Podcast appearances and mentions of patrick mckenzie

Patrick McKenzie explains to EconTalk's Russ Roberts how credit cards work, who makes money from them and how, and gives his take on whether cash customers and debit card users subsidize the users of credit cards with reward programs.

In this episode, Patrick McKenzie (patio11) is joined by Jacob Swett of Blueprint Biosecurity to discuss far UVC technology - a specialized wavelength of UV light that kills airborne pathogens while remaining safe for humans. Jacob explains how widespread deployment of this technology in schools, hospitals, and public spaces could dramatically reduce respiratory diseases and prevent future pandemics, comparing our approach to air quality with the water sanitation revolution that eliminated diseases like typhoid. They discuss the economics of implementation (starting around $30 per student annually with costs likely decreasing), the historical reasons why this technology hasn't been widely deployed, and Blueprint Biosecurity's roadmap for increasing adoption from early users to eventual regulations similar to fire safety codes. –Full transcript available here: https://www.complexsystemspodcast.com/killing-viruses-with-light-with-jacob-swett/ –Sponsor:  MercuryThis episode is brought to you by Mercury, the fintech trusted by 200K+ companies — from first milestones to running complex systems. Mercury offers banking that truly understands startups and scales with them. Start today at Mercury.com Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.–Recommended in this episode: Blueprint Report: https://blueprintbiosecurity.org/u/2025/03/Blueprint-for-Far-UVC-PREPRINTv1.0.pdf –Timestamps:(00:00) Intro(00:31) The importance of indoor air quality(01:29) Technologies for cleaner air(02:31) The promise of Far-UVC(03:10) Impact of COVID-19 on air quality awareness(04:11) Understanding Far-UVC light(06:44) Applications and benefits of Far-UVC(16:42) Challenges and adoption of Far-UVC(20:40) Sponsor: Mercury(21:53) Challenges and adoption of Far-UVC (Part 2)(23:19) Cost and benefits of Far-UVC(26:40) The broader impact of respiratory pathogens(29:41) Rediscovering the world for better health(30:05) Historical perspectives on infectious diseases(30:57) The role of sanitation and antibiotics(33:02) Miasma theory and airborne transmission(34:59) Impact of World War II on disease research(38:06) The evolution of public health priorities(42:39) Future of Far-UVC Technology(46:03) Challenges in implementing Far-UVC(56:47) The importance of rigorous studies(01:00:33) Wrap

In this episode, Patrick McKenzie (patio11) is joined by Zac Townsend, a serial founder and CEO of Meanwhile, a fully regulated life insurance company operating in Bitcoin. They explore the differences between life and property insurance, explain why term life is essential financial protection everyone should consider, and dive into the tax benefits that shape the industry. Zac shares insights on how private equity firms are acquiring insurers for their stable capital base, and explains Bermuda's role as the world's insurance capital. –Full transcript available here: https://www.complexsystemspodcast.com/life-insurance-and-your-money-with-zac-townsend/–Sponsor:  MercuryThis episode is brought to you by Mercury, the fintech trusted by 200K+ companies — from first milestones to running complex systems. Mercury offers banking that truly understands startups and scales with them. Start today at Mercury.com Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.–Recommended in this episode:Meanwhile https://meanwhile.bm/–Timestamps:(00:00) Intro(00:23) Overview of Meanwhile Insurance(00:56) How Bitcoin is being used in the insurance industry(02:12) Understanding different types of insurance(06:13) Term life insurance explained(07:26) Life insurance tips for tech professionals(12:47) Permanent life insurance and annuities(18:57) Sponsor: Mercury(20:11) Insurance regulatory insights(25:46) Principal-agent problems in insurance(37:09) Tax considerations in life insurance(42:16) Leveraging life insurance for estate planning(44:55) Premium financing explained(47:39) Wealth management and market segmentation(52:09) Regulatory challenges and mispricing in insurance(01:03:32) Reinsurance and the role of bermuda(01:10:27) Private equity's interest in insurance(01:14:24) Building a crypto life insurance company(01:20:02) Wrap

In this episode, Patrick McKenzie (@patio11) is joined by Mikey Dickerson to discuss the complex realities behind government software projects. Mikey shares insights from leading the healthcare.gov rescue effort and founding the United States Digital Service, explaining how procurement processes create requirements through committee decision-making without market-based feedback loops. They explore how government systems handle software development differently than industry, with Mikey noting that the issues are less about individual competence and more about systemic incentives that reward risk aversion. The conversation covers the challenges of "modernization" efforts, the loss of organizational management knowledge over decades, and reflection on when and how technologists might effectively contribute to public service. –Full transcript available here: –Sponsor:  MercuryThis episode is brought to you by Mercury, the fintech trusted by 200K+ companies — from first milestones to running complex systems. Mercury offers banking that truly understands startups and scales with them. Start today at Mercury.com Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.–Recommended in this episode: www.complexsystemspodcast.com/fixing-government-technology-with-mikey-dickerson/Bureaucracy by James Q. Wilson: https://www.amazon.com/Bureaucracy-Government-Agencies-Basic-Classics/dp/0465007856 Movie: The Pentagon Wars https://en.wikipedia.org/wiki/The_Pentagon_Wars Mikey Dickerson's company Layer Aleph: https://layeraleph.com/ Marina Nitze's article, I tried to fix government tech for years: https://reason.com/2025/02/13/i-tried-to-fix-government-tech-for-years-im-fed-up/Complex Systems with Dan Davies https://open.spotify.com/episode/5QKxzgumJXSQuaWCmYAoM9?si=uQWgAx1iSzGm5iCUBWei8A Complex Systems with Dave Guarino https://open.spotify.com/episode/0UlTIRosmjtvpcdHQ7t2tK?si=MlUqO3uWRie1E_GRQ5D7jg –Timestamps:(00:00) Intro(00:24) Government software procurement(06:02) Fighter planes and requirements(08:37) Software development cycles(11:37) Deadline challenges(12:18) California vaccine scheduling(16:15) Pandemic priorities(17:27) Sponsor: Mercury(18:40) Government employee competence(22:30) Government pay scales(25:56) IRS modernization reports(27:48) System modernization plans(34:33) Healthcare.gov lessons(40:29) Feedback loops in civil service(44:09) Legislative expertise(46:49) Applied mathematics(47:57) Loss of knowledge(49:28) Tour of duty recommendation(53:06) Wrap

This week, stories of democracy, dreams, and things happening in and out of the ballot box. Elections Elsewhere by Phoebe Adler-Ryan Have you ever wondered how elections operate in other corners around the world? In our first story, ATB takes you on a ‘election tour’ of different countries as our volunteers - from China, Vietnam, some with connections to the US - gather to talk about what voting is like in their country. Can you vote in your country? What does voting mean to you? Featuring Lindsey Vassalo, Patrick McKenzie, Ray Vo and Sue. Counting the Vote by Grace Gooda Next story brings you into the Australian ballot box. In this story, we step inside election day through the eyes of an AEC worker - where impartiality, integrity, and counting replace the usual political buzz. From securing ballot bins to missing out on the ‘democracy sausage’, it’s a behind-the-scenes look at the quiet work that keeps Australia's democracy ticking. Welcome to a day in the life of a ballot counter. That story was produced by Grace Gooda in partnership with the Centre for Advancing Journalism and The Yarn from Melbourne University. Young Yarners by Micah Kickett Our third story explores the Young Yarners Program, a new initiative tackling voter disengagement in First Nations communities. From Parliament House workshops to local projects back home, young leaders from the program are building knowledge, breaking down barriers, and making sure Indigenous voices are heard loud and clear at the ballot box. That story was produced by Micah Kickett for The Wire. Young Matters by Ruby Perryman In this story, we hear from a young voter navigating life on Centrelink, housing insecurity, and the growing feeling that dreams like home ownership are slipping away. As the election approaches, it's not grand promises that shape her vote - it’s the urgent need for real support in an anxious, uncertain future. That story was produced by Ruby Perryman in partnership with the Centre for Advancing Journalism and The Yarn, from Melbourne University. Hope for the future by Catarina Fraga Matos and Kwame Slusher Confusion, curiosity, excitement to frustration. Young Australians paint a vivid palette of emotions as they face their first vote. Whether it’s dreaming of climate action, fairness, or just finally being heard, these young Australian voters have big hopes, even if the path to the ballot box is still a little messy. Hear them out. All The Best Credits Host Kwame Slusher Executive Producer: Phoebe Adler-Ryan Editorial Producer: Melanie Bakewell Community Coordinator: Patrick McKenzie Artwork Design: Lindsey Vassalo Mixed and Compiled by Emma Higgins Theme Music composed by Shining Bird See omnystudio.com/listener for privacy information.

In this episode, Patrick McKenzie (@patio11) is joined by Daniel Golliher, founder of Maximum New York, to discuss the opaque mechanics of political power and how everyday people can effectively engage with government systems. They explore the stark gap between formal political science degrees and how politics actually works, practical tactics for influencing policy (like optimizing the printability of a blog post to placing well-timed calls to legislators), and Daniel's concept of ‘blue tape'. Throughout the conversation, they emphasize that participating in governance requires far less expertise and connections than most people assume—mainly just the willingness to show up prepared. –Full transcript available here: www.complexsystemspodcast.com/understanding-and-wielding-power-in-local-government-with-daniel-golliher/–Sponsor:  VantaVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complex–Recommended in this episode:Daniel Golliher's essay: Political Science Degrees Must End: https://www.maximumnewyork.com/p/political-science-degrees Patrick McKenzie: https://worksinprogress.co/issue/the-story-of-vaccinateca/ Statecraft by Santi Ruiz: https://www.statecraft.pub/ –Timestamps(00:00) Intro(00:33) The reality of political science education(02:45) The apprenticeship model in government(04:24) Challenges in government training(07:06) The role of legislative aides(10:33) Local government and housing policies(14:24) Effective political engagement(16:15) The power of communication in policy(20:26) Sponsor: Vanta(21:44) Witnessing government in action(31:29) Learning government and politics(32:21) LLMs and policy(35:10) Engaging with local politics(37:58) Influencing policy(43:25) Running for office(47:10) Blue tape(58:39) Wrap

In this episode, Patrick McKenzie (@patio11) is joined by Tim Fist, Director of Emerging Technologies at the Institute for Progress, to discuss how energy constraints could bottleneck AI development. They explore how AI training clusters will soon require gigawatts of power—equivalent to multiple nuclear plants—with projections showing a single cluster needing 5 gigawatts by 2030. Tim explains why behind-the-meter generation and geothermal energy offer promising solutions while regulatory hurdles like NEPA and transmission permitting create "litigation doom loops" that threaten America's competitiveness. The conversation covers the global race for compute infrastructure, with China and the UAE making aggressive investments while the US struggles with permitting delays, highlighting how energy policy will determine which nations lead the AI revolution. –Full transcript available here: www.complexsystemspodcast.com/the-ai-energy-bottleneck-with-tim-fist/–Sponsor:  VantaVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complex–Recommended in this episode:Compute in America https://ifp.org/compute-in-america/Tim Fist on Twitter https://x.com/fiiiiiist The Enchippening by Sarah Constantin https://sarahconstantin.substack.com/p/the-enchippening Solar economics with Casey Handmer https://open.spotify.com/episode/0GHegWgLSubYxvATmbWhQu?si=VKJYaSwaRJq_YcK8kJIdvQ AI & Power economics with Azeem Azhar https://open.spotify.com/episode/3KkvPiYpGvXCRukWxHP7Ch?si=RPEjrs67S9CFA0lLak6OVAFracking with Austin Vernon  https://open.spotify.com/episode/0YDV1XyjUCM2RtuTcBGYH9?si=hSniC3N0QkqhF74ra-XAcA Economics of the grid with Travis Dauwalter https://open.spotify.com/episode/5JY8e84sEXmHFlc8IR2kRb?si=BsqMZGu6Qr-2F7-RSyyEhw–Timestamps:(00:00) Intro(00:40) Energy bottlenecks in AI development(02:56) Technical and policy solutions for energy needs(05:18) Challenges in transmission infrastructure(12:14) Behind the meter generation explained(17:50) Solar and storage: The future of energy(18:47) Sponsor: Vanta(20:05) Solar and storage: The future of energy (part 2)(29:07) Power purchase agreements and financing(33:17) Financing geothermal wells(33:53) The promise of geothermal energy(35:25) Challenges in geothermal adoption(36:59) Industrial applications of geothermal heat(45:01) Geothermal energy and national security(49:27) Global investments in AI and energy infrastructure(56:29) Policy and technical expertise in AI(01:00:54) The role of government in technological advancements(01:05:07) Wrap

In this episode, Patrick McKenzie (@patio11) is joined by Haseeb Qureshi, a managing partner at Dragonfly, a crypto-focused VC fund. They discuss the evolution of stablecoins, three key use cases, and their impact on international finance. Haseeb explains how stablecoins have grown beyond their initial association with crypto trading and illicit activities to serve legitimate economic functions globally, in ways that many Americans might not fully appreciate. Patrick and Haseeb debate the regulatory landscape, the strategic ambiguity of crypto's positioning, and whether stablecoins represent a parallel financial system that might eventually converge with traditional banking. –Full transcript available here: www.complexsystemspodcast.com/taking-stablecoins-seriously-with-haseeb-qureshi/–Sponsor:  SafebaseReady to save time and close deals faster? Inbound security reviews shouldn't slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast –Recommended in this episode:Zeke Faux on Complex Systems https://open.spotify.com/episode/5OnSK3PuhfipMHv9htvuyb Chopping Block podcast https://unchainedcrypto.com/the-chopping-block/ Haseeb Qureshi's website https://haseebq.com/about/ –Timestamps:(00:00) Intro(00:55) Crypto industry insights and tether discussion(02:52) Stablecoins and their economic models(05:04) Decentralized stablecoins and their mechanisms(07:41) VC perspective on stablecoin investments(13:18) Regulatory challenges and lobbying in crypto(20:36) Emerging use cases for stablecoins(24:16) Sponsor: Safebase(32:35) The initial response to stablecoins(33:38) Stablecoins and national security concerns(34:00) The shift in congressional attitude(34:49) Stablecoins and dollar internationalization(37:40) Retail payments in high-inflation countries(38:41) The role of black markets(46:13) International B2B payments(01:02:57) The future of stablecoins(01:05:44) Wrap

Patrick McKenzie (patio11) is joined by Emily Sands, Head of Information at Stripe, to discuss how they leverage AI to process over $1.4 trillion annually, while navigating the complex web of merchants, banks, and payment rails that facilitate online commerce. Patrick and Emily cover how Stripe's layered stack of AI combats sophisticated card testing attacks, recovers billions in once-lost revenue through intelligent retry strategies, and enables new businesses to compete with established players through powerful network effects. They also talk about the meteoric rise of AI companies, and how agent-assisted commerce is beginning to transform online shopping through controlled financial rails. –Full transcript available here: www.complexsystemspodcast.com/the-past-present-and-future-of-ai-with-stripe/–Sponsor:  VantaVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complex–Recommended in this episode:Stripe's Annual Letter: https://stripe.com/annual-updates/2024 Stripe Sessions 2025 https://stripesessions.com/ –Timestamps:(00:00) Intro(01:21) Stripe's role in financial infrastructure(02:20) AI and ML at Stripe(07:36) Understanding payment processing(15:06) The evolution of fraud detection(19:22) Advanced fraud detection techniques(22:55) Sponsor: Vanta(24:14) Advanced fraud detection techniques (part 2)(34:53) Card testing and fraud prevention(45:29) Adaptive acceptance and future of payments(46:35) Optimizing payment systems with AI(47:13) Understanding ISO messages and credit card protocols(48:37) The importance of semantically neutral changes(51:22) Stripe's enhanced issuer network(56:00) Handling chargebacks and friendly fraud(01:04:55) Personalizing the checkout experience(01:16:44) The meteoric rise of AI startups(01:26:05) Agent-assisted commerce(01:32:58) Wrap

In this episode, Patrick McKenzie (patio11) challenges a recent Atlantic article claiming that low-income cardholders subsidize credit card rewards through high interest payments. Drawing from his Bits About Money essay Anatomy of a credit card rewards program, Patrick explains that rewards are primarily funded by interchange fees paid by merchants, not by interest charges.To the extent those interchange is passed along to customers, it falls mostly on rich customers, because rich customers spend more. They spend more in interchange than they earn in rewards. Issuing banks and researchers who have looked at the data mostly agree here.Patrick also breaks down the credit card rewards game, showing how banks strategically design card offerings for different market segments and explains the portfolio mathematics that disprove the cross-subsidization narrative. –Full transcript available here: www.complexsystemspodcast.com/credit-card-rewards-interchange/–Sponsor:  VantaVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complex–Recommended in this episode:Bits about money: Anatomy of credit card rewards programs https://www.bitsaboutmoney.com/archive/anatomy-of-credit-card-rewards-programs/The Atlantic: There Are Two Kinds of Credit Cards by Annie Lowrey https://www.theatlantic.com/ideas/archive/2025/03/credit-card-racket/682075/ Complex Systems episode with Gary Leff https://open.spotify.com/episode/1QqFw5hlHKRrjRUTVLfKRV?si=hNwbnyrmQiqHe9ziAnGCpQ Complex Systems episode with Dave Guarino https://open.spotify.com/episode/0UlTIRosmjtvpcdHQ7t2tK?si=i8LYGS-iSfOoGsVmMFYWjA –Timestamps:(00:31) A recent Atlantic article's false thesis(09:35) Rebating interchange to earn share of wallet(14:48) Sponsor: Vanta(16:56) Why isn't every card a rewards card?(27:56) The complexity spectrum of rewards products(29:55) A fun rabbit hole about credit card acceptance(33:53) Back to more complicated cases(45:45) Further refinements in cat and mouse games(51:24) Giving the customer more choices more frequently(58:10) More directions to go in(01:01:54) Patrick's counterproposal

Patrick McKenzie (patio11) is joined by Gary Leff, the author of "View from the Wing", to discuss the economic systems behind airlines and loyalty programs. They discuss how airlines manage to stay profitable despite razor-thin margins, the economics of frequent flyer programs, and why these programs often generate more value than the airlines themselves. The conversation explores why many irrational airline policies reflect deeper economic realities and competitive constraints that shape flying today.–Full transcript available here: www.complexsystemspodcast.com/gary-leff-frequent-flier-programs/–Sponsor: VantaVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complex–Recommended in this episode:View From The Wing https://viewfromthewing.com/Bits About Money: How credit cards make money https://www.bitsaboutmoney.com/archive/how-credit-cards-make-money/–Twitter:@patio11@garyleff–Timestamps:(00:00) Intro(01:10) History of airline loyalty programs(04:36) The economics of airline loyalty programs(08:01) Parallels and differences with hotel loyalty programs(14:01) Tax implications and legal considerations(19:50) Sponsor: Vanta(21:08) Tax implications and legal considerations (part 2)(34:02) Credit card reward programs(46:56) The David Dao incident and its impact on airline policies(47:29) Airline compensation strategies and Delta's unique approach(49:08) The economics of airline miles and accounting practices(53:15) Airline debt and the role of frequent flyer programs(55:21) The impact of airline policies on customer loyalty(01:08:11) The value of partner miles and airline alliances(01:13:11) Creative ways to earn miles and exploit promotions(01:20:05) The infamous coin promotion and other mileage hacks(01:30:39) Wrap

Today on Upstream, we're releasing Patrick MacKenzie's interview with Azeem Azhar which originally aired in February 2025 on Complex Systems. They discuss the economics and infrastructure of data centers, comparing historical infrastructure rollouts to modern AI-driven data center needs, and explore the implications of exponential power demands, including innovations like small modular nuclear reactors and geothermal energy. —

Patrick McKenzie (patio11) is joined by Lars Doucet and Greg Miller, co-founders who have just launched the Center for Land Economics, to discuss improving property taxation in the US. They explore how shifting taxes from buildings to land could transform development patterns, why California's property tax caps coincide with its housing crisis, and how the fundamental trade-off between assessment accuracy and consistency creates winners and losers. The conversation also covers the posting-to-policy pipeline, their work developing open-source tools to improve assessment equity, and techniques citizens can use to influence their local assessment office.  –Full transcript available here: www.complexsystemspodcast.com/tax-the-dirt-with-lars-doucet-greg-miller/–Sponsors:  Safebase Ready to save time and close deals faster? Inbound security reviews shouldn't slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast –Recommended in this episode:Center for Land Economics: https://landeconomics.org/Game of Rent by Lars Doucet: https://gameofrent.com/ Progress & Poverty: https://progressandpoverty.substack.com/ Mass Appraisal for the Masses: https://progressandpoverty.substack.com/p/mass-appraisal-for-the-masses-the Lars Doucet on Complex Systems: https://www.complexsystemspodcast.com/episodes/property-assessment-lars-doucet/Dave Kasten on Complex Systems: https://www.complexsystemspodcast.com/episodes/tech-government-dave-kasten/ –Twitter:@patio11@larsiusprime–TIMESTAMPS:(00:00) Intro(00:45) Center for land economics(04:01) Property tax basics(05:31) Challenges in property valuation(10:22) Impact of Proposition 13 in California(12:28) Anti-market property tax policies(14:43) Housing crisis and land value(15:46) Sponsors: Safebase(17:17) Housing crisis and land value (Part 2)(27:49) Urban development incentives(29:17) Tokyo's urban planning success(39:23) The abundance movement in housing(40:07) Innovative housing policies(41:24) Government bureaucracy and policy making(49:56) Mass appraisals and property tax fairness(01:00:02) Technological advances in property assessment(01:06:16) Empowering local governments and citizens(01:16:02) Wrap

Podcast: Complex Systems with Patrick McKenzie (patio11) Episode: AI, data centers, and power economics, with Azeem AzharRelease date: 2025-02-27Get Podcast Transcript →powered by Listen411 - fast audio-to-text and summarizationPatrick McKenzie (patio11) is joined by Azeem Azhar, writer of the Exponential View newsletter, to discuss the massive data center buildout powering AI and its implications for our energy infrastructure. The conversation covers the physical limitations of modern datacenters, the challenges of electricity generation, the societal ripples from historical largescale infrastructure investments like railways and telecommunications, and the future of energy including solar, nuclear and geothermal power. Through their discussion, Patrick and Azeem explain why our mental models for both computing and energy systems need to be updated.–Full transcript available here: www.complexsystemspodcast.com/ai-llm-data-center-power-economics/–Sponsors:  Safebase | CheckReady to save time and close deals faster? Inbound security reviews shouldn't slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Recommended in this episode:Azeem's newsletter: https://www.exponentialview.co/ Azeem Azhar's guest essay: The 19th-Century Technology That Threatens A.I. https://www.nytimes.com/2024/12/28/opinion/ai-electricity-power-plants.htmlElectric Twin: https://www.electrictwin.com/ Video of Elon Musk's Colossus https://www.youtube.com/watch?v=Tw696JVSxJQ Complex Systems with Travis Dauwalter on the electrical grid: https://open.spotify.com/episode/5JY8e84sEXmHFlc8IR2kRb?si=35ymIC0UQ5SKdV8rrBcgIw Complex Systems with Austin Vernon on fracking: https://open.spotify.com/episode/0YDV1XyjUCM2RtuTcBGYH9?si=YshjUXPEQBiScNxrNaI-Gw Complex Systems with Casey Handmer on direct capture of CO2 to turn into hydrocarbon: https://open.spotify.com/episode/0GHegWgLSubYxvATmbWhQu?si=xNYBjn0ZTX2IT_pAZ5Ozsg –Twitter:@azeem@patio11–Timestamps:(00:00) Intro (00:27) The power economics of data centers(01:12) Historical infrastructure rollouts(04:58) The telecoms bubble (06:22) Unprecedented enterprise spend on AI capabilities(11:12) Let's have your LLM talk to my LLM(16:44) Is there a saturation point?(19:25) Sponsors: Safebase | Check(21:55) What's in a data center?(24:52) The challenges of data centers(29:40) Geographical considerations for data centers(36:53) Energy consumption and future needs(40:48) Challenges in building transmission lines(41:35) The solar power learning curve(43:51) Small modular nuclear reactors(51:26) Geothermal energy and fracking(01:01:34) The future of AI and energy systems(01:12:57) Wrap

Patrick McKenzie (patio11) explains the standard procedure for large withdrawals in bank branches, with particular focus on the viral story published in The Cut about a woman who withdrew $50,000 cash from a bank and handed it to scammers. Certain minor details in the article set off a year-long investigation where he identified the exact physical location of the bank branch in question, researched the context for the transaction using public records, and obtained new details through FOIA requests. His investigation reveals an underlying narrative that accounts for what actually happened, and provides a worked example for fact-checking in journalism. –Full transcript available here: www.complexsystemspodcast.com/two-americas-one-50k-withdrawal/–Sponsors:  Safebase Ready to save time and close deals faster? Inbound security reviews shouldn't slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast –Recommended in this episode:Two Americas, one bank, and $50,000 cash https://www.bitsaboutmoney.com/archive/two-americas-one-bank-branch/ The Cut, The Day I Put $50,000 in a Shoe Box and Handed It to a Stranger https://www.thecut.com/article/amazon-scam-call-ftc-arrest-warrants.htmlKelsey Piper on Complex Systems https://open.spotify.com/episode/33rHTZVowaq76tCTaKJfRBJim McKenzie on Complex Systems https://open.spotify.com/episode/6ocJirzGTStuf0K9ITM21X–Timestamps: (00:55) Suppose you ask a bank to withdraw $50,000 in cash(07:55) Style magazines sometimes publish hard-hitting journalism(12:36) Reaching out to Vox Media(17:09) Sources of doubt(17:55) Sponsor: Safebase(22:30) The physical reality of bank branches(25:53) In which we became acquainted with brisk walks across Brooklyn(34:42) New York's Finest foil FOIL for a time

Patrick McKenzie (patio11) is joined by Azeem Azhar, writer of the Exponential View newsletter, to discuss the massive data center buildout powering AI and its implications for our energy infrastructure. The conversation covers the physical limitations of modern datacenters, the challenges of electricity generation, the societal ripples from historical largescale infrastructure investments like railways and telecommunications, and the future of energy including solar, nuclear and geothermal power. Through their discussion, Patrick and Azeem explain why our mental models for both computing and energy systems need to be updated.–Full transcript available here: www.complexsystemspodcast.com/ai-llm-data-center-power-economics/–Sponsors:  Safebase | CheckReady to save time and close deals faster? Inbound security reviews shouldn't slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Recommended in this episode:Azeem's newsletter: https://www.exponentialview.co/ Azeem Azhar's guest essay: The 19th-Century Technology That Threatens A.I. https://www.nytimes.com/2024/12/28/opinion/ai-electricity-power-plants.htmlElectric Twin: https://www.electrictwin.com/ Video of Elon Musk's Colossus https://www.youtube.com/watch?v=Tw696JVSxJQ Complex Systems with Travis Dauwalter on the electrical grid: https://open.spotify.com/episode/5JY8e84sEXmHFlc8IR2kRb?si=35ymIC0UQ5SKdV8rrBcgIw Complex Systems with Austin Vernon on fracking: https://open.spotify.com/episode/0YDV1XyjUCM2RtuTcBGYH9?si=YshjUXPEQBiScNxrNaI-Gw Complex Systems with Casey Handmer on direct capture of CO2 to turn into hydrocarbon: https://open.spotify.com/episode/0GHegWgLSubYxvATmbWhQu?si=xNYBjn0ZTX2IT_pAZ5Ozsg –Twitter:@azeem@patio11–Timestamps:(00:00) Intro (00:27) The power economics of data centers(01:12) Historical infrastructure rollouts(04:58) The telecoms bubble (06:22) Unprecedented enterprise spend on AI capabilities(11:12) Let's have your LLM talk to my LLM(16:44) Is there a saturation point?(19:25) Sponsors: Safebase | Check(21:55) What's in a data center?(24:52) The challenges of data centers(29:40) Geographical considerations for data centers(36:53) Energy consumption and future needs(40:48) Challenges in building transmission lines(41:35) The solar power learning curve(43:51) Small modular nuclear reactors(51:26) Geothermal energy and fracking(01:01:34) The future of AI and energy systems(01:12:57) Wrap

In this episode, Patrick McKenzie (@patio11) responds to a recent request by a crypto unicorn founder / bank CEO to retract his essay Debanking (and debunking?). Come for the note about editorial standards and independence, stay for the diss track. –Full transcript available here: https://www.complexsystemspodcast.com/editorial-standards-and-independence/–Sponsors:  Safebase | CheckReady to save time and close deals faster? Inbound security reviews shouldn't slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Recommended in this episode:Debanking (and debunking?): https://www.bitsaboutmoney.com/archive/debanking-and-debunking/CEO: Retract your debanking article? Me: No. https://www.kalzumeus.com/2025/02/10/retraction-request-denied/Geekiest rap single in history https://suno.com/song/c5ac7441-4a0b-4e5e-9c85-480e3ba63fc1 –Twitter:@patio11–Timestamps:(00:00) Intro(03:04) Musical interlude(04:56) Return to commentary(06:35) You can't please everyone(08:06) The bar for retraction is high(10:07) Our review of the retraction request(10:37) “A few areas were incorrect or misleading”(16:12) “Lots of omission of key facts”(18:57) “Missing the point about what we mean by debunking”(20:40) Sponsors: Safebase | Check(25:00) Our response to McCauley's testimony(28:24) McCauley's concluding remarks and our response(30:21) Bank CEOs do not often ask writers for retractions(34:20) Some context regarding custodial banks(40:50) Returning to our regularly scheduled programming

In this episode, Patrick McKenzie (@patio11) is joined by Zeke Faux, investigative reporter at Bloomberg and author of Number Go Up, to discuss stablecoins and crypto fraud. They dive into Tether's controversial history, the senate's emerging GENIUS act, and how crypto enables various types of financial crime. The conversation explores how Tether went from a “quilted collection of red flags” to becoming crypto's dominant stablecoin, its noteworthy relationship with Sam Bankman-Fried's FTX, and its current political maneuvering. They also discuss the societal value of financial regulation versus laissez-faire approaches to consumer protection.–Full transcript available here: www.complexsystemspodcast.com/zeke-faux-stablecoins-tether/–Sponsors:  CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Recommended in this episode:Number Go Up: https://zekefaux.com/Anyone Seen Tether's Billions? Zeke Faux, Bloomberg Businessweek: https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether Patrick's review of Number Go Up: https://www.bitsaboutmoney.com/archive/a-review-of-number-go-up-on-crypto-shenanigans/ Doesn't Matter, That's Reg E: https://suno.com/song/173bbd67-92f7-4868-930f-efeca4b373c0–Twitter:@zekefaux@patio11–Timestamps:(00:00) Intro(00:45) The GENIUS act of 2025(02:28) Tether's audit controversy(05:49) The origins and impact of Tether(08:17) Investigative reporting and red flags(12:58) Tether's shady business practices(19:23) Tether meets SBF(21:40) Sponsor: Check(22:51) New anecdotes in the Number Go Up paperback(28:53) The role of stable coins in crime(38:20) The importance of AML and KYC rules(44:21) Financial privacy(45:18) Sam Bankman-Fried's conference in the Bahamas(47:14) Loot NFTs(49:34) Axie Infinity: a case study(52:30) Crypto's real-world consequences(58:15) Regulation and financial safety(01:05:40) Stablecoin bill and ownership limits(01:06:50) Political realignment and crypto(01:14:40) Citizen journalists and the crypto-skeptic community(01:20:36) The abilities and limitations of institutional journalists(01:26:00) Wrap

Patrick McKenzie (@patio11) is joined by Travis Dauwalter, energy enthusiast (and PhD), to explain the systems we often take for granted behind the US electrical grid. The conversation covers how the grid maintains perfect supply-demand balance in real-time, the challenges of integrating renewable energy sources, and why America actually has three separate interconnected grids. Patrick and Travis weave through the economics of power generation, transmission line physics, and how data centers are reshaping energy markets. (Also, in a bit of a surprise, Patrick defends the honor of Bitcoin miners.)–Full transcript available here: complexsystemspodcast.com/electricity-grids-travis-dauwalter/–Sponsors:  CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Utility Dive: https://www.utilitydive.com/ The Bitter Lesson by Rich Sutton: https://www.cs.utexas.edu/~eunsol/courses/data/bitter_lesson.pdf Austin Vernon on Fracking: https://open.spotify.com/episode/0YDV1XyjUCM2RtuTcBGYH9Casey Handmer on Solar Economics: https://open.spotify.com/episode/0GHegWgLSubYxvATmbWhQu –Twitter:@TravisDauwalter@patio11Travis' LinkedIn: https://www.linkedin.com/in/travisdauwalter/ –Timestamps: (00:00) Intro(00:28) Understanding the energy grid(02:22) The complexity of supply and demand(05:43) Regional differences in energy grids(08:16) Seasonal and daily energy demand(11:22) Renewable energy and storage solutions(17:17) Sponsor: Check(18:29) Renewable energy and storage solutions (continued)(24:07) Demand response and time of use rates(34:08) Bitcoin mining and energy economics(39:29) Exploring behind the meter arrangements(40:44) Transmission line challenges and innovations(45:51) Dynamic line rating and grid efficiency(50:58) Data centers and energy demand(58:33) Interconnection queue and grid security(01:03:38) Understanding the US grid structure(01:09:46) Wrap

In today's episode Patrick McKenzie (@patio11) examines a Chicago casino investment, first of its kind within the city limits. Patrick reads from his Bits About Money essay (published January 2025) with additional commentary based on recent developments. The discussion reveals how municipal politics, grievances about national and local economic history, and creative financing intersect for ‘a very Chicago gamble.' –Full transcript available here: www.complexsystemspodcast.com/the-landmines-buried-in-the-fine-print-of-chicagos-new-casino-deal/–Sponsors:  Vanta | GiveWell | CheckVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Bits About Money: https://www.bitsaboutmoney.com/archive/chicago-casino-investment-offering/ The Story of Vaccinate CA: https://worksinprogress.co/issue/the-story-of-vaccinateca/ The Conservative Investor: https://www.patreon.com/theconservativeincomeinvestor Complex Systems interview with Jim McKenzie: https://open.spotify.com/episode/6ocJirzGTStuf0K9ITM21X?si=7HA0RhEOS8GFsA1MlY-EVw–Twitter:@patio11–Timestamps: (00:00) Intro(01:43) Chicago has wanted a casino for a long time(04:55) The stock offering(10:29) Chicago's peculiar definition of minority(14:04) Sponsors: Vanta | Check(16:26) Reading a complex corporate structure(20:29) Is this valuation a gift to investors?(23:20) Capital stack arbitrage(30:04) The casino will not distribute profits, per se(32:45) Tax consequences of this offering(38:34) In conclusion

Patrick McKenzie (@patio11) revisits his March 2023 essay that explained the dynamics of bank runs and system stress during the banking crisis one month prior. With data from a newly released Federal Reserve paper, he analyzes the true scope of the banking stress - including revelations that 22 banks experienced severe deposit outflows, far more than publicly known at the time. While officials blamed social media for bank runs, data shows institutional players, not retail depositors, drove the events. –Full transcript available here: www.complexsystemspodcast.com/banking-crisis-two-years-later/–Sponsors:  Vanta | GiveWell | CheckVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Bits About Money: https://www.bitsaboutmoney.com/archive/banking-in-very-uncertain-times/Federal Reserve Report: Tracing Bank Runs in Real Time https://www.newyorkfed.org/research/staff_reports/sr1104.html Byrne Hobart's blog The Diff: https://www.thediff.co/ Matt Levine's blog Money Stuff: https://www.bloomberg.com/account/newsletters/money-stuff –Twitter:@patio11–Timestamps: (00:00) Revisiting the March 2023 essay(01:47) The Fed's study(11:21) Why are banks failing?(14:41) A useful heuristic from bond math(18:05) Sponsors: Vanta | Check(21:00) Maturity transformation(29:54) Sponsor: GiveWell(30:42) Liquidity problems are the proximate cause of bank failures(33:43) Trying to forestall a banking crisis(40:16) Deposit insurance expansion(47:12) Deposit insurance has some legacy issues(52:04) What would happen if my bank were to go into receivership this weekend?(59:46) What should users of the banking system do?(01:04:09) Parting thoughts(01:05:08) Footnote

Today on Upstream, we're releasing an interview between Erik Torenberg and Patrick McKenzie. Patrick discusses Operation Chokepoint, the origins of debanking, and how it affects the crypto industry, offering detailed insights into the political motivations, regulatory complexities, and practical ramifications of such banking decisions. —

In this episode, Patrick McKenzie (@patio11) unpacks his 24k word essay Debanking (and Debunking?) originally published on Bits about Money. He discusses the contours of recent debanking claims made by the crypto community, notably Marc Andreessen, Nic Carter, and explains how banking actually works as infrastructure rather than conspiracy.  The conversation moves from Operation Chokepoint's documented history to current claims about coordinated action against certain industries, while highlighting how banking access challenges disproportionately affect those who are "relatively less resourced, relatively less educated."–Full transcript available here: www.complexsystemspodcast.com/debanking-patrick-mckenzie/–Sponsors:  Vanta | GiveWell | CheckVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Debanking (and Debunking?) https://www.bitsaboutmoney.com/archive/debanking-and-debunking/ a16z's Debanking explainer: https://a16zcrypto.com/posts/article/debanking-explained/–Twitter:@patio11@eriktorenberg–Timestamps:(00:00) Intro(00:19) Marc Andreessen's debanking claims(01:02) Understanding debanking and its implications(02:18) Crypto enthusiasts' perspective(07:43) Operation Chokepoint: A historical context(18:09) Sponsors: Vanta | Check(20:23) Operation Chokepoint 2.0: The present day(22:12) The fall of Silvergate Bank(29:55) Crypto advocates and Silvergate Bank(30:45) Sponsor: GiveWell(31:43) Understanding bank account closures(32:35) Bodegas and money services businesses(36:38) Crypto companies and credit risk(47:24) Debanking and its broader implications(49:24) Political ramifications and free speech(59:27) Wrap–Complex Systems is part of the Turpentine podcast network.

高雄美術特區2-4房全新落成，《惟美術》輕軌C22站散步即到家，近鄰青海商圈，卡位明星學區，徜徉萬坪綠海。 住近美術館，擁抱優雅日常，盡現驕傲風範！美術東四路X青海路 07-553-3838 －－－－以上訊息由 SoundOn 動態廣告贊助商提供－－－－ 飛碟聯播網《飛碟早餐 唐湘龍時間》2025.01.01 週三財經產業趨勢單元 專訪：早安財經負責人｜沈雲驄 主題：《幣漲無疑：加密貨幣，一場史詩級騙局？》 Zeke Faux 齊克．法克斯 ｜早安財經 好書收藏 https://reurl.cc/04knZ9 「為了尋找一個又一個謊言，作者跑遍世界……幣圈目前為止最好的一本書！」〜Patrick McKenzie（科技作家） ★同時獲得最多媒體肯定，並選為年度好書的財經新書 ★從一開始就非常幽默好看，是全球幣圈最熱的話題書，台灣幣圈也等著讀中文版 ★川普當選後比特幣再創新高，理財族更關心加密貨幣的機會 作者簡介 齊克．法克斯（Zeke Faux） 《彭博商業周刊》與「彭博新聞社」的調查記者，也是「新美國」（New America）的國家研究員。作品以深入報導金融犯罪、詐騙，以及揭露金融業內部陰暗面聞名，幫助公眾了解複雜的現代經濟體系中隱藏的風險與潛在影響。以其獨到的調查視角和深入報導的風格，在金融新聞界備受讚譽。曾榮獲財經新聞界的最高榮譽羅布獎（Gerald Loeb Award）與美國律師協會的銀法槌獎（Silver Gavel Award），亦曾入圍美國國家雜誌獎（National Magazine Award）。現與妻子和三個孩子住在布魯克林。 內容簡介 我是Bloomberg的調查記者，負責追蹤華爾街騙子和股市禿鷹。我喜歡研究騙子如何鑽法律漏洞，並揭穿他們的複雜合約，追蹤他們設立的離岸空殼公司。 對我來說，加密貨幣沒什麼意思，那一看就知道是騙局。明明沒半點價值，一堆人照買不誤。要我寫一篇揭露加密騙局的報導，感覺就像要美食家去評論廉價速食店。 但似乎除了我以外，身邊每個人都去買加密貨幣了。有一個鄰居靠投資加密貨幣，賺到了足夠翻新廚房的錢；另一個鄰居還賺到足以買房子，搬走了。 這下換我開始對加密貨幣感興趣了。當《彭博商業周刊》（Bloomberg Businessweek）主編找我去採訪一個人，我二話不說馬上就接下任務。這個人，就是當時號稱全球最年輕的億萬富豪、創辦FTX、後來如過街老鼠的SBF。 於是我展開了一趟幣圈奇異之旅，從曼哈頓到邁阿密，再到瑞士、義大利、巴哈馬、薩爾瓦多及菲律賓，採訪數百位幣圈賭徒、程式設計師、炒作者與億萬富豪，參加他們的奢華派對，跟著他們買NFT，甚至跑去柬埔寨黑幫人蛇集團大本營，後來他們被司法追捕，我還去過他們的藏身之處。 這本書，是我這趟旅程的紀錄，記載了你在捧著鈔票跳進幣圈前，應該先知道的事…… 沈雲驄的世界財經筆記 https://reurl.cc/Gp3Y6y 聽沈雲驄說財經 linktr.ee/goodmoneytalk ▶ 《飛碟早餐》FB粉絲團  / ufobreakfast  ▶ 飛碟聯播網FB粉絲團  / ufonetwork921  ▶ 網路線上收聽 http://www.uforadio.com.tw ▶ 飛碟APP，讓你收聽零距離 IOS：https://reurl.cc/3jYQMV Android：https://reurl.cc/5GpNbR ▶ 飛碟Podcast SoundOn : https://bit.ly/30Ia8Ti Apple Podcasts : https://apple.co/3jFpP6x Spotify : https://spoti.fi/2CPzneD KKBOX：https://reurl.cc/MZR0K4 -- Hosting provided by SoundOn

In this special episode, Patrick McKenzie (@patio11) and his EA/producer Sammy Cottrell examine the production function behind Complex Systems, from studio logistics to transcript annotation and guest selection. They reflect on their most memorable episodes while discussing the podcast's core mission of making complex systems more legible and ensuring valuable content remains freely available on the internet. The conversation explores the subjective best episodes from 2024, plans for the year ahead, and how LLMs might transform both the systems they study and how we write about them.–Full transcript available here: https://www.complexsystemspodcast.com/2024-year-in-review-sammy-cottrell/–Sponsor: Vanta | GiveWell | Check Vanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Ricki Heicklen on Complex Systems: https://open.spotify.com/episode/11kEUYRn4gXZGju232hzcgCasey Handmer on Complex Systems: https://open.spotify.com/episode/0GHegWgLSubYxvATmbWhQuDan Davies on Complex Systems: https://open.spotify.com/episode/5QKxzgumJXSQuaWCmYAoM9Zvi Mowshowitz on Complex Systems: https://open.spotify.com/episode/4itdtJFLCpLQNd2g1zTtdDRoss Rheingans-Yoo on Complex Systems: https://open.spotify.com/episode/4GiO0KYqxJNCIdltCyhN6mPatrick's talk at Manifest 2024 (Manifold): https://www.youtube.com/watch?v=vfiiXq_bE1c Article mentioned - ‘50K in a Shoebox': https://www.thecut.com/article/amazon-scam-call-ftc-arrest-warrants.htmlCopenhagen theory of culpability: https://laneless.substack.com/p/the-copenhagen-interpretation-of-ethics –Twitter:@patio11@haththerescuer–Timestamps:(01:04) Introducing Sammy(01:37) The offscreen symphony behind Complex Systems(07:19) Production supply chain and transcript philosophy(08:40) LLMs of choice(15:11) Sponsors: Vanta | Check(21:21) Favorite episodes(25:49) Sponsor: GiveWell(27:15) Beyoncé(28:47) More subjectively favorite episodes(32:34) Thesis of Complex Systems(34:07) Canon in operations research(40:51) Sabbatical mode(48:52) Bits about Money and other writing in 2024(51:22) On paywalls and not implementing them(54:29) LLM plans for 2025–Complex Systems is part of the Turpentine podcast network.

In this episode, Yatharth (@askyatharth), a graduate student and software engineer, turns the tables to interview Patrick McKenzie (@patio11) about cultural codes, writing, and AI. Patrick shares how his early experiences fighting credit report errors and navigating cross-cultural business environments led to his distinctive approach to understanding and writing about institutional systems. The conversation spans from Patrick's methodical exploration of banking infrastructure to his predictions about LLMs, weaving in personal stories about dating, parenthood, and bridging American and Japanese cultures along the way.–Full transcript available here: www.complexsystemspodcast.com/outside-view-yatharth/–Sponsors:  CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Yatharth's writing https://itsyatharth.substack.com/Rules for Radicals by Saul Alinsky https://en.wikipedia.org/wiki/Rules_for_Radicals Dave Kasten on Complex Systems https://open.spotify.com/episode/66SSmxK2Kpyef7WUxXxS6w?si=5EZYfZ7gThG8WV7hSs1aFQLars Doucet on Complex Systems https://open.spotify.com/episode/2XQjSGCfW6XIu1AFB4oZeR?si=n3C28PymT6m7pPqFb2NE8QBits about Money: https://www.bitsaboutmoney.com/ –Twitter:@askyatharth@patio11–Timestamps: (00:00) Intro(01:30) Patrick's early interest in credit cards(03:53) Navigating financial challenges(05:10) Becoming a financial advisor(10:35) Cultural and educational insights(18:57) Sponsor: Check(22:14) Personal stories and reflections(25:48) Parenting and cultural integration(33:26) Writing and storytelling journey(37:35) Translating financial systems for a new audience(39:08) The role of AI in writing and style transfer(40:46) The concept of alpha in writing(44:48) Legal advice and AI's role(52:12) The impact of AI on bureaucratic systems(01:04:22) Reflections on government software and policy(01:13:49) Sabbatical insights and future interests(01:18:52) Wrap– Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

In this episode, Patrick McKenzie (patio11) is joined by Joshua Morrison, the CEO of advocacy non-profit 1Day Sooner. They discuss what worked and what didn't in Operation Warp Speed's unprecedented push to develop COVID-19 vaccines. The conversation then turns to the future of pandemic preparedness, particularly the promising (and underappreciated) clean air technology. Throughout, Joshua and Patrick illuminate how institutional design choices, political incentives, and technical constraints shape our ability to respond to public health challenges.–Full transcript available here: www.complexsystemspodcast.com/warp-speed-joshua-morrison/-Sponsors: GiveWell | CheckSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. First-time donors get $100 matched. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:1Day Sooner: https://www.1daysooner.org/Patrick's Complex Systems interview with Ross Rheingans-Yoo: https://open.spotify.com/episode/4GiO0KYqxJNCIdltCyhN6m Patrick's Complex Systems interview with Dave Kasten about building VaccinateCA https://open.spotify.com/episode/66SSmxK2Kpyef7WUxXxS6w?si=VsSJMkktQiSGxtn9bFoOWATakeda's licensing deal with Moderna: https://www.takeda.com/newsroom/newsreleases/2021/takeda-announces-approval-of-modernas-covid-19-vaccine-in-japan/Bits about Money: https://www.bitsaboutmoney.com/ –Twitter:@joshcmorrison@patio11–Timestamps:(00:00) Intro (00:56) The role of challenge studies in vaccine development(09:24) Understanding vaccine platforms (18:33) Sponsor: Check (19:46) Regulatory system insights and future improvements(20:41) Lessons for our regulatory system(29:55) First doses first debate(37:35) The surprising nature of COVID-19(39:30) Vaccine hesitancy and public communication(42:08) Political influence on vaccine distribution(58:28) Indoor air quality and disease prevention(01:06:52) Future of public health initiatives(01:12:27) Wrap

In this episode, Patrick McKenzie (patio11) and Lars Doucet, the author of Land is a Big Deal, discuss how cities determine your property's value and collect taxes. They explore how assessment offices juggle political pressures, statistical models, and technological tools while trying to maintain equity across millions of properties. They also cover why assessment offices are separate from tax collectors, how property value protests actually work, and why your neighbor's house might be assessed differently than yours.–Full transcript available here: www.complexsystemspodcast.com/property-assessment-lars-doucet/–Sponsors: GiveWell | CheckSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. First-time donors get $100 matched. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Lars' book: https://www.landisabigdeal.com/Lars' blog: https://www.fortressofdoors.com/ Bits about Money: https://www.bitsaboutmoney.com/ –Twitter@larsiusprime@patio11–Timestamps(00:00) Introduction(00:23) How property taxes work (Texas Example)(02:45) The political art of avoiding tax rate blame(05:53) Sources of real estate data(08:08) Historical property assessment(11:04) Statutory guidance vs. Actual practice on market value assessment(14:25) Tax rate strategy and sandbagging(15:17) Assessed value vs market value(16:16) Assessment caps and Prop 13 (18:22) Sponsor: GiveWell | Check(20:27) Data collection in the field(22:54) Data collection methods(25:08) Property valuation: Beyond location and correlative factors(26:52) Depreciation of buildings(27:37) Orthodox view of depreciation(30:53) Real estate cultural differences(33:59) Urban redevelopment and land value(36:59) Small business realities and perceptions(46:19) Property tax protests(50:45) Predictive protests(52:19) Accuracy vs equity testing(58:50) Cook county assessor's office(1:01:11) Lars's background(1:05:38) What is GIS?(1:09:52) Wrap

In this episode, Patrick McKenzie (patio11) offers a reading of his viral essay, "The optimal amount of fraud is non-zero" with extensive live commentary. Patrick examines payment systems, benefits programs, and pandemic-era policies, to uncover how businesses and governments often intentionally accept some level of fraud as a cost of doing business. Reducing fraud to zero would require such restrictive verification that it would severely hamper legitimate commerce and social programs. Using examples from credit card processing to PPP loans, Patrick illustrates how different industries calibrate their tolerance for fraud based on their margins, mission, and societal role.–Full transcript available here: https://www.complexsystemspodcast.com/fraud-choice-patrick-mckenzie–Sponsor: GiveWell | CheckSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. First-time donors get $100 matched. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Bits about Money, "The optimal amount of fraud is non-zero" https://www.bitsaboutmoney.com/archive/optimal-amount-of-fraud/Bits about Money, "The fraud supply chain" https://www.bitsaboutmoney.com/archive/the-fraud-supply-chain/ Dan Davies on Complex Systems https://open.spotify.com/episode/5QKxzgumJXSQuaWCmYAoM9?si=AWkgvWEBSymrQNqpehg5tQ–Twitter:@patio11-Timestamps:(00:00) Intro (00:32) Origins of the essay and Dan Davies' influence(02:16) Fraud is a policy choice(04:56) The unique nature of fraud enforcement (07:54) Who pays for payment fraud?(12:55) Fraud as a necessary business expense(21:13) Sponsors: GiveWell & Check(27:43) Credit reports(29:19) Anti fraud loops used in online commerce(35:38) Different business tolerances for fraud(37:20) High vs low margin fraud strategies(41:40) Fraud in Benefit Systems and Pandemic Programs(43:29) Taxes(45:38) Fraud as an intended component(51:55) Wrap

Patrick McKenzie (patio11) is joined by Max Chiswick, a former professional poker player turned AI educator, to explore how poker intersects with decision making. They discuss how the online poker boom created unprecedented opportunities to study decision-making at scale and how computational advances have transformed both the game's theory and practice. They dig into how poker serves as a laboratory for studying decision-making under uncertainty, pattern recognition, and opponent modeling, while also examining the sometimes problematic incentives that emerge in both online gambling and AI development.–Full transcript available here: https://www.complexsystemspodcast.com/ai-poker-max-chiswick/–Sponsor: CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Max's website: https://maxchiswick.com/Max's startup for AI and Game Strategy: https://overbet.ai/The Expected Value Foundation & poker camp course: https://expectedvalue.org/Patrick's Bits about Money: https://www.bitsaboutmoney.com/–Twitter:@chisness@patio11-Timestamps:(00:00) Intro(00:26) Max's background and journey into poker(03:45) The credit card rewards game tangent(06:12) Why poker matters: reasoning and decision-making(07:49) The problem areas in the poker AI space(09:38) Poker as an assistive technology for reasoning(10:59) Online poker history(16:14) Understanding multitabling(21:14) Casino economics and gambling regulation(22:55) Sponsor: Check(26:32) PokerStars VIP program and professional incentives(29:47) Playing a million hands in a month(37:26) AI poker history and counterfactual regret minimization(43:35) Poker complexity(45:01) The impact of solvers on modern poker(45:52) Understanding poker game theory and decision trees(49:26) Recent developments in poker AI education(50:27) Teaching programmers to build poker bots(53:05) Wrap –Complex Systems is part of the Turpentine podcast network, the network behind Econ 102 with Noah Smith, The Riff with Byrne Hobart, and Turpentine VC. Turpentine also has a social network for top tech founders: https://www.turpentinenetwork.com/

By popular demand, Patrick McKenzie (patio11) is joined by Byrne Hobart for a 3rd conversation to discuss Byrne's book "Boom: Bubbles and the End of Stagnation." They explore how periods of irrational market enthusiasm often create lasting value despite their painful endings. Using examples from the 1990s fiber optic boom that enabled modern streaming to today's AI investment surge, they examine how even when investment manias end badly, they frequently pull forward crucial technological development that benefits society long-term. Byrne and Patrick weave through historical cases like Bell Labs to present day examples in crypto and energy infrastructure, revealing hidden cycles where speculative excess can drive genuine innovation.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/boom-busts-and-long-term-progress-with-byrne-hobart-2/–Sponsor: CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Order Byrne Hobart's book Boom: Bubbles and the End of Stagnation on Stripe Press / Bookshop / Amazon here: https://press.stripe.com/boomThe Diff Capital Gains The Reckoning by David Halberstam: https://www.amazon.com/Reckoning-David-Halberstam/dp/0380721473Austin Vernon on Fracking, Complex Systems Podcast: https://open.spotify.com/episode/0YDV1XyjUCM2RtuTcBGYH9?si=CDrPD3nNSP-MUV60qffglg–Twitter:@byrnehobart@patio11-Timestamps:(00:00) Intro(00:25) Discussing the book: Boom, Bubbles, and the End of Stagnation(01:08) Economic growth and productivity(04:42) Technological advancements and corporate R&D(07:31) The role of government and private sector(13:42) Sponsor: Check(14:57) Economic history and industrial evolution(20:12) Japanese industrial planning and efficiency(27:16) The dot-com boom and fiber optic investment(31:21) Bondholders vs. equity investors: A comparative analysis(32:32) Google's strategic fiber investments(32:56) The evolution of online video and YouTube's rise(35:22) The dot-com bubble and its aftermath(44:06) The housing bubble(49:39) Financial manias and reflexivity(52:23) The SaaS ecosystem and startup growth(54:58) Stripe and the evolution of online payments(01:00:22) Crypto(01:04:58) The value of currency and crypto(01:06:36) Exchange tokens and financial models(01:08:55) Crypto's impact on financial systems(01:10:41) The evolution of banking technology(01:13:18) Crypto regulations and financial freedom(01:17:28) Smart contracts and financial innovation(01:26:47) The role of AI in technological advancements(01:29:18) The future of energy: Geothermal and fracking(01:41:39) The journey of writing ‘Boom'(01:42:57) Wrap

This week, I talk with Patrick McKenzie, better known online as “patio11.” Patrick has built an impressive career by sharing his insights publicly, with more than three million words published to date. From his years at Stripe to his current sabbatical, Patrick's journey proves that the “traditional path” is not always the best one. We explore how his love for systems thinking and complex problem-solving has shaped his career. He shares candidly about his 20 years in Japan, navigating work-life balance, his evolving thoughts on autonomy, and how writing has opened doors to unexpected opportunities. Known for his deep dives into topics you didn't realize you cared about, Patrick brings fresh perspectives on tech, culture, and finding meaning in work. Let's get to it! In this episode: (00:00) - Intro (03:10) - Why gaming is underrated for learning real-world skills (06:21) - Why do thieves steal soap? (08:54) - Following intellectual curiosity (13:18) - Call centers and organizational systems (22:39) - Lessons from 20 years in Japan (28:30) - The salaryman (37:08) - Patrick's transition to entrepreneurial ventures (39:09) - How to know what to keep and what to change (42:14) - Dealing with career uncertainty (52:08) - Professionals vs amateurs (57:14) - Lessons from Stockfighter (01:01:07) - Stripe and stepping into the void (01:21:50) - The impact of writing and sharing knowledge (01:26:30) - The relationship between community and impact Get full show notes and links at https://GoodWorkShow.com. Watch the episode on YouTube: https://www.youtube.com/@barrettabrooks.

This week, stories about the things we sometimes need to do to get a decent bite to eat.    Table Diving by Patrick Mckenzie In our first story, Patrick explores the odd temptation and social taboo of "table-diving"—taking leftover food from strangers' plates. Through his inner thoughts and expert interviews, the episode delves into themes of etiquette, hygiene, and practicality behind the peculiar act of table-diving.  To take or not to take—would you dare snatch that chip? Don't worry, human pigeon, your secret's safe with us. Produced by Patrick McKenzie with Supervising Production by Mark Yin.   Big Rat by Miles Mazzocato In the next story, Miles tells a story of confronting a community of rats: a symbol of the sacrifices needed for survival. As one weighs the cost of economic stability against the value of joy, the harsh reality of their choices becomes painfully clear.  When the pasta is cold, wet, and rosemary can't fix it, maybe it's time to question if survival alone is worth the taste.   Around the back by Danielle O'Neal, Inger Kviseth, Doreen Lee and Christina Lu  In our third story, Charlie, a performer, shares his weekly adventures of dumpster diving with his partner, Jenny, uncovering treasures like Dutch chocolates and olive oil.  Highlighting systemic inefficiencies and hypocrisy of supermarket chains, the story exposes the paradox of food abundance and waste in a world facing hunger. Dumpster dive, gourmet finds; a treasure hunt worth a try.   Would you like to get involved in audio storytelling? Audio Club Come along to Audio Club to meet other makers and collaborate on fun, low-stakes creative challenges. In November we're running a 24-hour radio challenge! Details here: https://forms.gle/yYWyxaibKvmrbsnf8   The Jesse Cox Audio Fellowship Or, if you're already a budding maker, make sure you take a look at the Jesse Cox Audio Fellowship. We're supporting four emerging audio producers with some cash, tailored mentorship and workshops in 2025. Full details here.   All The Best Credits Executive Producer Phoebe Adler-Ryan Editorial Producer Mel Bakewell Host Madhuraa Prakash Episode Mixed and Compiled by Emma Higgins Cover Art by Miles Mazzocato  See omnystudio.com/listener for privacy information.

In this episode, Patrick McKenzie (patio11) is joined by Erik Torenberg, the founder of Turpentine, to discuss the fundamentals of money movement and banking systems. Patrick breaks down how banks facilitate transfers through correspondent accounts and clearinghouses, explaining the evolution from physical check movement to digitization. They cover the gold standard's history, and then dig into stablecoins and their implications for the future of finance.–Full transcript available here: https://complexsystemspodcast.com/money-movement-erik-torenberg–Sponsor: CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Bits about Money - Bank Transfers https://www.bitsaboutmoney.com/archive/bank-transfers-as-a-payment-method/Bits about Money - Stablecoins https://www.bitsaboutmoney.com/archive/stablecoin-mechanisms-and-use-cases/–Twitter:@patio11@eriktorenberg-Timestamps:(00:00) Intro(00:49) What is money?(02:39) How money moves(06:00) Banking and correspondent accounts(07:59) Clearing houses and payment systems(12:09) The gold standard and fractional reserve banking(18:15) Introduction to stablecoins(19:38) Sponsor: Check(21:31) Stablecoin models and issues(27:30) Crypto skepticism and innovations(30:53) Regulatory arbitrage and future of money(36:36) Wrap

In this episode, Patrick McKenzie (patio11) is joined by Ross Rheingans-Yoo to discuss drug development and clinical trials. Ross breaks down how drugs progress from academic research through FDA approval, the challenging economics, and the many systemic inefficiencies in the current approval process. Patrick and Ross discuss historical cases like the thalidomide crisis that shaped FDA policy, the evolution of accelerated approvals during the AIDS epidemic, and lessons from COVID-19 trials. Ross shares his current work rescuing abandoned promising drugs from bankruptcy.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/drug-development-ross-rheingans-yoo/ –Sponsors: Manifold Markets | CheckManifold is my favorite prediction market platform, making it easy to bet on anything from elections to crypto drama. Get started with a bonus at https://manifold.markets/complexsystems when you spend $20. Play money markets open to anyone; cash prizes only available to U.S. residents of at least 18 years of age. Terms and conditions apply.Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Ross' newsletter: https://essays.soletta.vc Ross' blog post on drug development costs: https://blog.rossry.net/100x/Ross' blog post on lessons from thalidomide https://blog.rossry.net/thalidomide/ –Twitter:@patio11@_rossry–Timestamps:(00:00) Intro(02:28) Ross' career transition to drug development(03:12) The drug development process(06:22) Clinical trials and FDA approval(11:48) Challenges in clinical trials(14:50) Case study: COVID-19 trials(18:00) Sponsors: Manifold Markets | Check(19:55) Pharmaceutical economics(38:13) Rare diseases and regulatory strategies(45:18) Advanced market commitments explained(45:54) Operation warp speed and its impact(47:45) How to get accelerated approvals(52:49) The thalidomide tragedy and its legacy(01:03:17) Modern regulatory challenges and patient advocacy(01:07:14) Reviving abandoned drugs(01:12:06) Innovative approaches to drug trials(01:24:26) The future of pharmaceutical development(01:26:34) Wrap–Complex Systems is part of the Turpentine podcast network. Turpentine also has a social network for top founders and execs: https://www.turpentinenetwork.com/

In this episode, Patrick McKenzie (patio11) is joined by economist and fraud researcher Professor Jetson Luis-Leder to examine the systemic issues underlying government program fraud. Jetson and Patrick discuss healthcare fraud cases, including hospice eligibility manipulation and ambulance transport schemes, and other fraud practices against unemployment and the PPP program. The discussion reveals how institutional constraints, technological limitations, and policy design choices create opportunities for both beneficial and harmful rule violations. They also analyze the ROI of fraud prevention measures, the effectiveness of whistleblower incentives, and how bureaucratic systems can be redesigned to prevent abuse.–Full transcript available here: https://www.complexsystemspodcast.com/defrauding-government-jetson-leder-luis–Sponsors: Check | WorkOSCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-Network–Links:Jetson's website: https://sites.bu.edu/jetson/ Paper: Ambulance Taxis by Jetson Leder-Luis Ambulance Taxis: The Impact of Regulation and Litigation on Health Care Fraud Paper: Did FinTech Lenders Facilitate PPP Fraud by John M Griffin, Samuel Kruger, Prateek Mahajan https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3906395Paper: Is Fraud Contagious by John M Griffin https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4599654Paper: Unemployment Insurance Fraud in the Debit Card Market by Jetson Leder-Luis with Umang Khetan, Yunrong Zhou and Jialan Wang  https://www.nber.org/papers/w32527 Book: Recoding America by Jennifer Pahlka https://www.amazon.com/Recoding-America-Government-Failing-Digital-ebook/dp/B0B8644ZGYPodcast: Jennifer Pahlka on Ezra Kleinhttps://open.spotify.com/episode/2VPErCIG1pbcnYFBojrKcG Podcast: Dave Guarino on Odd Lots https://open.spotify.com/episode/43HI3NuxZGsl13U365xZxa Bits About Money https://www.bitsaboutmoney.com/Related Complex Systems episodes: Dan Davies and Dave Guarino's episodes–Twitter:@patio11@jetson_econ–Timestamps:(00:00) Intro(02:04) Overview of Medicare/Medicaid(02:41) Estimated $50-100B fraud losses(03:31) Taxonomy of healthcare fraud(08:04) Hospice fraud; potentially saved money(16:33) A $10 billion asterisk: ambulances for dialysis patients(21:30) Sponsors: Work OS | Check(24:45) Complexities of fraud detection and prevention(39:02) Pandemic fraud (41:34) Findings on PPP loans fraud(48:19) Supply chain of fraud(52:06) Policy and enforcement challenges(01:08:32) Whistleblower programs (01:14:54) Final thoughts–Complex Systems is part of the Turpentine podcast network. Turpentine also has a social network for top founders and execs: https://www.turpentinenetwork.com/

In this episode, Patrick McKenzie (patio11) is joined by Moses Kagan, co-founder of Adaptive Realty, ReSeed, and Reconvene. Their deep dive into real estate investing and property management covers the different classes of apartment buildings, the challenges of property management, and the complexities of financing structures in the industry. They examine how the internet has transformed capital raising, the significance of cap rates, the effects of supply and demand on property values, and a comparison of the real estate markets in different major cities. The episode is in many ways a follow up to Patrick's conversation with Jim McKenzie and offers a window into the opaque world of real estate investment.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/real-estate-moses-kagan/–Sponsor: CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Moses Kagan's blog: https://kagansblog.com/Reconvene Conference: https://www.reconvene.com/Seth Godin's book Permission Marketing: https://www.amazon.com/Permission-Marketing-Strangers-Friends-Customers/dp/0684856360Bits About Money: https://www.bitsaboutmoney.com/Jim McKenzie on Complex Systems: https://open.spotify.com/episode/6ocJirzGTStuf0K9ITM21X–Timestamps:(00:00) Intro(00:25) Understanding the stigma of the maligned landlord(04:07) Landlord spectrum: from mom-and-pops to institutional players(05:29) Inside Adaptive Realty(06:13) Owner vs. property manager(07:34) Challenges and complexities of property management(15:00) Capital stacks and loans(18:17) Sponsor: Check(26:25) The role of banks and underwriting in real estate(40:28) Federal subsidies and small scale landlords(44:26) Understanding commercial real estate classes(46:20) Challenges of Class C assets(47:13) Explaining cap rates(52:20) Raising equity for real estate deals(54:16) The syndication process(56:30) The role of brokers and execution risk(01:00:52) Legal structures and documentation(01:10:52) The power of networking and reputation(01:23:14) The impact of supply and demand on rents(01:28:03) Wrap

This week on Upstream, we're releasing a conversation between Patrick McKenzie and Byrne Hobart where they navigate the compelling terrains of in-app purchases and restaurant economics. They dive into the monetization strategies of video games and the influence of food delivery platforms like DoorDash on pricing and menu designs and explore the bridge between finance, technology, and human behavior through airport currency exchange models and the emerging role of AI in economic data processing. —

In this episode, Patrick McKenzie (patio11) and Erik Torenberg, investor and the media entrepreneur behind Turpentine, explore the evolving relationship between tech journalism and the industry it covers. They discuss how fictional portrayals of industries greatly inform how jobseekers understand those industries, and how the industries understand themselves. They cover the vacuum in quality tech reporting, the emergence of independent media companies, and industry heavyweights with massive followings. Patrick also brings up the phenomenon of Twitter/Slack crossovers, where coordinated social media action is used to influence internal company policies and public narratives. They examine how this dynamic, combined with economic pressures and ideological motivations, has led to increased groupthink in tech journalism. Expanding on themes covered in Kelsey Piper's episode of Complex Systems, this conversation makes more legible the important ways media affects tech, even though tech is arguably a more sophisticated industry – and why there is a need to move beyond simplistic narratives of "holding power accountable" to provide nuanced, informative coverage that helps people understand tech's impact on society.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/tech-media-erik-torenberg–Sponsors: WorkOS | CheckBuilding an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-NetworkCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to https://checkhq.com/complex and tell them patio11 sent you.–Links:Bits About Money, “Fiction and Finance” https://www.bitsaboutmoney.com/archive/fiction-about-finance/Byrne Hobart's essay on The Social Network https://byrnehobart.medium.com/the-social-network-was-the-most-important-movie-of-all-time-9f91f66018d7Kelsey Piper on Complex Systems https://open.spotify.com/episode/33rHTZVowaq76tCTaKJfRB –Twitter:@patio11@eriktorenberg–Timestamps:(00:00) Intro(00:27) Fiction and Finance: The power of narrative(01:41) The Social Network's impact on career choices(03:34) Cultural perceptions and entrepreneurship(06:04) Media influence and tech industry perception(11:01) The role of tech journalism(14:15) Social media's impact on journalism(19:39) Sponsors: WorkOS | Check(21:54) The intersection of media and tech(39:22) Public intellectualism in tech(57:40) Wrap–Complex Systems is part of the Turpentine podcast network. Turpentine also has a social network for top founders and execs: https://www.turpentinenetwork.com/

Patrick McKenzie (patio11) is joined by his father, Jim McKenzie, for an intimate and in depth exploration of commercial real estate development. They unravel the complex web of relationships, regulations, and often absurd situations that shape our built environment. From the intricacies of curb cuts and driveway permits to the art of navigating local politics and lobbyists, the conversation offers a rare glimpse into the hidden mechanisms of urban development. Jim shares the highlights from his career like transforming day-old bread stores into bank branches, dealing with Chicago's infamous aldermen, and spelunking in archives to find century-old telegrams with enforceable contractual implications.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/the-hundred-year-old-telegram-worth-5-million-with-jim-mckenzie-2/–Sponsor: CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Bits About Money: https://www.bitsaboutmoney.com/archive/why-is-that-bank-branch-there/–Timestamps:(00:00) Intro(00:27) Understanding real estate development with Jim(03:13) The great rail lease story(20:02) How real estate ownership is conducted(25:58) Real estate acquisition strategies(28:39) Sponsor: Check(29:41) Banks and location(34:25) Day-old bread: an opportunity(38:45) The Walgreens development dilemma(40:22) Strategic offers and unusual numbers(42:25) The power of personal relationships(46:37) Navigating real estate offers and execution quality(52:51) The LaSalle Bank acquisition and its impact(54:39) The 2008 quadruple whammy(58:39) The West Town shopping center opportunity(01:05:29) The complexities of real estate deals(01:14:24) The 2008 financial crisis and its ripple effects(01:15:36) The energy industry resurgence post-Ukraine incursion(01:16:07) Navigating utility easements and real estate(01:21:43) The complexities of curb cuts and driveway permits(01:23:46) Chicago's political landscape and real estate development(01:32:37) Lobbying and political influence in development(01:51:58) Wrap–Complex Systems is part of the Turpentine podcast network. Turpentine also has a social network for top founders and execs: https://www.turpentinenetwork.com/

Patrick McKenzie (patio11) is joined again by Byrne Hobart, writer of The Diff, for a follow up conversation about “whales” – and so much more – across the gaming, aviation, software, hospitality and fast food industries. Patrick and Byrne also discuss their writing process, knowledge management, and how they use AI tools.–Full transcript available here: www.complexsystemspodcast.com/byrne-hobart-whales-miscellany–Sponsors: Check | WorkOSCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-Network–Links:The Diff thediff.coCapital Gains capitalgains.thediff.coByrne Hobart's book Boom: Bubbles and the End of StagnationKongregate Presentation: Video (https://www.youtube.com/watch?v=P7SDByLlCHw) Slides (https://blog.kongregate.com/dont-call-them-whales-f2p-spenders-and-virtual-value/)–Twitter:@patio11@byrnehobart–Timestamps:(00:00) Intro(00:45) Economics of video game currencies (02:56) Pricing strategies in mobile gaming (05:08) Monetization skew towards high-end players (08:08) VIP systems and casino host analogy (11:08) Whale behavior in casual games (15:03) Hyper-consuming outliers in other industries(19:09) Sponsors: WorkOS | Check(21:25) Hobbies and opportunity costs (23:01) Custom software for tech billionaires (26:30) Evolution of website development (29:55) Restaurant websites and delivery apps (40:17) McDonald's take rates(44:59) Restaurant groups(53:34) Tech company cafeterias and employee benefits (57:57) Google's business model and economic feedback loops (1:00:57) Early Google investment anecdote (1:02:16) Writing as a memory aid (1:04:46) Using ChatGPT for memory assistance (1:10:30) LLMs as writing and coding aids (1:13:34) Children's interaction with ChatGPT (1:18:11) Arguing with LLMs and using them for research (1:03:00) Wrap–Complex Systems is part of the Turpentine podcast network. Turpentine also has a social network for top founders and execs: https://www.turpentinenetwork.com/

In this episode of Upstream, Erik Torenberg interviews Patrick McKenzie (patio11) about the intricacies of the financial system, focusing on banking, money laundering, and regulatory compliance. They discuss several of Patrick's essays from Bits About Money.  Patrick discusses the three stages of money laundering - placement, layering, and integration - and how the financial system has been deputized to act as law enforcement. The conversation touches on the unintended consequences of strict regulations, including their impact on economic growth and financial inclusion. —

In this episode of Complex Systems, Patrick McKenzie (aka @Patio11) is joined by Dave Guarino, a software engineer and policy wonk. They explore the complexities and challenges of public programs, focusing on SNAP aka CalFresh in California, where Dave was the founding engineer and then director. They discuss how society's complex preferences become policy, driving obviously bad UXes (like 200+ questions for an application) for structural reasons. Patrick and Dave debate structural issues within government agencies that lead to these inefficiencies, the lack of user-centric design, misaligned incentives, a “cavernous gap” in feedback loops, and surprisingly simple ways anyone can influence public policy and improve government systems.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/government-software-dave-guarino/–Sponsors: Check | WorkOSCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-Network–Links:Dave Guarino's newsletter: https://daveguarino.substack.com/Dan Davies episode of Complex Systems: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH–Twitter:@patio11@allafarce–Timestamps:(00:00) Intro(01:03) Complexity of naming government programs(03:45) How policy decisions are made(07:19) Why SNAP applications are so complex(14:17) Why no one stops overly complex applications(18:44) Political economy of different benefit programs(24:56) Sponsor: Check | WorkOS(26:13) Limited visibility into user experience(29:24) Lack of application completion rate tracking(35:27) Starting where you are(43:44) Challenges of modernizing legacy systems(48:35) Broken feedback loops in government(53:01) Tech's understanding of service design(57:07) Issues with improper payments methodology(1:04:45) Effective ways to influence policy(1:09:43) Increasing agency in government agencies(1:14:56) Getting niche policy ideas into circulation(1:18:04) Importance of frontline knowledge and user feedback(1:21:33) Improving government services(1:22:06) Wrap–Complex Systems is part of the Turpentine podcast network. Turpentine also has a social network for top founders and execs: https://www.turpentinenetwork.com/

In this episode of Complex System, the tables are turned and media entrepreneur/investor Erik Torenberg interviews Patrick McKenzie (patio11) about the intricacies of the financial system, focusing on banking, money laundering, and regulatory compliance. They discuss several of Patrick's essays from Bits About Money. Patrick discusses the three stages of money laundering - placement, layering, and integration - and how the financial system has been deputized to act as law enforcement. The conversation touches on the unintended consequences of strict regulations, including their impact on economic growth and financial inclusion.–Full transcript available here: https://www.complexsystemspodcast.com/true-crime-banking-edition–Sponsors: WorkOS | Check Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-NetworkCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Seeing Like a Bank https://www.bitsaboutmoney.com/archive/seeing-like-a-bank/KYC and AMI: https://www.bitsaboutmoney.com/archive/kyc-and-aml-beyond-the-acronyms/Money Laundering and AML Compliance: https://www.bitsaboutmoney.com/archive/money-laundering-and-aml-compliance/Turpentine Media: www.turpentine.coTurpentine network for Tech Founders & Execs: www.turpentinenetwork.co–Twitter:@patio11@eriktorenberg–Timestamps:(00:00) Intro(00:33) Seeing like big tech(06:31) AI, centralization, and information processing(09:23) Crypto vs AI: Thiel's perspective(10:30) Seeing like a bank: ledgers and customer service(19:57) Future of banking customer service(22:27) Societal goals vs banking efficiency(28:58) Sponsors: WorkOS | Check(31:15) Understanding KYC and AML(35:16) Money laundering explained(42:28) Financial system as law enforcement(51:41) Ideal changes in the financial system(52:34) Wrap–Complex Systems is part of the Turpentine podcast network.

Jim Rutledge, Matt Hamilton and Molly Brown react to the crisis for the Packers: how will the team win with Jordan Love sidelined 3-6 weeks? They share their initial reactions to Saturday morning's news that Love only suffered a sprained MCL in the 34-29 loss to Philly in Friday's season opener. How do we feel about the shaky debut for Jeff Hafley's defense, and is Matt ready to renounce his new "guy", Brayden (the Narwhal) Narveson? With Love out and the Packers' brass seemingly adamant that they won't go after any free agent QBs, Jim asks if the Packers can with with their defense and special teams to help carry Malik Willis under center? Jason Wilde joins the show a day early to share some of his insights on the Jordan Love's MCL injury status. Does Jason think the team's medical personnel and Dr. Patrick McKenzie would ever allow Love to be rushed back into action? Is Matt LaFleur just playing mind games with the Colts when talking about Love's "chance" to return and play for Week 2 versus Indy? Jason talks about the performance of the Packers' defense in Friday night's 34-29 loss, and what did he think about some of the erratic play/decisions from Jaire Alexander and return man Keisean Nixon? Jim compares the Bears' ugly 24-17 win in Caleb Williams' debut to how the Packers may need to win while Love is sidelined. Can the Packers win the same way? Jim, Matt & Molly wrap up Hour 1 with Matt explaining how he'll be away for the next 8 shows while making his curling color commentary debut in Colorado, and will Matt have a stronger debut in the booth than Tom Brady on FOX?!?!

Jason Wilde joins the show a day early to share some of his insights on the Jordan Love's MCL injury status. Does Jason think the team's medical personnel and Dr. Patrick McKenzie would ever allow Love to be rushed back into action? Is Matt LaFleur just playing mind games with the Colts when talking about Love's "chance" to return and play for Week 2 versus Indy? Jason talks about the performance of the Packers' defense in Friday night's 34-29 loss, and what did he think about some of the erratic play/decisions from Jaire Alexander and return man Keisean Nixon? Jim compares the Bears' ugly 24-17 win in Caleb Williams' debut to how the Packers may need to win while Love is sidelined. Can the Packers win the same way?

In this episode, Patrick McKenzie (patio11) is joined by Dave Kasten, to discuss their experiences building VaccinateCA, a charitable effort that collected, collated, and distributed vaccine distribution information during the COVID-19 pandemic. (If you Googled for the vaccine, the search results likely came from VaccinateCA's data.) They cover the challenges of rapidly scaling a volunteer-driven organization, the lessons learned about public health infrastructure, the intricacies of interfacing with government bureaucracy, and reasons to be cautiously optimistic about tech/government collaboration.Expanding on a theme from recent episodes (see: Casey Handmer), Dave and Patrick cover the stark differences between government and tech sector's approach to problem-solving. They offer insights into the often-misunderstood world of government operations, the individuals who make it function, and the "scar tissue" of regulations that can both protect and hinder progress.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/tech-government-dave-kasten/–Sponsors: WorkOS | Check  Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-NetworkCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:The Story of VaccinateCA, Works in Progress https://worksinprogress.co/issue/the-story-of-vaccinateca/https://davekasten.substack.com/ https://www.bitsaboutmoney.com/ Complex Systems episode ft. Kelsey Piper (Spotify): https://open.spotify.com/episode/33rHTZVowaq76tCTaKJfRB –Twitter:@patio11@David_Kasten–Timestamps:(00:00) Intro(00:23) Dave Kasten's unique career path(01:37) The beginning of VaccinateCA(03:09) Early challenges and volunteer efforts(07:24) Volunteer coordination and call center operations(10:55) Navigating policies and procedures(14:33) Navigating policies and prioritization(21:00) Adapting to volunteer feedback(22:50) Sponsors: WorkOS | Check(25:07) Public reception and media involvement(35:40) Government and institutional responses(45:59) Differences between tech and government approaches(47:52) Challenges in pandemic information dissemination(49:10) Accuracy and information systems(53:43) Government and agile development(56:51) Bureaucratic constraints and historical practices(01:08:55) Government workforce and technological challenges(01:22:34) The importance of policy engagement(01:33:42) Wrap–Complex Systems is part of the Turpentine podcast network.

Patrick McKenzie (patio11) is joined by Austin Vernon, a petroleum engineer, to discuss the technology and economics of fracking. Austin explains the evolution of drilling technology, the financial ecosystem supporting the oil industry – including the unique "doctor and lawyer money" funding model – and the complex interplay of mineral rights laws and state/local politics in the United States. Patrick and Austin also discuss the cross-pollination of technologies between fracking and emerging fields like geothermal energy extraction.–Full transcript available here: www.complexsystemspodcast.com/fracking-austin-vernon/–Sponsors: Check | WorkOSBuilding an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Start now at https://bit.ly/WorkOS-Turpentine-NetworkCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Austin Vernon's Blog: https://austinvernon.site/–Twitter:@patio11@Vernon3Austin–Timestamps:(00:00) Intro(01:38) Fracking technology and horizontal drilling(05:12) The history and development of fracking techniques(12:26) Communication methods in drilling operations, including mud pulse technology(15:50) The economics of drilling operations(17:28) Scale and cost comparisons between different types of drilling projects(19:30) Safety considerations in onshore vs offshore drilling(20:50) Sponsors: WorkOS | Check(24:04) Discussion of small-scale "mom and pop" oil operations(27:13) The impact of oil drilling  on local economies(31:45) The lifecycle of fracked wells and their long-term production(36:15)  Financing in the oil and gas industry(39:19)  Unique aspects of US mineral rights laws and leasing practices(42:38) The process of setting up and funding new drilling operations(52:55) Environmental concerns and groundwater protection measures in fracking(56:40) The physical footprint of drilling operations(59:12) Learning curves in fracking and geothermal energy extraction(59:56) Diamond drill bits are not quite forever(01:03:59) Where fracking goes from here–Complex Systems is part of the Turpentine podcast network.

In this episode, Patrick McKenzie (patio11) is joined by Dan Davies, author of Lying for Money, and The Unaccountability Machine. They discuss how cybernetics–the study of control and communication in complex systems–applies to modern organizations and decision-making. Dan and Patrick discuss how organizations change as they grow, financial fraud and its relevance to systems design, and the process of writing nonfiction books. The conversation touches on pathologies like what happens when organizations insulate decisionmakers from communications channels to on-the-ground reality.–Full transcript available here: https://www.complexsystemspodcast.com/episodes/dan-davies-organizations-fraud/–Sponsor: This podcast is sponsored by Check, the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links: Dan Davies, Lying for Money Dan Davies, The Unaccountability Machine: Why Big Systems Make Terrible Decisions — and How the World Lost Its MindDan Davies Substack: https://backofmind.substack.com/James Gleick, The InformationMalcolm K. Sparrow,  License to Steal: How Fraud Bleeds America's Health Care System –Twitter:@patio11@psquareddigest–Timestamps:(00:00) Intro(00:26) The Unaccountability Machine(01:38) History and fundamentals of cybernetics(08:10) Operations research and its evolution(12:08) Theory of the Firm, revisited(15:21) Monopolizing math for fun and profit(18:38) Sponsor: Check(19:50) Role of black boxes in systems(25:11) AI and the future of system management(30:02) Accountability sinks and organizational issues(38:44) Optimism about future of organizational design(43:45) Empowering employees: the CEO's open door policy(46:31) Lying for Money(51:57) Psychology of fraudsters(01:02:52) Fraudogenic environments(01:09:49) Journey of becoming a published author(01:18:13) Effective ways to sell books(01:22:33) Wrap–Complex Systems is part of the Turpentine podcast network.

Jeff Weinstein is a product lead at Stripe, where he helped grow their payment APIs to hundreds of billions in volume and transformed the way founders start companies into a few simple clicks with Atlas. Prior to Stripe, Jeff led several startups and sold companies to Groupon and Box. He's known for his customer obsession, craft, quality, and building beloved products businesses rely on. In our conversation, we discuss:• The power of customer obsession and how to operationalize it in the product development process• How to pick the right metrics and use them to drive impact• Techniques for getting things done at big companies• A group practice Jeff started to uplevel product craft, called Study Group• The story behind Stripe Atlas and its mission to increase entrepreneurship globally• Lessons from working with the founders of Stripe—Brought to you by:• Pendo—The all-in-one platform for product-led companies building breakthrough digital experiences• Cycle—Your feedback hub, on autopilot• Anvil—The fastest way to build software for documents—Find the transcript at: https://www.lennysnewsletter.com/p/creating-a-culture-of-excellence—Where to find Jeff Weinstein:• X: https://x.com/jeff_weinstein• LinkedIn: https://www.linkedin.com/in/jeffwweinstein/• Email: jweinstein@gmail.com—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Jeff's background (10:16)  The “go, go, go ASAP + optimistic, long-term compounding” approach(15:38) The importance of craft and quality(24:15) Effective customer communication strategies(28:57) The importance of speed in customer interactions (33:19) Narrowing your focus(36:53) Why you should pay attention only to paying-customer feedback(40:24) Practicing silence when communicating (45:33) The role of metrics in product success(54:08) Empowering teams with a single metric(58:23) Picking the right metric for your audience(01:05:10) The importance of metric hygiene(01:11:33) How Stripe uses “study groups” for product improvement(01:37:20) Stripe's Atlas: simplifying company formation(01:50:38) Automation and operational efficiency(01:55:13) Diversity and team building(02:03:09) Building new products within a large company(02:21:10) Lightning round—Referenced:• Atlas: https://stripe.com/atlas• Stripe: https://stripe.com/• SQL: https://en.wikipedia.org/wiki/SQL• GitHub: https://github.com/• Linear: https://linear.app/• Figma: https://www.figma.com/• Jeff's tweet about Stripe's bug-finder program: https://x.com/jeff_weinstein/status/1777487507934040300• The “Collison installation”: https://news.ycombinator.com/item?id=18400504• How we use friction logs to improve products at Stripe: https://dev.to/stripe/how-we-use-friction-logs-to-improve-products-at-stripe-i6p• Fidelity: https://www.fidelity.com/• 83(b) election: https://docs.stripe.com/atlas/83b-election• Jeff's tweet about Atlas's NPS score: https://x.com/jeff_weinstein/status/1788644576330469638• What is a Delaware corporation? Here's what makes this state so attractive to businesses: https://stripe.com/resources/more/what-is-a-delaware-corporation• Incorporating in Delaware explained: Why it's such a popular option for businesses: https://stripe.com/resources/more/incorporating-in-delaware-explained• 7 of Pixar's Best Storyboard Examples and the Stories Behind Them: https://boords.com/blog/7-of-pixars-best-storyboard-examples-and-the-stories-behind-them• Alex Kehayias on LinkedIn: https://www.linkedin.com/in/alexkehayias/• Patrick McKenzie on LinkedIn: https://www.linkedin.com/in/patrickmckenzie/• AngelList: https://www.angellist.com/• Dan Hightower on LinkedIn: https://www.linkedin.com/in/danhighto/• Stripe Atlas perks partners: https://support.stripe.com/questions/stripe-atlas-perks-partners• Vision, conviction, and hype: How to build 0 to 1 inside a company | Mihika Kapoor (Product at Figma): https://www.lennysnewsletter.com/p/vision-conviction-hype-mihika-kapoor• High Output Management: https://www.amazon.com/High-Output-Management-Andrew-Grove/dp/0679762884• Orbiting the Giant Hairball: A Corporate Fool's Guide to Surviving with Grace: https://www.amazon.com/Orbiting-Giant-Hairball-Corporate-Surviving/dp/0670879835• 7 Powers: The Foundations of Business Strategy: https://www.amazon.com/7-Powers-Foundations-Business-Strategy/dp/0998116319• Business strategy with Hamilton Helmer (author of 7 Powers): https://www.lennysnewsletter.com/p/business-strategy-with-hamilton-helmer• Box: https://www.box.com/• Patrick Collison on X: https://x.com/patrickc• How to with John Wilson on HBO: https://www.hbo.com/how-to-with-john-wilson• The Quiet Girl on Hulu: https://www.hulu.com/movie/the-quiet-girl-b50a4b8e-d3ff-4635-b806-5e7dbd292ca4• Raycast: https://www.raycast.com/• Quicksilver: https://qsapp.com/• Alfred: https://www.alfredapp.com/help/workflows/automations/• CleanShot: https://cleanshot.com/• John Collison on X: https://x.com/collision—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe