ฝัง
- เผยแพร่เมื่อ 1 มิ.ย. 2024
- As author and financial expert Morgan Housel explains this episode, “people don't make financial decisions on a spreadsheet. They make financial decisions at the dinner table.” Today we chat to Morgan about his key insights into financial decision-making - many of which are captured in his book, The Psychology of Money. Our conversation opens with an exploration of how investing success has less to do with what you know and more to do with how you manage your behaviour. We then look into the dangers of emulating top investors and how luck can fuel success. Reflecting the theme that people invest according to their unique circumstances, Morgan shares why he prioritizes endurance as an investor by minimizing his debt and having high cash reserves. After hearing his take on debt and whether young people should use leverage, we dive into how financial expectations impact investing and the importance of deciding what ‘enough’ means to you. We discuss the virtues of saving like a pessimist and investing like an optimist before looking into the role that financial advisors play in guiding their clients. In the latter part of the end of the episode, Morgan touches on active versus passive investing, the purpose that bonds serve in your portfolio, his top lesson from 2020, and why he’s empathetic toward people who sell their portfolios during a downturn. Throughout our discussion, Morgan shares his clear understanding of how our psychology affects our relationship to money. Tune in and benefit from his incredible perspective.
Books from Today’s Episodes:
The Psychology of Money on Amazon - www.amazon.com/gp/product/085...
The Great Depression: A Diary - www.amazon.com/Great-Depressi...
Links From Today’s Episode:
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Morgan Housel - www.morganhousel.com/
Morgan Housel on Twitter - / morganhousel
The Collaborative Fund - www.collaborativefund.com/
Episode with Dr. Brian Portnoy and Josh Brown - rationalreminder.ca/podcast/126
Benjamin Felix on TH-cam - / @benfelixcsi
Episode with Professor Kenneth French - rationalreminder.ca/podcast/100 - แนวปฏิบัติและการใช้ชีวิต
"A man is wealthy in proportion to what he can do without."
An excellent guest. Ten minutes into the video, I paused it, went to Amazon, and bought his book.
Hi. Unfortunately, I spent years without looking for this type of content in youtube because I always ended up either on weird channels about investing in cannabis delivered in teslas or on news channels. I am not interested in any of those. I am interested in illuminating interviews like this one (already bought the book btw). I just recently discovered Benjamin's channel and this podcast and I really feel the need to say WELL DONE! Thanks. That is all. Cheers.
Yes, this really is the light in a sea of darkness regarding finance TH-cam. Got here via the plain bagel and Patrick Boyle who also are quite good but not enough of the really deep stuff:)
Maybe the most intelligent vidéo about personal finance i ve watched for a long time. Great
Big big fan of Morgan's! Great writing style with straightforward advice/insight. Thanks for having him on.
Probably one of the best interviews on this topic I have ever watched.
He was right....2021...GME 🦍 💎 🙌
Another good one, guys. Listening to Mr. Housel speak reminded me of myself. I've always held a fair amount of cash, compared to others. A couple months ago, I formally took this cash out of my settlement account and put it in a savings account at the credit union. That way, it put friction in case I wanted to invest my safe money.
Last March, I saw the value of my investments go down more than the assessed value of my (cheap) house, IN ONE DAY. What did I do about it? Nothing really. I had my plan. That was to sell positions that showed tax losses and buy other investments. I won't say that I was quite so fast on the buys, but I had most of it done by early April.
I'm an older guy and I've seen this in 1987, 1992 (or so), 1998, 2000-2002, 2008 and now 2020. By this time, I realized that I should just do nothing, but just sit there. (credit: Jack Bogle)
a little late, but this was a fantastic episode!
This video just helped me change my view on life.... thank you very much
I am definitely going to read his book! Great episode.
great guest thank you!
I watched this a year ago and watched again and found insights that when understand and apply will improve my well being, the concept of enough, invest like an optimist and save like a pessimist. Fantastic episode! Thank you
Really like Morgan's opinion and energy. Awesome interview, was hooked from few seconds in
Really appreciate the nuance you bring to topics I thought I had already explored thoroughly. Thanks!
Well done! Amazing episode and such a clear thinking and message by Morgan! Great job guys
Amazing conversation guys, this podcast will compound in value over time just you wait.
Fantastic content as always.
Very glad to have found content creators like yourselves. The fact you are focused on canadian finances is a bonus.
Great interview. I love his way of reasoning. Just bought 2 of his books. :)
I feel like with the topic of leverage we seem to be talking in extremes. Either no debt, or people going 10x leverage with margin calls. There are other ways to leverage, without margin calls and without 'swinging for the fences' . There is a middle ground between those two points.
I created a spreadsheet that models this. I found that having a low leverage ratio, around 20% is very effective when you never adjust the ratio downward. This avoids having to sell at a loss and since the initial ratio is so low, a margin call is also unlikely. When the underlying investments go up, you can increase the leverage back go 20% but never decrease. It's really effective because it's safer and reduces the drag from selling at a loss that is required from most leverage strategies.
Also, it depends on the underlying investments, but using the S&P500 and 20% leverage ratio, assuming your Margin Requirement is 50%, you would have gotten a margin call only during the great depression, and you still would have ended up ahead after a 30 year period.
I love this book!
Appreciate you guys keeping the length under an hour.
Amazing interview!
Great interview.
Appreciated
Menit ke 12 tentang pandangan Morgan mengenai debt sebagai leverage
Just wondering, is Ben wearing the Royal blue hoodie ? Colors don't show up in you shop, just wanted to make sure.
That is the royal blue hoodie!
Subbed!
Live and invest reasonably rational.
Menit 10 tentang endurance dengan menyimpan uang cash dan tidak punya hutang
Waaaaaoh!
Great podcast but FYI , Taleb does not consider COVID a black swan event.
It was predictable and talked about in reports from years ago suggesting risk of global pandemics due to lack of preventative measures
There is a great difference between a "bad" decision and one that is merely "suboptimal." Paying off one's mortgage means that the savings in interest (given today's ultra-low rates) are less than what the money could have made while invested in today's bull market. So it is suboptimal, but owning a domecile, which everyone needs to have, and owning it outright and having less debt is not a bad decision.