Topography / Finance

37 lessons and 167 connections between them, based on the cross-references in each lesson. Lines show references. For reading order, seethe Finance track page.

• Nineteen and Six - where the water goes7 lessons link here
• Why a Coin Today Beats a Coin Next Year - present value and discounting8 lessons link here
• The Rain Barrel for the Dry Season - emergency funds and liquidity6 lessons link here
• The Pipe That Drains Faster Than It Fills - debt, APR and the minimum-payment trap5 lessons link here
• Paying a Little So a Lot Cannot Sink You - insurance and risk pooling3 lessons link here
• Owning a Slice of the Ship - shares, bonds, and who gets paid first10 lessons link here
• The Bet on the Whole Haystack - index funds, active managers, and costs5 lessons link here
• Thirty-Four Years to Break Even - horizon, risk capacity, and the mix6 lessons link here
• The Same Seed in a Sheltered Pot - tax now, tax later, or never1 lesson links here
• The Sale Made at the Bottom - the behaviour gap7 lessons link here
• Returns Too Smooth to Be True - Ponzi schemes and the red flags2 lessons link here
• One Page for the Whole Tank - chapter one, put in order9 lessons link here
• Under a Buttonwood Tree - the exchange, the order book and the spread4 lessons link here
• A Drunk Walk Through Paris - the random walk and the efficient market4 lessons link here
• A Day That Should Never Have Happened - volatility, the bell curve and fat tails7 lessons link here
• One Cloud Over Every River - diversification, correlation and Markowitz7 lessons link here
• What the Valley Pays You to Carry the Drought - risk premium, beta, CAPM and the Sharpe ratio3 lessons link here
• The Bank That Bought the Safest Thing - bond prices, yield and duration5 lessons link here
• A Price Agreed for Next Season's Rice - forwards, futures, hedging and margin2 lessons link here
• The Right, Not the Duty - options, calls, puts and the payoff2 lessons link here
• A Price With No Opinion in It - no-arbitrage, replication and the binomial tree3 lessons link here
• The Dial Nobody Can See - Black-Scholes and implied volatility2 lessons link here
• Borrowed Water - leverage, margin calls and the growth-optimal bet4 lessons link here
• When Every Model Agreed - tail risk, correlations going to one, and liquidity5 lessons link here
• The Website Priced at the Moon - bubbles and the limits to arbitrage0 lessons link here
• The Honest Backtest - look-ahead, survivorship and overfitting3 lessons link here
• Your Balance Is the Bank's Debt - deposits, reserves and the run5 lessons link here
• Every Litre Leaves One Tank and Enters Another - double-entry, normal balances and the trial balance7 lessons link here
• A Book You Never Erase - the append-only ledger, reversals and derived balances5 lessons link here
• Half a Point a Day, Gone - integer minor units, rounding and currency exponents3 lessons link here
• Four Parties to Every Tap - issuer, acquirer, network and interchange3 lessons link here
• The Hold That Is Not Money Yet - authorisation, capture, clearing, settlement and chargebacks6 lessons link here
• Push, Pull and the Instant Transfer - batch rails, instant rails, and who can be tricked3 lessons link here
• The Bank That Closed at Half Past Three - gross against net, and the risk of waiting to settle5 lessons link here
• One Point Nine Billion That Was Never There - reconciliation, breaks, and how long to wait for a twin3 lessons link here
• The Stranger With Your Card Number - scoring a payment in a moment, and why most alerts are wrong3 lessons link here
• The Ledger That Cannot Lie - build a small money ledger in Go and hold it to four promises4 lessons link here