Patrick McKenzie (patio11) podcast on technology, finance, and systems thinking.

We publish episodes weekly on Thursdays.
Full transcripts included.

Complex Systems

Latest Episodes

Your support rep is also trapped in this call, with Des Traynor of Intercom

Your support rep is also trapped in this call, with Des Traynor of Intercom
The magic spell that makes banks give you your money back

The magic spell that makes banks give you your money back
2025 in review, with Sammy Cottrell

2025 in review, with Sammy Cottrell
Gift cards and the fraud supply chain

Gift cards and the fraud supply chain
Understanding perpetual futures

Understanding perpetual futures
The economics of discovery, with Ben Reinhardt

The economics of discovery, with Ben Reinhardt
Understanding equity at tech companies, with Billy Gallagher of Prospect

Understanding equity at tech companies, with Billy Gallagher of Prospect
The $4,000 insurance policy designed to never pay out

The $4,000 insurance policy designed to never pay out
How deposit insurance actually works

How deposit insurance actually works
Home improvement lending with fewer bankers and more computers

Home improvement lending with fewer bankers and more computers
(All older episodes are available in the archives.)