Intractability

A systems-based framework for long-term investing

In his 1975 book Systemantics, theorist John Gall put forward a deceptively simple idea: a complex system that works is invariably found to have evolved from a simple system that worked. Conversely, a complex system designed from scratch never works and cannot be patched into working order.

I’ve found this to be one of the most useful mental models for t…