
Complex Systems with Patrick McKenzie (patio11)
We live in a world where our civilization and daily lives depend upon institutions, infrastructure, and technological substrates that are _complicated_ but not _unknowable_. Join Patrick McKenzie (patio11) as he discusses how decisions, technology, culture, and incentives shape our finance, technology, government, and more, with the people who built (and build) those Complex Systems.
Latest episodes

Jul 17, 2025 • 47min
Stacking the odds: Cate Hall on agency and outlier success
Cate Hall, CEO of Astera Institute and author of a forthcoming book on agency, shares her journey from a Supreme Court lawyer to a world champion poker player. She discusses how environments like poker and startups promote personal agency, emphasizing that it can be cultivated through questioning norms and embracing discomfort. Cate highlights the importance of feedback and peer influence in achieving transformative change, along with the role of AI in personal improvement. Her insights reveal how critical life events can trigger significant growth.

30 snips
Jul 10, 2025 • 1h 55min
Think like a trader, with Ricki Heicklen
Ricki Heicklen, the founder of Arbor and former trader at Jane Street Capital, dives into the evolution of trading education. She shares insights on how simulated markets can teach complex concepts like risk management and team dynamics. Ricki recounts real-life bootcamp stories, highlighting mistakes that led to valuable lessons. She emphasizes the importance of communication in trading teams and how minds can be trained to think like traders, both in finance and everyday decision-making.

19 snips
Jul 3, 2025 • 1h 9min
Achieving results in the physical world, with Adam Jarvis of “Public Service”
Adam Jarvis, a New Zealand civil engineer and passionate public sector advocate, joins to discuss the daunting challenges facing infrastructure projects today. He highlights the skyrocketing planning costs for water pipes and the burdens of regulatory scar tissue. The conversation explores the impact of talent sorting on public institutions, the need for reformed hiring practices, and the role of technology in improving infrastructure workflows. Amidst these challenges, Jarvis finds hope for enhancing government capabilities and engaging communities more effectively.

109 snips
Jun 26, 2025 • 46min
The AI infrastructure stack with Jennifer Li, a16z
Jennifer Li, a general partner at a16z, dives into the evolving landscape of AI infrastructure, emphasizing the demands of AI workloads. She discusses the split between language models and diffusion models, and how this impacts the tech ecosystem. Jennifer highlights innovations in reinforcement learning environments and the evolving API economy, predicting a surge in demand as agents reshape software interactions. She also addresses the future of observability and the rise of self-healing systems, promising exciting advancements in IT resilience.

177 snips
Jun 12, 2025 • 52min
Getting better at LLMs, with Zvi Mowshowitz
Zvi Mowshowitz, known as TheZvi, writes the newsletter 'Don't Worry About the Vase' and is an expert in AI and language models. In their conversation, he shares practical strategies for improving results with large language models, emphasizing the importance of system prompts to customize AI behavior. They delve into generative engine optimization and ways to enhance creativity using AI, while tackling challenges like hallucination and sycophancy. Zvi also discusses the evolving relationship between content creators and AI training data, making the discussion highly relevant for today’s digital landscape.

41 snips
Jun 5, 2025 • 1h 21min
Machine learning meets malware, with Caleb Fenton
Patrick McKenzie (patio11) discusses software reversing and AI's transformative impact on cybersecurity with Caleb Fenton, co-founder of Delphos Labs. They explore how LLMs are revolutionizing the traditionally tedious work of analyzing compiled binaries, the nation-state cyber warfare landscape, and how AI is shifting security from reactive to proactive defense. They cover the technical details of malware analysis, the economics of vulnerability detection, and the broader implications as both defenders and attackers gain access to increasingly powerful AI tools. –Full transcript available here: https://www.complexsystemspodcast.com/machine-learning-meets-malware-with-caleb-fenton/–Sponsor: MercuryThis episode is brought to you by Mercury, the fintech trusted by 200K+ companies — from first milestones to running complex systems. Mercury offers banking that truly understands startups and scales with them. Start today at Mercury.com Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.–Links:Delphos Labs: https://delphoslabs.com/ Virus Total: https://www.virustotal.com/gui/home/upload “Thel fraud supply chain”, Bits about Money https://www.bitsaboutmoney.com/archive/the-fraud-supply-chain/ –Timestamps:(00:00) Intro(01:20) Understanding software reversing(03:52) The role of AI in software security(06:12) Nation-state cyber warfare(09:33) The future of digital warfare(16:45) Sponsor: Mercury(17:49) Reverse engineering techniques(30:15) AI's impact on reverse engineering(41:45) The importance of urgency in security alerts(42:47) The future of reverse engineering(43:21) Challenges in security product development(44:46) AI in vulnerability detection(46:09) The evolution of AI models(48:06) Reasoning models and their impact(49:06) AI in software security(49:49) The role of linters in security(57:38) AI's impact on various fields(01:02:42) AI in education and skill acquisition(01:08:51) The future of AI in security and beyond(01:12:43) The adversarial nature of AI in security(01:19:46) Wrap

122 snips
May 29, 2025 • 45min
How to negotiate your salary package
Discover the art of salary negotiation and how it affects your financial future. Understand why many engineers shy away from negotiating and the hefty price they pay over time. Gain insight into employer costs and strategies that empower your negotiation stance. Hear anecdotes from the tech world illustrating the unexpected twists of hiring practices. Embrace negotiation as a professional discussion, not a moral dilemma, and learn when to reveal your number. Master your confidence and leverage non-salary benefits for a better package.

42 snips
May 22, 2025 • 1h 3min
The capitalist's guide to podcasting, with Ross Rheingans-Yoo
Ross Rheingans-Yoo, a strategic thinker in the podcasting space, returns to discuss the virtues of launching a podcast. He emphasizes how it builds trust and networks, pivotal for professionals in fundraising. The conversation delves into podcast logistics, including recording techniques and budget considerations, while offering insights into his new show, Development and Research. They also explore effective guest engagement strategies and the importance of post-production, showcasing how quality can elevate audience connection.

63 snips
May 15, 2025 • 1h 2min
Killing viruses with light, with Jacob Swett
Jacob Swett, founder of Blueprint Biosecurity, dives into the revolutionary potential of far UVC technology, which safely zaps airborne pathogens while protecting humans. He explores how this approach could transform air quality in public spaces much like historical sanitation improvements. Jacob discusses economic feasibility, the barriers to adoption, and the importance of integrating UVC technology to tackle respiratory diseases. He also emphasizes the lessons learned from the pandemic and the pressing need for innovative public health solutions.

164 snips
May 8, 2025 • 1h 21min
Life insurance and your money, with Zac Townsend
Zac Townsend, the CEO of Meanwhile and a pioneer in cryptocurrency insurance, dives into the fascinating world of life insurance and Bitcoin. He breaks down the key differences between life and property insurance and emphasizes why term life is crucial for financial protection. Listeners learn about the tax advantages in the industry and the intriguing role of Bermuda as a reinsurance hub. Zac also addresses how private equity is reshaping insurers, providing keen insights into the future of finance and insurance.