E39: Mental Models and Financial Infrastructure with Patrick McKenzie

This week, Byrne Hobart is joined by Patrick McKenzie, host of the podcast Complex Systems, to discuss the complexity and endless fascination of financial infrastructures, the role of fraud in finance, talent spotting strategies and the importance of building networks.

🔥Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

---

SPONSORS:

BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://babbel.com/torenberg

BEEHIIV: Head to beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 Head to https://beehiiv.com and use code "MOZ" for 20% off your first three months

---

RECOMMENDED PODCAST:

Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.

Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH

Apple: https://podcasts.apple.com/id1753399812

---

TIMESTAMPS:

(00:00) Intro

(00:20) Historical origins of financial products

(01:22) Old infrastructure in finance

(05:02) Security vs Usability trade-off

(10:49) Trust dynamics in finance

(11:58) High-trust vs Low-trust environments

(15:26) Market dynamics and reputation systems

(19:41) Sponsors: Babbel | Beehiiv