Morgan Housel: Same as Ever | Rational Reminder 290
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- เผยแพร่เมื่อ 22 พ.ค. 2024
- In this episode, we are joined, for the third time, by renowned author and commentator Morgan Housel. Many of you are familiar with Morgan's bestseller, The Psychology of Money, and he is back to discuss his latest book, Same as Ever: A Guide to What Never Changes. He is also the partner at The Collaboration Fund, a network of fund managers investing across asset classes while identifying and supporting companies at the intersection of for-profit and for-good. In our conversation, we delve into the timeless principles that shape our perspectives of the world and why things are the Same as Ever. We discuss the importance of holding cash, challenging traditional analytical approaches and encouraging a broader reflection on life beyond numbers. Discover the recurrent nature of once-in-a-lifetime events, the pitfalls associated with the insatiable desire for certainty, the value and power of storytelling, and the complex interplay between incentives and expectations. Gain insights into the value of forecasting behaviours instead of market dynamics, why pessimism is more common and more captivating than optimism, embracing slight inefficiencies on the path to success, and much more! Don't miss this engaging discussion with a master storyteller and gain new perspectives on finance, human behaviour, and the principles that remain the Same as Ever with Morgan Housel. Tune in now!
Timestamps:
0:00:00 Intro
0:03:56 Why it is important for people to understand the things that never change
0:06:34 How important random, seemingly inconsequential events are to the way that the future unfolds
0:14:08 How Morgan has thought about the goalposts moving as his financial situation has changed
0:18:21 The problems that stem from the desire that people have for certainty
0:21:03 How important stories are to the way that we understand the world
0:27:50 Why things that can’t be measured are important to how we think about the future
0:33:30 Why success plants the seeds of its own decline
0:37:14 Why investors try to squeeze too much return too soon out of their investments
0:45:52 Whether or not eliminating stress and adversity from life is a good objective
0:50:40 How much hassle and nonsense people should be prepared to deal with on the path to success
0:54:49 How should use optimism and pessimism to inform their long-term decisions
1:00:37 Why people often think that the grass is greener in other peoples’ lives or businesses
1:08:05 How personal experience shapes how people see the world
1:12:45 The most important lesson Morgan learned from writing his book
Links From Today’s Episode:
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t...
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on TH-cam - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore
Morgan Housel - www.morganhousel.com/
Morgan Housel on LinkedIn- / morgan-housel-5b473821
Morgan Housel on X - / morganhousel
Morgan Housel on Instagram - / morganhousel
The Morgan Housel Podcast - podcasts.apple.com/us/podcast...
Collaborative Fund - collabfund.com/
Collab Blog - collabfund.com/blog/
Episode 128: Morgan Housel - rationalreminder.ca/podcast/128
Episode 191: Emerging Markets - rationalreminder.ca/podcast/191
Episode 224: Scott Cederburg - rationalreminder.ca/podcast/224
Books From Today’s Episode:
Sapiens - www.amazon.com/Sapiens-Humank...
Seinfeldia - www.amazon.com/Seinfeldia-Abo...
The Snowball - www.amazon.com/Snowball-Warre...
Same as Ever - www.amazon.com/Same-Ever-Guid...
The Psychology of Money - www.amazon.com/Psychology-Mon... - แนวปฏิบัติและการใช้ชีวิต
"The grass is always greener on the side that has been fertilized with bull$hit"...Damn that hits hard....love it!!!
The insights are quite profound, thank you. I wish more people would watch this.
I was really looking forward to this! Thank you for bringing Morgan Housel again on this awesome podcast
Excellent interview, Morgan’s sensible approach in life & finance so admirable. I love both of your interview style, very calm & allow your guest to lay out their points.
Morgan Housel, with The Psychology of Money, is the confirmation that stories > statistics.
Loved the part about allowing for things not going right (no tolerance). Think many people could benefit from this suggestion.
Morgan is great, his stories are timeless.
I really appreciate that you have voices such as Morgan Housel on the podcast. His view is different than the traditional "there's only one right way to invest" mindset. His position is ultimately that we're human and it's best to invest reasonably and in a way that helps you sleep at night. That's different than stating investing is solved or there's an objective right answer that's applicable to everyone, regardless of someone's upbringing, values, time period or country of origin.
Well done as always!
Great interview with such a well spoken guest!
Just finished his new book too.
Only thing I can't get behind is his admiration for Musk. No bueno.
Musk’s ability to using other people’s money( our Tax dollar) is his biggest asset, I know hard to admire that ability depends on one’s moral.
Not a fan of Elon personally but anyone who can successfully run a car manufacturing company gets a bit of respect from me. That's super hard to do
My favorite podcast crew and my favorite author together!! ❤🎉😅
What a great episode! One of the best ones so far! Morgan really has a way of connecting finance and human psychology and distilling the message down to the very basics.
What a brilliant interview. He is always well spoken and his stories connect
Insightful views. Successful politicians also have shrewd teams behind them incl PR, speech writers and coaches, clothes, body language, researchers etc. It helps when they’re good orators/actors and TBH learn how to be for or against key issues and touch nerves. Growing evidence to show social media does similar plus feed human insecurities and obv selling. Disagreeing even disparate opinions used to be accepted (even expected) now labeled hate. We need debate Fri in high schools again. A friend of a close friend was mayor for very large Canadian city and he said they’re like dancing bears. Take that as you will. Markets now also algo based w/use of computers like Alladin. It’s the age we’re in/going to. Is there good/bad news or just individual/collective perception? Facts can be seen as neutral but we all have unique filters. Thx for the talk guys.
Great communicator.
Masterpiece
Hey guys, what about an interview to Nassim Taleb? It could be great.
Ben, please please please get Lyn Alden on the show. I think it would be one of your best episodes.
Oh, jeez, he didn't just call Musk an "engineer" and compared him to real geniuses...
Morgan gives some really odd advice
I noticed you guys haven’t discussed enough about FinTech! I’ve been watching out for the proper rise of Blockchain that will help propel digital assets to greater heights. I’d like to hear from Blockchain giants like Blythe Masters and the likes about Blockchain and its impact in the coming years.
That’s because you’re looking to feed your confirmation bias and have someone tell you your crypto holdings are going to the moon