Last August 2025, our colleague Marta published a fascinating post on this blog sharing her thoughts on the book we're reading this month. If you'd like to delve into all the nuances of this story, click here to read the Marta's contribution post about "Trust" - My Own View .
Sections of this post (click to go)
- The Author
- The Book
- Videos
- Discussion Questions
- Financial Vocabulary
- Mini Financial Timeline: 1929
- List of Characters - Who's Who in "Trust"
1. The Author
His debut novel, In the Distance (2017), was a finalist for the Pulitzer Prize and established him as a bold and innovative literary voice. However, his second novel, Trust, marked a turning point in his career. Published in 2022, the book received widespread critical acclaim and won the 2023 Pulitzer Prize for Fiction.
Trust significantly elevated Díaz’s international reputation. The novel’s ambitious structure and its exploration of capitalism, financial power, and authorship positioned him as one of the most intellectually daring contemporary writers. The success of Trust confirmed his status as a major figure in 21st-century literary fiction.
2. The Book
 |
| Source: Amazon |
This is the starting point of “Bonds” (the first part of the book Trust), a bestselling 1937 novel that all of New York seems to have read, and which tells a story that can, however, be told in several other ways.
Trust is divided into four interconnected parts, each offering a different version of the same story and challenging the reader’s understanding of truth and authorship.
The first part, Bonds, is a fictional 1930s novel written by Harold Vanner. It tells the story of Benjamin Rask, a wealthy financier, and his wife Helen, portraying them as distant and tragic figures. That is an external and possibly sensationalist version.
The second part, My Life, is an unfinished autobiography written by Andrew Bevel, a powerful Wall Street magnate who clearly resembles Rask. Bevel seeks to correct what he considers the false portrayal of his life in Vanner’s novel, it is an attempt to control the narrative.
The third part, A Memoir, Remembered, is narrated by Ida Partenza, Bevel’s secretary. She recounts how she was hired to ghostwrite Bevel’s autobiography and gradually uncovers the hidden role of his wife, Mildred. That is a critical outsider's perspective.
The fourth part consists of Mildred Bevel’s private diary, which offers her own fragmented perspective. Together, the four texts reveal how wealth shapes not only history, but also the stories we believe. Mildred's diary is the voice that ultimately reshapes the entire story.
3. Interview and video about the author
YouTube - Service 95 - Hernán Díaz on Writing Trust
YouTube - Service 95 - Dua Lipa In Conversation With Hernan Diaz, Author Of Trust
4. Discussion Questions for Trust (Parts III & VI)
by Hernán Díaz
1. Ida and Mildred: two very different women
How would you compare Ida Partenza and Mildred Bevel? What do they have incommon, and what makes their lives and ambitions very different?
2. Getting closer to the truth
In Part III, Ida learns more about the Bevels and becomes involved in Andrew’sproject. In Part IV, we finally hear Mildred’s own voice.How does each part change your understanding of what really happened?
3. Who controls whom?
Andrew has enormous financial and social power, while Ida has very little at thebeginning of Part III. Mildred is also in a complicated relationship with Andrew.Who has power over whom in these relationships? Does this power changeduring the novel?
4. Mildred's character
Compare the Mildred we see in “Bonds,” “My Life,” and “Futures.”Which portrait seems closest to the woman you imagine as the “real” Mildred?What makes you think so?
5. Writing as a form of power
Andrew wants to control the story of his life, Ida helps him write it, and Mildred alsouses writing to express her own ideas.How is writing connected to power and control in these two parts? Who istrying to control the story, and why?
6. The title “Futures”
Why do you think Díaz calls Mildred’s section “Futures”? What different meaningscould the word futures have in relation to Mildred’s life, her relationship with Andrew,and the financial world of the novel?
Discussion Questions for Trust (Parts I & II) last April's meeting
1. Who do we believe?
In Part I (“Bonds”), we read a story about Benjamin and Helen Rask.In Part II (“My Life”), Andrew Bevel tells his own story.○ Which version feels more believable to you?○ Why?
2. Main Differences
○ What are the biggest differences between Benjamin Rask and Andrew Bevel?○ How are their wives (Helen and Mildred) different in the two texts?○ Why do you think these differences are important?
3. How is Wealth Shown?
○ How does each part describe rich people and the world of finance?○ Does Part I criticize rich people more?○ Does Part II try to defend them?
4. The Wives’ Role
Compare Helen and Mildred.○ How intelligent and independent are they in each story?○ Do they seem strong, controlled, misunderstood, or something else?
5. The 1929 Stock Market Crash
○ How is the crash described in both parts?○ Is Bevel/Rask responsible in any way?○ Does each story judge him differently?
6. Writing Style
Part I reads like a traditional novel.Part II feels like a personal explanation or defense.○ How does the style change your opinion of the characters?○ Which style did you prefer?
7. Why Write a Second Version?
○ Why do you think Andrew Bevel wants to tell his own version of the story?○ What does this say about power and reputation?
8. Loneliness and Power
Both men seem distant and emotionally cold.○ Why are they like this?○ Is their personality connected to money and success?
9. What Is the Truth?
○ After reading both parts, do you think we can know the “real” truth?○ Or does the novel suggest that truth depends on who tells the story?
10. Your Personal Reaction
○ After reading both sections, whose story affected you more?○ Did your opinion change between Part I and Part II? Why?
Discussion Questions to Use with the Timeline
After reading the timeline, reflect on the following questions:● How does knowing this timeline change your view of Bevel/Rask?● Is he a genius investor — or someone who benefits from crisis?● Does the crash seem like an accident, or something predictable?
5. Financial Vocabulary
Financial Vocabulary from Trust
1. Speculation / Speculative Activity
● Buying shares or assets expecting prices to rise quickly.● In the novel: Investors in the 1920s (including Rask/Bevel) often take big risks to make fast profits.
2. Stock Market / Trading
● The buying and selling of company shares.● In the novel: The rise and fall of shares drives the characters’ wealth and anxiety.
3. Market Collapse / Crash
● A sudden, steep fall in stock prices.● In the novel: The 1929 crash affects everyone’s fortunes and shows the fragility of wealth.
4. Wealth Concentration
● The accumulation of extreme wealth in the hands of very few people.● In the novel: Bevel’s rise illustrates how few can dominate finance and public perception.
5. Public Perception / Reputation as Currency
● The idea that trust and fame are as valuable as money in maintaining wealth.● In the novel: Bevel carefully shapes how people see him, almost like managing a financial asset.
6. Financial Risk / Exposure
● The possibility of losing money due to investment decisions.● In the novel: Risk-taking drives both the success and the near collapse of fortunes.
7. Philanthropy as Social Investment
● Giving money to cultural or educational institutions to secure social influence.● In the novel: Bevel uses charitable acts to cement his reputation and legitimacy.
8. Economic Downturn / Recession
● A period when the economy slows, businesses fail, and unemployment rises.● In the novel: The aftermath of the 1929 crash creates wider social and economic consequences.
9. Insider Knowledge / Privileged Information
● Knowing something about markets or investments that most people do not.● In the novel: Wealthy investors like Bevel benefit from information and influence that ordinary people don’t have.
10. Illusion of Stability
● A false sense that wealth, markets, or power are secure and predictable.● In the novel: Both narratives show that fortunes can vanish overnight, despite appearances.
6. Mini Financial Timeline: 1929
Before 1929 – The “Roaring Twenties”
● The U.S. economy is growing quickly.● Many people invest in the stock market.● Stock prices rise very fast.● Some people buy shares with borrowed money (this increases risk).● There is a lot of optimism and speculation.👉 Connection to the novel: This is the world in which Rask/Bevel becomes extremely wealthy.
Early 1929 – Warning Signs
● Experts begin to worry that stock prices are too high.● Some investors quietly start selling their shares.● The market becomes unstable.👉 Discussion link: Who understands the danger? Who profits from it?
October 24, 1929 – “Black Thursday”
● Many investors panic and try to sell their shares● Stock prices fall quickly.● Banks and large investors try to calm the market by buying shares.
October 29, 1929 – “Black Tuesday”
● Panic continues.● Millions of shares are sold.● Prices collapse.● Many investors lose everything.👉 This is the moment usually called the Stock Market Crash of 1929.
After the Crash (1930s)
● Thousands of banks fail.● Businesses close.● Millions of people lose their jobs.● This period becomes known as the Great Depression.
7. List of characters
1. Correspondences between characters (the “two versions”)
|
In Bonds
(fictional novel) |
In the other
parts |
Role in the story |
|
Benjamin Rask |
Andrew Bevel |
New York financial magnate whose fortune and reputation
are at the center of the story. |
|
Helen Rask |
Mildred Bevel |
An extremely intelligent and cultured wife; her true role
in the fortune is one of the mysteries of the novel. |
|
Leopold |
Helen's Father | |
|
| ||
|
Doctor treating Helen |
Mildred's Doctors |
They intervene during the wife's illness. |
This shows how the first part rewrites real history, changing names and emphasizing certain features.
2. Main Characters for Each Narrator
Bonds - Fictional story inspired by the Bevels.
• Benjamin Rask – mysterious and extremely wealthy financier.
• Helen Rask – brilliant wife whose illness dominates the plot.
________________________________________
My Life (Andrew's autobiography)
• Andrew Bevel – attempts to rebuild his public reputation.
• Mildred Bevel – presented as a refined wife and music lover.
• William Bevel – Andrew's father, a key figure in the creation of his wealth.
• Adelaide Bevel – Andrew's mother, associated with high society.
