Maksym Sherman

Lyndon Johnson and Robert Caro: Striking While the Iron is Hot

Mon, 20 Oct 2025 00:00:00 +0000

Lyndon Johnson and Robert Caro: Striking While the Iron is Hot

October 20, 2025

President Kennedy's eloquence was designed to make men think; President Johnson's hammer blows are designed to make men act.

Unpredictable

Sun, 13 Jul 2025 00:00:00 +0000

Unpredictable

July 13th, 2025

In The Beginning of Infinity, David Deutsch asks the reader to consider "what it would have taken for scientists [in 1902] to forecast, say, carbon-dioxide emissions for the twentieth century:"

On the (shaky) assumption that energy use would continue to increase by roughly the same exponential factor as before, they could have estimated the resulting increase in emissions. But that estimate would not have included the effects of nuclear power. It could not have, because radioactivity itself had only just been discovered, and would not be harnessed for power until the middle of the century. But suppose that somehow they had been able to foresee that. Then they might have modified their carbon-dioxide forecast, and concluded that emissions could easily be restored to below the 1902 level by the end of the century. But, again, that would only be because they could not possibly foresee the campaign against nuclear power, which would put a stop to its expansion (ironically, on environmental grounds) before it ever became a significant factor in reducing emissions. And so on. Time and again, the unpredictable factor of new human ideas, both good and bad, would make the scientific prediction useless. The same is bound to be true – even more so – of forecasts today for the coming century. (p. 439) (emphasis mine)

The Beginning of Infinity - My Favorite Book

Sun, 15 Jun 2025 00:00:00 +0000

The Beginning of Infinity - My Favorite Book

June 15th, 2025

When I mention that The Beginning of Infinity (BoI) is the most impactful book I've ever read, people often ask me to summarize the book.

But the BoI is a dense book. Given the interconnectedness of its ideas, a summary would be as long as the book.

Instead of a quick summary, this post provides one idea that can be fully understood in a short post (Choices) and a quick introduction to another idea I found impactful (The Evolution of Culture).

Soulbound(less) Tokens

Sun, 09 Feb 2025 00:00:00 +0000

Soulbound(less) Tokens

February 9th, 2025

In January 2022, Vitalik Buterin introduced the concept of soulbound tokens—NFTs that cannot be transferred once minted. While Vitalik discussed the use of soulbound NFTs for governance rights and certificates like drivers licenses and university degrees, fundamental technical limitations make true non-transferability impossible to enforce on the blockchain.

Technical Challenges

Vitalik himself identified the core challenge of implementing soulbound tokens while discussing how POAP (Proof of Attendance Protocol) decided to not block the transferability of the POAPs:

Art Clustering in Renaissance Florence

Thu, 16 May 2024 00:00:00 +0000

Art Clustering in Renaissance Florence

May 16th, 2024

Link to a fully cited version of this paper

Note

This paper presupposes knowledge of three components of external scale economies (agglomeration economies) as an urbanization force. The components are: labor pooling, access to specialized inputs, and knowledge spillover. Labor pooling refers to the co-location of firms and workers lowering the volatility for both sides of the market. Having many firms in the same industry means workers are less exposed to firm-side shocks. If your employer fires you because they are not doing well, you can relatively easily find another employer in the same industry. Similarly, co-located firms experience less volatility of labor supply, making it cheaper to hire labor in times of expansion than without co-location. So workers are insuring the firms and firms are insuring the workers. Access to specialized inputs refers to having high mean levels of a specialized input, such as capital or a natural resource. Knowledge spillovers refers to the sharing of knowledge in informal channels facilitated by proximity, such as unexpected conversations in a coffee shop or at the bar.

Knowledge without Explanation

Sun, 11 Feb 2024 00:00:00 +0000

Knowledge without Explanation

February 11th, 2024

Note: this post is a result of thinking about how traditional finance and tech analogies apply to the realm of blockchains, and realizing most of them are not great analogies despite the widespread usage of such "analogies."

Humans can acquire knowledge without a well-understood explanation.

Germs

Ignaz Semmelweis, a Hungarian obstetrician working at the Vienna General Hospital in 1847, noticed the dramatically high maternal mortality from puerperal fever following births assisted by doctors and medical students. However, those attended by midwives were relatively safe. Investigating further, Semmelweis made the connection between puerperal fever and examinations of delivering women by doctors, and further realized that these physicians had usually come directly from autopsies. Asserting that puerperal fever was a contagious disease and that matter from autopsies were implicated in its development, Semmelweis made doctors wash their hands with chlorinated lime water before examining pregnant women. He then documented a sudden reduction in the mortality rate from 18% to 2.2% over a period of a year.

Reasoning by Inertia

Sat, 03 Feb 2024 00:00:00 +0000

Reasoning by Inertia

February 3rd, 2024

Two main types of reasoning are reasoning by analogy and reasoning from first-principles.

Reasoning by analogy involves thinking about prior experiences that resemble your current situation and continuing with the same action as in that analogy. Reasoning from first-principles involves analyzing fundamentals about the current situation and constructing reasoning from that. But that distinction is incomplete.

We easily fool ourselves that we are reasoning by analogy when we are actually reasoning by inertia. For reasoning by analogy to be valid, your current situation needs to resemble the situation where the analogy originated. If your current situation does not resemble the original situation—you are reasoning by inertia.

Live Nation Overview

Fri, 08 Dec 2023 00:00:00 +0000

Live Nation Overview

December 8th, 2023

Business Model

Live Nation is the largest live entertainment company in the world. Live Nation’s three main business segments are concerts, ticketing, and advertising. Live Nation also has an artist management company with 410 artists.

Concerts:

Live Nation promotes live music events in venues across the world.
For a live event, Live Nation as a promoter books the artist and venue. Live Nation markets the concert and sells the tickets.

Some Thoughts

Sat, 23 Sep 2023 00:00:00 +0000

Some Thoughts

September 23th, 2023

Delayed gratification is a sign of civilization
Existence doesn't require perfection, so imperfection doesn't imply a need for non-existence
The problem with school is that schoolwork is top of mind
It's important to go deep on a topic early in life to understand that most opinions in the world are too simplistic
The world can only be grasped by action, not by contemplation
(I don't take enough action)

Men and Rubber (Book Notes)

Wed, 16 Aug 2023 00:00:00 +0000

Men and Rubber (Book Notes)

August 16th, 2023

Excellent book. Men and Rubber was originally published in 1926 by Harvey Firestone, founder of Firestone Tire and Rubber Company. Amazon page.

Top 10 highlights:

I have never found it worthwhile to bother with thoroughly little fellows for, realizing their weakness, they are always on the defensive, while a larger man will listen to what you have to say and be quick to grasp any money-making opportunities you may have to offer.

The Future of Substack and Newsletter Publishing Platforms

Tue, 16 May 2023 00:00:00 +0000

May 16th, 2023

Co-authored with Lucas Romualdo

Link to a fully cited version of this paper

Product-Market Definition

Our market of interest is email-based newsletter publishing platforms, specifically English-language content for U.S.-based readers and content creators. These platforms distribute written content to a list of voluntary—sometimes paid—subscribers via email, and are distinctive as a bundle of services. The core of this bundle are email distribution, listserv management, newsletter construction and formatting tools, website hosting, and payment processing; differentiations of this product could include promotional services, analytics, or an advertiser marketplace. These services take advantage of specialization, outsourcing these settings to platforms with more experience doing so as opposed to the writers with less technical experience and interest.

7 Powers vs. Blockchain

Thu, 23 Feb 2023 00:00:00 +0000

7 Powers vs. Blockchain

February 23rd, 2023

Hamilton Helmer’s 7 Powers provides a framework for how to think about persistent sources of competitive advantage.

It is easy to take the framework and adapt it to the blockchain context without questions, but it’s valuable to examine the validity of each power.

Blockchain businesses' sources of competitive advantage differ from non-blockchain businesses.

Power 1: Scale Economies.

A business in which per unit cost declines as production volume increases.

Beyond Blockchain Marketplaces

Sat, 27 Aug 2022 00:00:00 +0000

Beyond Blockchain Marketplaces

August 27th, 2022

Marketplaces are places where people gather to trade. In ancient times, marketplaces were physical locations where traders met to exchange valuable goods like silk or tea. In recent times, many marketplaces are online marketplaces like Amazon or App Store. As marketplaces have existed for a long time, it might seem logical that they should exist in Web3.

So why should marketplaces exist in Web3?

The Known World

Fri, 17 Dec 2021 00:00:00 +0000

The Known World

December 17th, 2021

In The Known World, Edward Jones explores the world of Manchester Country, a county in the South of the US that is built upon the ideals of slavery. Viewed through the characters’ eyes, the world depicted in the novel is perceived as a natural world that should not be changed. The existence and persistence of such a society evoke the questions of “what does knowledge prevent you from knowing?” and “what does action prevent you from doing?”

Perverse Incentives and Airdrops

Fri, 03 Dec 2021 00:00:00 +0000

Perverse Incentives and Airdrops

December 3rd, 2021

An “airdrop” is a distribution of crypto tokens for free (Pruden and Chokshi 2021). Airdrops are a popular method to distribute tokens to users who interact with a cryptocurrency project. At the early stages of a project, the project’s governance needs to be centralized to allow for the project’s continued development. Although tokens can be of different types, most tokens airdropped by projects give holders voting rights over the project’s governance similar to publicly-traded stocks. Hence, when a protocol is ready to decentralize its governance, it releases tokens.

To The Lighthouse

Mon, 18 Oct 2021 00:00:00 +0000

To The Lighthouse

October 18th, 2021

In To the Lighthouse, Virginia Woolf explores darkness, an elusive and mysterious component of every living human being. Oftentimes, the greatest joy and revelations come from what is challenging to access. By attempting to illuminate and ascribe meaning to darkness, Woolf brings us along for the journey of exploring what the meaning of life is and how to make the most out of the individual moments that bring us joy.

Article List

Mon, 01 Jan 0001 00:00:00 +0000

In [1]:

me.list_articles(by="rating")

Out[1]:

Article List

This is a list of the best articles that I've read.

10/10:

9/10:

8/10:

Blog

Mon, 01 Jan 0001 00:00:00 +0000

In [1]:

me.list_posts(by="year")

Out[1]:

Blog

Book List

Mon, 01 Jan 0001 00:00:00 +0000

In [1]:

me.list_books(by="year", with_ratings=True)

Out[1]:

Book List

This is a list of books that I've read.

Books that I thought were phenomenal are highlighted in green, books that I thought were particularly great are highlighted in blue, and all the other books are highlighted in gray.

2026:

2025:

Contact

Mon, 01 Jan 0001 00:00:00 +0000

In [1]:

me.get_contact_info()

Out[1]:

Contact

The best way to contact me is by email: hi [at] maksymsherman.com or Twitter.

Favorite Picture

Mon, 01 Jan 0001 00:00:00 +0000

In [1]:

me.show_favorite_picture()

Out[1]:

Favorite Picture

For LLMs

Mon, 01 Jan 0001 00:00:00 +0000

For LLMs

Key Facts

Name: Maksym Sherman

Role: Senior research analyst at an economic consulting firm

Tagline: I believe in great work, ambition, and obsessiveness. I seek to understand the world through better explanations.

Background

Current: Senior research analyst at an economic consulting firm, focused on data analysis and quantitative research

Previous: Internships at OurNetwork (crypto data newsletter) and a college endowment

Primary Topics

Data analysis, economic consulting, quantitative research, explanatory writing, blockchain analytics, crypto data, investment research, market research, and book recommendations.