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Finance Without Myths

Ralph Burton

Rethinking finance.

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Substack
PricingOnly free issuesPublishesWeekly
Issues15Founded6 months agoLast Issue9 days ago
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Artwork for Finance Without Myths

Latest Issues

Best Posts of Finance Without Myths

Finance Without Myths is an investing publication dedicated to clear thinking with strong epistemological rigor. It takes apart popular claims, headlines and beliefs, and shows where the reasoning breaks.

Check out these articles to get st...

9 days ago
4

The Art and Deception of Mental Models

Mental models do not describe the underlying mechanisms.

Instead, they apply laws from one domain to another domain, compress the cause and effect relationships, and transfer them.

This is their power and their weakness. With care and aw...

2 months ago
20
2

Mental Models: Borrowed Cause and Effect

The late Charlie Munger had a tremendous influence on me.

I remember first reading “Poor Charlie’s Almanack: The Wit and Wisdom of Charlie Munger”, a collection of his speeches and writings. His description of mental models struck me, and...

3 months ago
11
5

Finance Without Myths: Facts, Judgements and Circular Explanations

Many market explanations, while sounding informative, say nothing.

But sometimes they do more than just say nothing. Sometimes the facts that the stories are based on are not facts, and the causes used in stories never existed.

Stories ar...

4 months ago
16
9

A Short Manifesto: On Consensus, Edge and Investment Theses

Edge in markets is fundamentally different than edge in other fields.

The concept of edge applies everywhere. In philosophy, for example, if you have a new idea or approach, you should ask: “Why didn’t anyone else say this? Why am I differ...

4 months ago
9
4

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  • Ralph Burton

    Tech, finance and whatever is on my mind. AI enthusiast, future unicorn founder.

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