey-stick growth, illegal immigration, immigration reform, Internet Archive, Jeff Bezos, John Markoff, Kevin Roose, Kickstarter, Larry Ellison, life extension, lockdown, low interest rates, Lyft, Marc Andreessen, Mark Zuckerberg, Maui Hawaii, Max Levchin, Menlo Park, military-industrial complex, moral panic, move fast and break things, Neal Stephenson, Nelson Mandela, Network effects, off grid, offshore financial centre, oil shale / tar sands, open borders, operational security, PalmPilot, Paris climate accords, Patri Friedman, paypal mafia, Peter Gregory, Peter Thiel, pets.com, plutocrats, Ponzi scheme, prosperity theology / prosperity gospel / gospel of success, public intellectual, QAnon, quantitative hedge fund, quantitative trading / quantitative finance, randomized controlled trial, regulatory arbitrage, Renaissance Technologies, reserve currency, ride hailing / ride sharing, risk tolerance, Robinhood: mobile stock trading app, Ronald Reagan, Sam Altman, Sand Hill Road, self-driving car, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Silicon Valley startup, skunkworks, social distancing, software is eating the world, sovereign wealth fund, Steve Bannon, Steve Jobs, Steven Levy, Stewart Brand, surveillance capitalism, TaskRabbit, tech billionaire, tech worker, TechCrunch disrupt, techlash, technology bubble, technoutopianism, Ted Kaczynski, TED Talk, the new new thing, the scientific method, Tim Cook: Apple, transaction costs, Travis Kalanick, Tyler Cowen, Uber and Lyft, uber lyft, Upton Sinclair, Vitalik Buterin, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, Y Combinator, Y2K, yellow journalism, Zenefits

recent failures of Asian economies: David Sacks and Peter Thiel, “Internet Shakes Up Complacent Press,” The San Francisco Chronicle, March 10, 1998, https://www.independent.org/news/article.asp?id=60. lost investors’ money: Details on the fund’s early structure and losses were revealed by a 2006 lawsuit filed by an early investor, Amisil Holdings, in a San Francisco state court. 150-foot yacht: Michael Lewis, The New New Thing (New York: W. W. Norton, 2000). $125 million divorce: John Carney, “Netscape Founder Jim Clark’s $125M Divorce,” Dealbreaker, November 13, 2006, https://dealbreaker.com/2006/11/netscape-founder-jim-clarks-125m-divorce. Levchin later recalled: Sarah Lacy, “I Almost Lost My Leg to a Crazy Guy with a Geiger Counter,” PandoDaily, August 17, 2017, https://pando.com/2017/08/17/i-almost-lost-my-leg-crazy-guy-geiger-counter-max-levchin-and-other-valley-icons-share-their-stories-luck/.

CIOs at Work by Ed Yourdon

8-hour work day, Apple's 1984 Super Bowl advert, business intelligence, business process, call centre, cloud computing, crowdsourcing, distributed generation, Donald Knuth, fail fast, Flash crash, Free Software Foundation, Googley, Grace Hopper, information security, Infrastructure as a Service, Innovator's Dilemma, inventory management, Julian Assange, knowledge worker, Mark Zuckerberg, Multics, Nicholas Carr, One Laptop per Child (OLPC), rolodex, Salesforce, shareholder value, Silicon Valley, six sigma, Skype, smart grid, smart meter, software as a service, Steve Ballmer, Steve Jobs, Steven Levy, the new new thing, the scientific method, WikiLeaks, Y2K, Zipcar

One is the whole generational issue. Do you see significant differences in the behaviors and attitudes of the new generation of workers that you’re hiring out of university today as compared to, I don’t know, five or ten years ago? Ellyn: Yes. However, because I’ve always been at the edge of advanced technologies and the new, new things, even back in my Chrysler days, I had the fresh-out-of-the-university rotational. Everybody wanted to be in the advanced technology group for at least one rotation. Yourdon: Right. Ellyn: When I was in Silicon Valley, the two times I was there, obviously, I was doing the adult supervision thing.

Exploding the Phone: The Untold Story of the Teenagers and Outlaws Who Hacked Ma Bell by Phil Lapsley

air freight, Apple II, Bill Gates: Altair 8800, Bob Noyce, card file, classic study, cuban missile crisis, dumpster diving, Garrett Hardin, Hush-A-Phone, index card, Jason Scott: textfiles.com, John Markoff, Menlo Park, military-industrial complex, Neal Stephenson, popular electronics, Richard Feynman, Saturday Night Live, Silicon Valley, Steve Jobs, Steve Wozniak, Steven Levy, The Home Computer Revolution, the new new thing, the scientific method, Tragedy of the Commons, undersea cable, urban renewal, wikimedia commons

The problem, of course, was that these techniques all pretty much sucked; this is why you carry a cell phone in your pocket and not a signal flag or a pigeon. But we didn’t get to cell phones overnight. It took repeated assaults on the problem to before humanity managed to make a dent in it. In the late 1700s the new new thing in the world of communications was something called the optical telegraph. A network of windmill-like towers with pivoting shutters, blades, arms, or paddles that could be seen from a distance, the optical telegraph allowed reliable long-distance communications. Several systems were built but the best known was created by Claude Chappe and his brothers and deployed throughout France starting in 1793.

Fancy Bear Goes Phishing: The Dark History of the Information Age, in Five Extraordinary Hacks by Scott J. Shapiro

3D printing, 4chan, active measures, address space layout randomization, air gap, Airbnb, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, availability heuristic, Bernie Sanders, bitcoin, blockchain, borderless world, Brian Krebs, business logic, call centre, carbon tax, Cass Sunstein, cellular automata, cloud computing, cognitive dissonance, commoditize, Compatible Time-Sharing System, Computing Machinery and Intelligence, coronavirus, COVID-19, CRISPR, cryptocurrency, cyber-physical system, Daniel Kahneman / Amos Tversky, Debian, Dennis Ritchie, disinformation, Donald Trump, double helix, Dr. Strangelove, dumpster diving, Edward Snowden, en.wikipedia.org, Evgeny Morozov, evil maid attack, facts on the ground, false flag, feminist movement, Gabriella Coleman, gig economy, Hacker News, independent contractor, information security, Internet Archive, Internet of things, invisible hand, John Markoff, John von Neumann, Julian Assange, Ken Thompson, Larry Ellison, Laura Poitras, Linda problem, loss aversion, macro virus, Marc Andreessen, Mark Zuckerberg, Menlo Park, meta-analysis, Minecraft, Morris worm, Multics, PalmPilot, Paul Graham, pirate software, pre–internet, QWERTY keyboard, Ralph Nader, RAND corporation, ransomware, Reflections on Trusting Trust, Richard Stallman, Richard Thaler, Ronald Reagan, Satoshi Nakamoto, security theater, Shoshana Zuboff, side hustle, Silicon Valley, Skype, SoftBank, SQL injection, Steve Ballmer, Steve Jobs, Steven Levy, Stuxnet, supply-chain attack, surveillance capitalism, systems thinking, TaskRabbit, tech billionaire, tech worker, technological solutionism, the Cathedral and the Bazaar, the new new thing, the payments system, Turing machine, Turing test, Unsafe at Any Speed, vertical integration, Von Neumann architecture, Wargames Reagan, WarGames: Global Thermonuclear War, Wayback Machine, web application, WikiLeaks, winner-take-all economy, young professional, zero day, éminence grise

“It’s pretty amazing how poorly secured their Web properties are,” said Jack Koziol, who examined T-Mobile’s web code. “Most of these flaws are simple Web Security 101, stuff you’d learn about in the first few chapters of a basic book on how to secure Web applications.” Like Microsoft before it, T-Mobile went overboard on the new-new thing. Cloud-based technology was proving extremely popular, and T-Mobile tried to get in on the action. The mad scramble to provide customers 24-7 access to their data in the cloud through websites led to shoddy code that even a teenager could exploit. T-Mobile could compete furiously without fear of liability for its recklessness.

The World's Banker: A Story of Failed States, Financial Crises, and the Wealth and Poverty of Nations by Sebastian Mallaby

"World Economic Forum" Davos, Alan Greenspan, Alvin Toffler, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, Bretton Woods, capital controls, clean water, Dr. Strangelove, Dutch auction, export processing zone, failed state, financial independence, Francis Fukuyama: the end of history, gentleman farmer, guns versus butter model, Hernando de Soto, Kenneth Rogoff, Kickstarter, land reform, land tenure, lateral thinking, low interest rates, market bubble, Martin Wolf, microcredit, oil shock, Oklahoma City bombing, old-boy network, Paul Samuelson, plutocrats, purchasing power parity, radical decentralization, rolodex, Ronald Reagan, Silicon Valley, special economic zone, structural adjustment programs, the new new thing, trade liberalization, traveling salesman, War on Poverty, Westphalian system, Yom Kippur War

The Witch Doctors: Making Sense of the Management Gurus, by John Micklethwait and Adrian Wooldridge (New York: Times Books, 1996), pp. 3, 281. 4. Ibid., pp. 284–86. 5. Robert Picciotto interview, February 26, 2003. Picciotto e-mails, July 20 and 21, 2003. 6. I owe this term to Michael Lewis. See The New New Thing: A Silicon Valley Story (New York: Penguin USA, 2001), p. 35ff. 7. Johannes Linn interview, June 3, 2003. Linn was the coleader of this group. 8. Jean-François Rischard interview, April 22, 2003. Caio Koch-Weser interview, May 26, 2003. Mark Baird interview, July 11, 2003. 9. Koch-Weser interview, May 26, 2003. 10.

More Money Than God: Hedge Funds and the Making of a New Elite by Sebastian Mallaby

Alan Greenspan, Andrei Shleifer, Asian financial crisis, asset-backed security, automated trading system, bank run, barriers to entry, Bear Stearns, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, book value, Bretton Woods, business cycle, buy and hold, capital controls, Carmen Reinhart, collapse of Lehman Brothers, collateralized debt obligation, computerized trading, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, currency peg, deal flow, do well by doing good, Elliott wave, Eugene Fama: efficient market hypothesis, failed state, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, financial intermediation, fixed income, full employment, German hyperinflation, High speed trading, index fund, Jim Simons, John Bogle, John Meriwether, junk bonds, Kenneth Rogoff, Kickstarter, Long Term Capital Management, low interest rates, machine translation, margin call, market bubble, market clearing, market fundamentalism, Market Wizards by Jack D. Schwager, Mary Meeker, merger arbitrage, Michael Milken, money market fund, moral hazard, Myron Scholes, natural language processing, Network effects, new economy, Nikolai Kondratiev, operational security, pattern recognition, Paul Samuelson, pre–internet, proprietary trading, public intellectual, quantitative hedge fund, quantitative trading / quantitative finance, random walk, Renaissance Technologies, Richard Thaler, risk-adjusted returns, risk/return, Robert Mercer, rolodex, Savings and loan crisis, Sharpe ratio, short selling, short squeeze, Silicon Valley, South Sea Bubble, sovereign wealth fund, statistical arbitrage, statistical model, survivorship bias, tail risk, technology bubble, The Great Moderation, The Myth of the Rational Market, the new new thing, too big to fail, transaction costs, two and twenty, uptick rule

Robertson confirms that Tiger’s sale of South Korea Telecom helped to drive the price down in the summer. See Julian H. Robertson, letter to limited partners, September 10, 1999. 24. David Einhorn. Fooling Some of the People All of the Time: A Long Short Story (Hoboken, NJ: John Wiley & Sons, 2008), pp. 33–34. 25. Cassidy, Dot.con, pp. 95–96. 26. Michael Lewis, The New New Thing: A Silicon Valley Story (New York: W. W. Norton, 1999), p. 165. 27. Einhorn, Fooling Some of the People All of the Time: A Long Short Story, p. 37. It should be noted that Einhorn’s other short positions generated a large profit in 1999, a rare case of a hedge fund successfully bucking the bubble. 28.

Extreme Money: Masters of the Universe and the Cult of Risk by Satyajit Das

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "there is no alternative" (TINA), "World Economic Forum" Davos, affirmative action, Alan Greenspan, Albert Einstein, algorithmic trading, Andy Kessler, AOL-Time Warner, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, book value, Bretton Woods, BRICs, British Empire, business cycle, buy the rumour, sell the news, capital asset pricing model, carbon credits, Carl Icahn, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, Daniel Kahneman / Amos Tversky, deal flow, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Dr. Strangelove, Dutch auction, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Everybody Ought to Be Rich, Fall of the Berlin Wall, financial engineering, financial independence, financial innovation, financial thriller, fixed income, foreign exchange controls, full employment, Glass-Steagall Act, global reserve currency, Goldman Sachs: Vampire Squid, Goodhart's law, Gordon Gekko, greed is good, Greenspan put, happiness index / gross national happiness, haute cuisine, Herman Kahn, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", job automation, Johann Wolfgang von Goethe, John Bogle, John Meriwether, joint-stock company, Jones Act, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, market fundamentalism, Market Wizards by Jack D. Schwager, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Michael Milken, Mikhail Gorbachev, Milgram experiment, military-industrial complex, Minsky moment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, National Debt Clock, negative equity, NetJets, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Phillips curve, planned obsolescence, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, proprietary trading, public intellectual, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, Reminiscences of a Stock Operator, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Thaler, Right to Buy, risk free rate, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, short squeeze, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, stock buybacks, survivorship bias, tail risk, Teledyne, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, two and twenty, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game

Randall Lane (2010) The Zeroes: My Misadventures in the Decade Wall Street Went Insane, Scribe Publications, Melbourne. Edwin Lefèvre (2005) Reminiscences of a Stock Operator, John Wiley, New Jersey. Michael Lewis (1989) Liar’s Poker: Two Cities, True Greed, Hodder & Stoughton, London. Michael Lewis (1991) The Money Culture, Penguin Books, New York. Michael Lewis (1999) The New New Thing: A Silicon Valley Story, Coronet, London. Michael Lewis (ed.) (2008) Panic: The Story of Modern Financial Insanity, Penguin Books, London. Michael Lewis (2010) The Big Short: Inside the Doomsday Machine, Allen Lane, London. Michael E. Lewitt (2010) The Death of Capital: How Creative Policy Can Restore Policy, John Wiley, New Jersey.

Antifragile: Things That Gain From Disorder by Nassim Nicholas Taleb

"World Economic Forum" Davos, Air France Flight 447, Alan Greenspan, Andrei Shleifer, anti-fragile, banking crisis, Benoit Mandelbrot, Berlin Wall, biodiversity loss, Black Swan, business cycle, caloric restriction, caloric restriction, Chuck Templeton: OpenTable:, commoditize, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, discrete time, double entry bookkeeping, Emanuel Derman, epigenetics, fail fast, financial engineering, financial independence, Flash crash, flying shuttle, Gary Taubes, George Santayana, Gini coefficient, Helicobacter pylori, Henri Poincaré, Higgs boson, high net worth, hygiene hypothesis, Ignaz Semmelweis: hand washing, informal economy, invention of the wheel, invisible hand, Isaac Newton, James Hargreaves, Jane Jacobs, Jim Simons, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, knowledge economy, language acquisition, Lao Tzu, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, Marc Andreessen, Mark Spitznagel, meta-analysis, microbiome, money market fund, moral hazard, mouse model, Myron Scholes, Norbert Wiener, pattern recognition, Paul Samuelson, placebo effect, Ponzi scheme, Post-Keynesian economics, power law, principal–agent problem, purchasing power parity, quantitative trading / quantitative finance, Ralph Nader, random walk, Ray Kurzweil, rent control, Republic of Letters, Ronald Reagan, Rory Sutherland, Rupert Read, selection bias, Silicon Valley, six sigma, spinning jenny, statistical model, Steve Jobs, Steven Pinker, Stewart Brand, stochastic process, stochastic volatility, synthetic biology, tacit knowledge, tail risk, Thales and the olive presses, Thales of Miletus, The Great Moderation, the new new thing, The Wealth of Nations by Adam Smith, Thomas Bayes, Thomas Malthus, too big to fail, transaction costs, urban planning, Vilfredo Pareto, Yogi Berra, Zipf's Law

This treadmill effect has been investigated by Danny Kahneman and his peers when they studied the psychology of what they call hedonic states. People acquire a new item, feel more satisfied after an initial boost, then rapidly revert to their baseline of well-being. So, when you “upgrade,” you feel a boost of satisfaction with changes in technology. But then you get used to it and start hunting for the new new thing. But it looks as though we don’t incur the same treadmilling techno-dissatisfaction with classical art, older furniture—whatever we do not put in the category of the technological. You may have an oil painting and a flat-screen television set inhabiting the same room of your house. The oil painting is an imitation of a classic Flemish scene made close to a century ago, with the dark ominous skies of Flanders, majestic trees, and an uninspiring but calmative rural scene.

The Power Law: Venture Capital and the Making of the New Future by Sebastian Mallaby

"Susan Fowler" uber, 23andMe, 90 percent rule, Adam Neumann (WeWork), adjacent possible, Airbnb, Apple II, barriers to entry, Ben Horowitz, Benchmark Capital, Big Tech, bike sharing, Black Lives Matter, Blitzscaling, Bob Noyce, book value, business process, charter city, Chuck Templeton: OpenTable:, Clayton Christensen, clean tech, cloud computing, cognitive bias, collapse of Lehman Brothers, Colonization of Mars, computer vision, coronavirus, corporate governance, COVID-19, cryptocurrency, deal flow, Didi Chuxing, digital map, discounted cash flows, disruptive innovation, Donald Trump, Douglas Engelbart, driverless car, Dutch auction, Dynabook, Elon Musk, Fairchild Semiconductor, fake news, family office, financial engineering, future of work, game design, George Gilder, Greyball, guns versus butter model, Hacker Ethic, Henry Singleton, hiring and firing, Hyperloop, income inequality, industrial cluster, intangible asset, iterative process, Jeff Bezos, John Markoff, junk bonds, Kickstarter, knowledge economy, lateral thinking, liberal capitalism, Louis Pasteur, low interest rates, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Marshall McLuhan, Mary Meeker, Masayoshi Son, Max Levchin, Metcalfe’s law, Michael Milken, microdosing, military-industrial complex, Mitch Kapor, mortgage debt, move fast and break things, Network effects, oil shock, PalmPilot, pattern recognition, Paul Graham, paypal mafia, Peter Thiel, plant based meat, plutocrats, power law, pre–internet, price mechanism, price stability, proprietary trading, prudent man rule, quantitative easing, radical decentralization, Recombinant DNA, remote working, ride hailing / ride sharing, risk tolerance, risk/return, Robert Metcalfe, ROLM, rolodex, Ronald Coase, Salesforce, Sam Altman, Sand Hill Road, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, smart grid, SoftBank, software is eating the world, sovereign wealth fund, Startup school, Steve Jobs, Steve Wozniak, Steven Levy, super pumped, superconnector, survivorship bias, tech worker, Teledyne, the long tail, the new new thing, the strength of weak ties, TikTok, Travis Kalanick, two and twenty, Uber and Lyft, Uber for X, uber lyft, urban decay, UUNET, vertical integration, Vilfredo Pareto, Vision Fund, wealth creators, WeWork, William Shockley: the traitorous eight, Y Combinator, Zenefits

BACK TO NOTE REFERENCE 64 In reality, Clark had been treated somewhat roughly, but not as roughly as he thought: T. J. Rodgers, the superstar founder of Cypress Semiconductor, had likewise owned only 3.1 percent of his company when it had gone public in 1986, because semiconductor companies require a huge amount of capital to get started. BACK TO NOTE REFERENCE 65 Michael Lewis, The New New Thing: A Silicon Valley Story (New York: W. W. Norton, 2014), 39–41. BACK TO NOTE REFERENCE 66 Clark, Netscape Time, 75–77. BACK TO NOTE REFERENCE 67 Clark, Netscape Time, 7. BACK TO NOTE REFERENCE 68 “Amendment No. 6 to Form S-1 Registration Statement: Netscape Communications Corporation,” Securities and Exchange Commission, June 23, 1995, 48.

Americana: A 400-Year History of American Capitalism by Bhu Srinivasan

activist fund / activist shareholder / activist investor, American ideology, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, bank run, barriers to entry, Bear Stearns, Benchmark Capital, Berlin Wall, blue-collar work, Bob Noyce, Bonfire of the Vanities, British Empire, business cycle, buy and hold, California gold rush, Carl Icahn, Charles Lindbergh, collective bargaining, commoditize, Cornelius Vanderbilt, corporate raider, cotton gin, cuban missile crisis, Deng Xiaoping, diversification, diversified portfolio, Douglas Engelbart, Fairchild Semiconductor, financial innovation, fixed income, Ford Model T, Ford paid five dollars a day, global supply chain, Gordon Gekko, guns versus butter model, Haight Ashbury, hypertext link, Ida Tarbell, income inequality, information security, invisible hand, James Watt: steam engine, Jane Jacobs, Jeff Bezos, John Markoff, joint-stock company, joint-stock limited liability company, junk bonds, Kickstarter, laissez-faire capitalism, Louis Pasteur, Marc Andreessen, Menlo Park, Michael Milken, military-industrial complex, mortgage debt, mutually assured destruction, Norman Mailer, oil rush, peer-to-peer, pets.com, popular electronics, profit motive, punch-card reader, race to the bottom, refrigerator car, risk/return, Ronald Reagan, Sand Hill Road, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Steve Ballmer, Steve Jobs, Steve Wozniak, strikebreaker, Ted Nelson, The Death and Life of Great American Cities, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, trade route, transcontinental railway, traveling salesman, Upton Sinclair, Vannevar Bush, Works Progress Administration, zero-sum game

Master of Precision: Henry M. Leland. Detroit: Wayne State University Press, 1966. Lemann, Nicholas. The Promised Land. New York: Alfred A. Knopf, 1991. Levy, Jonathan. Freaks of Fortune: The Emerging World of Capitalism and Risk in America. Cambridge, MA: Harvard University Press, 2014. Lewis, Michael. The New New Thing: A Silicon Valley Story. New York: W. W. Norton, 1999. Lewis, Tom. Empire of the Air: The Men Who Made Radio. New York: Edward Burlingame Books, 1991. Lind, Michael. Land of Promise: An Economic History of the United States. New York: Harper, 2013. Lindbergh, Charles A. The Wartime Journals of Charles A.

The Rise of the Network Society by Manuel Castells

air traffic controllers' union, Alan Greenspan, Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, business cycle, capital controls, classic study, complexity theory, computer age, Computer Lib, computerized trading, content marketing, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, digital capitalism, digital divide, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, export processing zone, Fairchild Semiconductor, financial deregulation, financial independence, floating exchange rates, future of work, gentrification, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, independent contractor, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, Ivan Sutherland, James Watt: steam engine, job automation, job-hopping, John Markoff, John Perry Barlow, Kanban, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, Leonard Kleinrock, longitudinal study, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, military-industrial complex, moral panic, new economy, New Urbanism, offshore financial centre, oil shock, open economy, packet switching, Pearl River Delta, peer-to-peer, planetary scale, popular capitalism, popular electronics, post-Fordism, post-industrial society, Post-Keynesian economics, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Recombinant DNA, Robert Gordon, Robert Metcalfe, Robert Solow, seminal paper, Shenzhen special economic zone , Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social software, South China Sea, South of Market, San Francisco, special economic zone, spinning jenny, statistical model, Steve Jobs, Steve Wozniak, Strategic Defense Initiative, tacit knowledge, technological determinism, Ted Nelson, the built environment, the medium is the message, the new new thing, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, transaction costs, urban renewal, urban sprawl, vertical integration, work culture , zero-sum game

., Bowes, M. and Jondrow, J.M. (1984) “Technical advance and other sources of employment change in basic industry”, in E.L. Collins and L.D. Tanner (eds), American Jobs and the Changing Industrial Base, Cambridge, MA: Ballinger, pp. 77–95. Levy, Stephen (1984) Hackers: Heroes of the Computer Revolution, Garden City, NY: Doubleday. Lewis, Michael (2000) The New New Thing: a Silicon Valley Story, New York: W. W. Norton. Lichtenberg, Judith (ed.) (1990) Democracy and Mass Media, New York: Cambridge University Press. Lillyman, William, Moriarty, Marilyn F. and Neuman, David J. (eds) (1994) Critical Architecture and Contemporary Culture, New York: Oxford University Press.

Americana by Bhu Srinivasan

activist fund / activist shareholder / activist investor, American ideology, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, bank run, barriers to entry, Bear Stearns, Benchmark Capital, Berlin Wall, blue-collar work, Bob Noyce, Bonfire of the Vanities, British Empire, business cycle, buy and hold, California gold rush, Carl Icahn, Charles Lindbergh, collective bargaining, commoditize, Cornelius Vanderbilt, corporate raider, cotton gin, cuban missile crisis, Deng Xiaoping, diversification, diversified portfolio, Douglas Engelbart, Fairchild Semiconductor, financial innovation, fixed income, Ford Model T, Ford paid five dollars a day, global supply chain, Gordon Gekko, guns versus butter model, Haight Ashbury, hypertext link, Ida Tarbell, income inequality, information security, invisible hand, James Watt: steam engine, Jane Jacobs, Jeff Bezos, John Markoff, joint-stock company, joint-stock limited liability company, junk bonds, Kickstarter, laissez-faire capitalism, Louis Pasteur, Marc Andreessen, Menlo Park, Michael Milken, military-industrial complex, mortgage debt, mutually assured destruction, Norman Mailer, oil rush, peer-to-peer, pets.com, popular electronics, profit motive, punch-card reader, race to the bottom, refrigerator car, risk/return, Ronald Reagan, Sand Hill Road, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Steve Ballmer, Steve Jobs, Steve Wozniak, strikebreaker, Ted Nelson, The Death and Life of Great American Cities, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, trade route, transcontinental railway, traveling salesman, Upton Sinclair, Vannevar Bush, Works Progress Administration, zero-sum game

Master of Precision: Henry M. Leland. Detroit: Wayne State University Press, 1966. Lemann, Nicholas. The Promised Land. New York: Alfred A. Knopf, 1991. Levy, Jonathan. Freaks of Fortune: The Emerging World of Capitalism and Risk in America. Cambridge, MA: Harvard University Press, 2014. Lewis, Michael. The New New Thing: A Silicon Valley Story. New York: W. W. Norton, 1999. Lewis, Tom. Empire of the Air: The Men Who Made Radio. New York: Edward Burlingame Books, 1991. Lind, Michael. Land of Promise: An Economic History of the United States. New York: Harper, 2013. Lindbergh, Charles A. The Wartime Journals of Charles A.

The Blank Slate: The Modern Denial of Human Nature by Steven Pinker

affirmative action, Albert Einstein, Alfred Russel Wallace, anti-communist, behavioural economics, belling the cat, British Empire, clean water, cognitive dissonance, Columbine, conceptual framework, correlation coefficient, correlation does not imply causation, cuban missile crisis, Daniel Kahneman / Amos Tversky, Defenestration of Prague, desegregation, disinformation, Dutch auction, epigenetics, Exxon Valdez, George Akerlof, germ theory of disease, ghettoisation, glass ceiling, Gregor Mendel, Hobbesian trap, income inequality, invention of agriculture, invisible hand, Joan Didion, language acquisition, long peace, meta-analysis, More Guns, Less Crime, Murray Gell-Mann, mutually assured destruction, Norman Mailer, Oklahoma City bombing, PalmPilot, Peter Singer: altruism, phenotype, plutocrats, Potemkin village, prisoner's dilemma, profit motive, public intellectual, QWERTY keyboard, Richard Feynman, Richard Thaler, risk tolerance, Robert Bork, Rodney Brooks, Saturday Night Live, Skinner box, social intelligence, speech recognition, Stanford prison experiment, stem cell, Steven Pinker, tacit knowledge, The Bell Curve by Richard Herrnstein and Charles Murray, the new new thing, theory of mind, Thomas Malthus, Thorstein Veblen, Timothy McVeigh, twin studies, Tyler Cowen, ultimatum game, urban renewal, War on Poverty, women in the workforce, Yogi Berra, zero-sum game

The psychologist Colin Martindale has documented that every art form increases in complexity, ornamentation, and emotional charge until the evocative potential of the style is fully exploited.51 Attention then turns to the style itself, at which point the style gives way to a new one. Martindale attributes this cycle to habituation on the part of the audience, but it also comes from the desire for attention on the part of the artists. In twentieth-century art, the search for the new new thing became desperate because of the economies of mass production and the affluence of the middle class. As cameras, art reproductions, radios, records, magazines, movies, and paperbacks became affordable, ordinary people could buy art by the carload. It is hard to distinguish oneself as a good artist or discerning connoisseur if people are up to their ears in the stuff, much of it of reasonable artistic merit.

The Quest: Energy, Security, and the Remaking of the Modern World by Daniel Yergin

"Hurricane Katrina" Superdome, "World Economic Forum" Davos, accelerated depreciation, addicted to oil, Alan Greenspan, Albert Einstein, An Inconvenient Truth, Asian financial crisis, Ayatollah Khomeini, banking crisis, Berlin Wall, bioinformatics, book value, borderless world, BRICs, business climate, California energy crisis, carbon credits, carbon footprint, carbon tax, Carl Icahn, Carmen Reinhart, clean tech, Climategate, Climatic Research Unit, colonial rule, Colonization of Mars, corporate governance, cuban missile crisis, data acquisition, decarbonisation, Deng Xiaoping, Dissolution of the Soviet Union, diversification, diversified portfolio, electricity market, Elon Musk, energy security, energy transition, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, fear of failure, financial innovation, flex fuel, Ford Model T, geopolitical risk, global supply chain, global village, Great Leap Forward, Greenspan put, high net worth, high-speed rail, hydraulic fracturing, income inequality, index fund, informal economy, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), It's morning again in America, James Watt: steam engine, John Deuss, John von Neumann, Kenneth Rogoff, life extension, Long Term Capital Management, Malacca Straits, market design, means of production, megacity, megaproject, Menlo Park, Mikhail Gorbachev, military-industrial complex, Mohammed Bouazizi, mutually assured destruction, new economy, no-fly zone, Norman Macrae, North Sea oil, nuclear winter, off grid, oil rush, oil shale / tar sands, oil shock, oil-for-food scandal, Paul Samuelson, peak oil, Piper Alpha, price mechanism, purchasing power parity, rent-seeking, rising living standards, Robert Metcalfe, Robert Shiller, Robert Solow, rolling blackouts, Ronald Coase, Ronald Reagan, Sand Hill Road, Savings and loan crisis, seminal paper, shareholder value, Shenzhen special economic zone , Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, smart grid, smart meter, South China Sea, sovereign wealth fund, special economic zone, Stuxnet, Suez crisis 1956, technology bubble, the built environment, The Nature of the Firm, the new new thing, trade route, transaction costs, unemployed young men, University of East Anglia, uranium enrichment, vertical integration, William Langewiesche, Yom Kippur War

At the same time, the situation in Iraq was deteriorating, and Bush increasingly saw reliance on imported oil as a weakness to America’s position in the world. On a trip to California, a venture capitalist who was the co-chairman of a presidential science advisory committee told the president that renewable fuels were now the “new, new thing” among venture capitalists. Soon after, on the farm of then Brazilian President Luis Inácio Lula da Silva, near Brasilia, over what Bush called “a good old-fashioned Brazilian barbecue,” Bush heard Lula explain how ethanol now had a large share of Brazil’s motor fuel market. Indeed, Lula was, as the Brazilian president himself later put it, so “truly obsessed with biofuel” that Bush “almost couldn’t have lunch because I wouldn’t stop talking about biofuel.”

The Last Tycoons: The Secret History of Lazard Frères & Co. by William D. Cohan

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", activist fund / activist shareholder / activist investor, Alan Greenspan, AOL-Time Warner, bank run, Bear Stearns, book value, Carl Icahn, carried interest, cognitive dissonance, commoditize, computer age, corporate governance, corporate raider, creative destruction, credit crunch, deal flow, diversification, Donald Trump, East Village, fear of failure, financial engineering, fixed income, G4S, Glass-Steagall Act, hiring and firing, interest rate swap, intermodal, Joseph Schumpeter, junk bonds, land bank, late fees, Long Term Capital Management, Marc Andreessen, market bubble, Michael Milken, offshore financial centre, Ponzi scheme, proprietary trading, Ralph Nader, Ralph Waldo Emerson, rolodex, Ronald Reagan, shareholder value, short squeeze, SoftBank, stock buybacks, The Nature of the Firm, the new new thing, Yogi Berra

The Wall Street Journal reported that he told them that a 1 percent ownership stake in Lazard was worth $38 million, a value consistent with the $3.8 billion valuation, and, according to Bruce, was consistent with other prices paid for stakes in Lazard, including his own. Bruce told the Journal that the new financial supermarkets, such as Citigroup and JPMorgan Chase, were the "new fandangos" and said that he believed "good advice is the new, new thing." The new year not only brought the announcement of Bruce's "new" management team but also revealed to all the partners the complexity of the deal Michel had cut with Bruce. A summary of the 116-page "Third Amended and Restated Operating Agreement of Lazard LLC, Dated as of January 1, 2002" bluntly stated the changes: "BW will take over from MDW as Chairman of the Executive Committee, will take on the positions of Head of Lazard (for an initial five-year term) and CEO of Lazard and will assume all of the powers of MDW and the Executive Committee.

California by Sara Benson

airport security, Albert Einstein, Apple II, Asilomar, back-to-the-land, Bay Area Rapid Transit, Berlin Wall, Blue Bottle Coffee, Burning Man, buy and hold, California gold rush, call centre, car-free, carbon footprint, Columbine, company town, dark matter, Day of the Dead, desegregation, Donald Trump, Donner party, East Village, El Camino Real, Electric Kool-Aid Acid Test, Fillmore Auditorium, San Francisco, Frank Gehry, gentrification, global village, Golden Gate Park, Haight Ashbury, haute cuisine, Joan Didion, Khyber Pass, Loma Prieta earthquake, low cost airline, machine readable, McDonald's hot coffee lawsuit, McMansion, means of production, megaproject, Menlo Park, Neil Armstrong, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, off-the-grid, planetary scale, retail therapy, RFID, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, South of Market, San Francisco, SpaceShipOne, stem cell, Steve Jobs, Steve Wozniak, Stewart Brand, the new new thing, trade route, transcontinental railway, Upton Sinclair, urban sprawl, Wall-E, white picket fence, Whole Earth Catalog, working poor, Works Progress Administration, young professional

Living Room Coffeehouse (Map; 858-459-1187; 1010 Prospect St, La Jolla; 6am-midnight) This popular café serves sandwiches and has a great central position in the heart of the Village, which is perfect for meeting friends. There’s a second location in Old Town (Map; 2541 San Diego Ave). Bars Rooftop bars perched atop trendy hotels are the new, new thing in the Gaslamp Quarter, each boasting about its size, its views and its hipness. Downtown, demand seems to be outstripping capacity at the moment, so on weekends arrive a bit early (before 9pm) to nab a spot in the best nightclubs and more popular bars. Many bars in Hillcrest are gay. For a complete list, check out Buzz and the Gay & Lesbian Times.