Hello you beauties. Access all episodes 10 hours earlier than TH-cam by Subscribing on Spotify - spoti.fi/2LSimPn or Apple Podcasts - apple.co/2MNqIgw. Here’s the timestamps: 00:00 What People Get Wrong When Making Predictions 03:50 The Fragility of History 15:35 Having a Positive Relationship with Risk 20:50 The World is Driven By Envy 25:04 Why You Can’t Base Happiness Off Wealth 32:39 The Mental Difficulty of Maintaining Success 41:56 How to Feel More Content With Life 51:58 Why People Desire Certainty 1:00:43 How Successful People Made Huge Decisions 1:07:30 How Morgan Writes His Books 1:18:40 Our Own Logic Can Lead Us Astray 1:26:15 Calmness Precedes Craziness 1:35:09 Are We Competing Against Other Generations? 1:42:10 Life Lessons From the Tallest Man Ever 1:47:07 Where to Find Morgan
Chris, you have done it again! Super eloquent and psychologically engaging interview! Please continue to “keep your mouth shut” and watch as your podcast is seen in all its glory! One of the few I always return to & seek to intentionally orientate my life by the wisdom of its contents.
0:00 - The guest's book receives glowing praise, hailed as a purposeful masterpiece in weaving stories into lessons, setting a high tone for the conversation. 📚🌟 0:39 - The book's focus on explaining life's underlying principles, regardless of changes, sets the stage for an insightful discussion. 1:03 - The conversation explores why predictions in finance, economics, and politics often fall short, highlighting the baffling inability to forecast significant events. 3:03 - 23 unchanging facets of human behavior become the focal points, suggesting the importance of emphasizing these constants in understanding the world. 3:22 - The discussion delves into the consistency of human emotions like fear, greed, and envy, irrespective of changing scenarios. 3:53 - Reflecting on historical knowledge and its inability to foretell the future, the conversation emphasizes the complexity of events compounding unpredictably. 4:41 - Historical fragility surfaces, showcasing how minor events, like wind directions in George Washington's case, could have drastically altered history. 6:00 - The fragility of history parallels the uncertainty of the future, leading to a plea for humility when navigating the unknown. 8:34 - The unpredictability of major historical events like Pearl Harbor or 9/11 highlights how unforeseen surprises shape the world. 10:53 - The discourse explores the failure of predictions, citing examples such as the Great Depression, proving how unexpected events can redirect history. 15:39 - Managing risk becomes the focus, discussing how planning for known risks often leaves unaccounted factors. 🤔💼 16:45 - The speaker's approach involves maintaining a significant safety net, acknowledging its seemingly excessiveness, yet crucial nature for unforeseen events. 18:01 - The discussion shifts philosophically, linking happiness to expectations, drawing from John D. Rockefeller's life and the evolving norms of technology. 19:26 - The Treadmill Paradox surfaces, highlighting the static nature of happiness despite rising living standards due to perpetually shifting expectations. 19:41 📈 Rising living standards lead to increasing expectations, often outpacing satisfaction, known as the "Treadmill Paradox." 20:11 🧠 Increasing circumstances and managing expectations are equally crucial for happiness; joy comes from the gap between the two. 21:35 🏠 Society's growing expectations skew perceptions; bigger houses today might feel less satisfying than smaller ones in the past. 23:25 🔄 Life often delivers experiences slightly less satisfying than imagined, driving perpetual dissatisfaction. 25:15 🤔 Happiness isn't absolute; it's relative, comparing to others' wealth or achievements. 27:21 📉 The world's progress thrives on dissatisfaction, propelling innovation and societal improvement. 28:16 📈 Trajectory often outweighs present status, influencing perceptions and societal acclaim. 30:31 🏎 Swift success can reset life's expectations, leading to a perpetual chase for more. 32:36 📚 First achievements can set impossibly high bars for future successes, creating psychological burdens. 36:50 🌟 Fame alters everyone around, more than the person experiencing it, often accompanied by unforeseen baggage. 38:51 📉 Expectations' cost on happiness is immeasurable, yet significant, impacting contentment more than tangible expenses. 39:17 📊 People often trade hidden metrics (like relationship quality, peace of mind) for observable metrics (like salary or status), although hidden metrics often matter more in life satisfaction. 42:50 🚗 Recognition that people are less concerned about your circumstances or possessions than you might think can help manage expectations and curb unnecessary spending on appearances. 44:12 🌟 Individuals exceptional in one aspect often have corresponding deficiencies in other areas; admiring whole individuals rather than selective traits is crucial. 47:23 📚 Heroes and accomplished figures in history often had significant personal flaws or aspects of life that were less than admirable; it's essential to view them holistically rather than idolize selectively. 49:51 🤔 It's important to admire not only the famous and successful but also people in everyday life who embody qualities you value, irrespective of their public recognition. 51:58 🌐 Remarkable talents often come with extreme personalities or traits that may not conform to societal norms; these characteristics can be inseparable from their success. 54:16 🎲 The human inclination for binary thinking in a probabilistic world affects how we perceive outcomes and impacts predictions in areas like finance, politics, and expertise. 55:43 🗣 Acknowledging uncertainty and refraining from commenting on topics outside your expertise can be more valuable than offering opinions without proper knowledge. 57:32 🤯 People often seek certainty and order, even if it means subscribing to incorrect beliefs or forecasts, as it reduces the discomfort of uncertainty. 58:57 🛐 Many belief systems offer absolute certainty to reduce uncertainty, providing a comforting sense of knowing how the world works and what the future holds. 59:11 📊 Understanding economic recessions and growth is limited due to a small sample size of historical data. 01:00:04 🤔 Averages in economic data hide the vast range of possibilities during recessions or growth periods. 01:00:58 🧠 Retroactively assessing decisions is complicated; alternative histories could have changed outcomes. 01:02:33 💡 Success strategies tend to be individualized and context-specific, not universally applicable. 01:03:30 📈 Investing strategies should adapt to changing times; old methods might not apply in today's economy. 01:04:12 📚 Compelling storytelling often surpasses statistical data in influencing people's perspectives. 01:05:07 🎥 Mastery in storytelling elevates historical events, even if widely known, to captivate and engage audiences. 01:06:29 ✍ The power of storytelling overrides factual accuracy in making information more relatable and memorable. 01:08:37 📖 Structuring content for readability and progress aids engagement and comprehension for readers. 01:09:29 🎬 Choosing storytelling venues enhances the impact and emotional connection to the content and its context. 01:11:06 🌟 Strong narratives often overshadow pure accuracy; fluency and presentation can trump rational precision. 01:12:45 🌀 Stories simplify complex topics, making them more digestible and engaging for a wider audience. 01:16:26 🎵 Packaging information with compelling narratives increases its appeal and accessibility. 01:18:32 🤯 Human actions often defy rationality; understanding the emotional and human element is crucial in decision-making. 01:18:48 🏃♂ Theoretical running limits: Despite accurate formulas, predicting race winners remained impossible due to the impact of emotions, adrenaline, and stakes not present in controlled tests. 01:20:39 🧠 Context and incentives matter: Human performance isn't solely physical; it's the combination of physical ability and the psychological context, including incentives and emotions. 01:22:29 🎿 Performance under pressure: High-stakes events like the Olympics drastically alter athletes' abilities due to heightened emotions, impacting both mindset and physical performance. 01:23:40 💡 Paranoia's paradox: Paranoia and stress often drive success, but once success is achieved, the drive diminishes, leading to potential downfall. 01:26:28 🌪 Cycles of volatility: Economic booms and recessions are rooted in periods of calmness; optimism fuels debt, instability, and eventual crashes in a cyclic pattern. 01:28:45 🤯 Fame's downside: Pursuing fame often leads to a paradox; the stress that fuels success diminishes once achieved, leading to complacency and potential downfall. 01:31:06 🎭 Pursuit of success: Constant comparison and competition prevent people from reaching a point of satisfaction; the drive to surpass others perpetuates a cycle of unending ambition. 01:35:19 📉 Intergenerational comparisons: The influence of social media shapes expectations, especially among younger generations, contributing to increased anxiety, depression, and altered perceptions of success. 01:37:40 📱 Social media's impact: Platforms foster comparison on an unprecedented scale, leading to widespread anxiety and adverse mental health outcomes, especially among young users. 01:38:03 📱 Being mindful of the impact of excessive phone or internet use on mental health is crucial. Assess how certain content makes you feel-whether it fosters connection or breeds negativity. 01:39:38 🚀 Rushing growth, whether in business, relationships, or investing, often leads to failure. Understanding and respecting the natural pace of growth is key. 01:41:00 📈 The concept of "Blitz scaling" in business can lead to "Blitz failing." Going too fast beyond the natural rate of growth can result in disappointment and breakdowns, particularly true in relationships and investing. 01:42:10 🧍♂ Doubling the size or growth beyond natural limits doesn't ensure double the output. Robert Wadlow's tragic story illustrates this-forcing growth in humans or systems can cause collapse rather than enhanced performance. 01:45:00 🌱 Oversaturating growth applies to companies-doubling a company's size can disrupt culture and success. Starbucks' saturation phase exemplifies how exceeding natural growth rates can harm a brand. 01:46:19 🧠 Personalities and traits that work well in one phase or context might not scale to others. What's successful at a certain age or in specific situations may not be suitable in different phases of life or environments.
Thank you!!! Correction 19:41 is the The Tocqueville Paradox... The Alexis de Tocqueville effect (also known as the Tocqueville paradox) is the phenomenon in which, as social conditions and opportunities improve, social frustration grows more quickly.
Love this one... on the expertise discussion, this quote has always stayed with me: "The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence." Substitute 'stupid' for any number of things, and it is still ...about 80% accurate. 😀
31:23 Great conversation. A couple things worth mentioning with the Dopamine discussion is I think the Goggins of the world have learned is how to enjoy the journey and ride the wave. Ted Bruschi who played with Tom Brady mentioned that he remembers Brady talking about winning it next year right after they’d won a Super Bowl. I think that can go to far if you can’t enjoy the moment somewhat but it is how some become great. I do remember when Gisele made the ultimatum, explaining to people that she was actually trying to make him go against human nature by asking him to retire. I think we can shift that dopamine rush. I used to chase women before becoming a father and then my dopamine shifted toward my career. Now I’m a runner and life as well so I find other ways to channel it when marriage becomes monotonous. Particularly, I have a wife who is a modern thinker who said “I don’t need you to lead” after I informed her that I was reading “Extreme Ownership” by Jocko and Leif. After getting over what I initially felt was rejection, I figured out a different way to channel that energy.
Great discussion. Morgan's first book is one of my top five of all time. Reading his new one now. I love the way he writes and the things he's fascinated by. My guess is that he'll be successful one day if he keeps at it! 😊
Quality conversation, I admire the fact you intuitively alter your surroundings for your guests to feel at home in conversation, you have set yourself apart from many.
I think there's value in separating complacency and contentment. You can interestingly be content with what you have in the current moment, while still being able to find joy in seeking something new. Complacency is when contentment for value derived off of past action turns into lack of desire to experience the future. I can be content with my value today, knowing that tomorrow is a new day and I might wish to experience tomorrow, rather than having a repeat of today. That's the difference between being complacent and being fulfilled. Fulfillment is momentary, complacency has no end date.
I came here because I saw the Jordan Peterson clip you uploaded but that full episode isn’t out yet so I found this to watch instead and honestly: this one is a zinger. I can’t believe I have stumbled upon this and obliviously struck gold. Also it’s testament to the effectiveness of your intelligently constructed content strategy. Yeah, but this episode hits different right now, ngl
Yessss what I appreciate about myself gets skewed to what others appreciate about us as we get more popular and we start appreciating what they appreciate
Great Interview - one of Chris’ best! I’ve always said that ‘External Events’, i.e., surprises, are the most important determinants of a person’s life - in either the positive or negative direction. That’s why the emphasis of ‘working hard’ in the US is so laughable. Should you work hard? Of course, but that doesn’t mean all that much. I’ve said for years that ‘I’d rather have luck than skills any day of the week’. My brother-in-law is a great example where luck just landed in his lap about 30 and it dramatically changed the rest of life. As for forecasts, having worked in the oil industry for 40 years, it’s obvious to me that oil price forecasts aren’t worth the paper they are printed on. I came to believe that weather forecasts are more accurate than oil price forecasts. Great topic!
Jerry Seinfeld said he never even imagined to do anything again that compared to Seinfeld. He knocked the ball out of the park and was happy with that and went onto to just enjoy life. Being able to recognise you've probably peaked and just celebrate that is really important.
If we only wanted to be happy, it would be easy; but we want to be happier than other people, and that is almost always difficult, since we think them happier than they are.
I laterally laughed out loud when Morgan talked about being a loud drunk person at 21...that was me. Then when he said if you're still that at 47 ..... I'm 47
About the living size of the average home... come to SF where most homes have not changed since the 1950s and the average person live anywhere between a 300 - 1200 square feet (rental unit or family house). I might be slightly off with the numbers but I’ve lived my whole life in SF that when I ventured out, I was shocked/floored at how huge homes where outside of San Francisco.
Around 30 min mark you guys missed the OG Alexander Dumas' ending of Count of Monte Cristo...happiness/sadness is change in circumstances. The entire quote is absolute beautiful
Great point about a cushion. It’s true willingness (prepared to do something) when you have the cushion there for the surprises financially. Same true in our relationships when we can speak our thoughts out loud knowing who you are talking to will allow that to sink in, a cushion airy effect. That intention fosters a peaceful encounter through surprises.
I agree only 70% what he says. You don't need to be exact copy of another to improve specifics of your life. Also I don't agree that people would really be in competition with their peers. He even says nobody cares about you so who competition thing does not compute.
I listen to and read anything that Morgan writes or shares! A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger covers the key investment principles investors need to know.
I love how they're conversing purely in quotes 😂😂 Edit: Just reached 1:31:14 - Story of the Mexican fisherman. Absolutely brilliant nugget of knowledge. I love this channel!
Listening to the book.. He mixed up his story with Seinfeld... Jimmy Fallon not Kimmel, and Airbag not seatbelt... not really relevant but made me think what other things did I hear that was off. Great interview... Chris is always looking for improvement. It's inspiring.. I love seeing him and Hormozi 💪😎
Would have been great to hear Morgan comment on the ending of Super Bowl 49. It makes a perfect example of one of his points. Nearly everyone accuses the play caller of stupidity. Personally, I don't think it was a bad call, but it didn't work out.
This whole need to be certain about what is going to happen and what is best for everyone is why so many "celebrities" are considered authorities on things that they have no business commenting on.
I don't think someone's salary is as clear a measurement as you think, big man. I mean, I work part-time as a cleaner which means I don't "earn" enough to pay the full amount of class 1 national insurance. But also have two rental properties which means once you add up what I earn in employment and rental income, after tax and payment of class 2 national insurance, I end up with the same amount in net pay as someone who's earning £28000 a year. After all, I don't have to pay £5000 a year in tax and class 1 national insurance contributions. On my rental income alone, I have enough to cover my living expenses. Basically, for just 18 hours of work and a 30-minute commute twice a week, I'm clearing nearly £2,000 a month. This doesn't make me the wealthiest guy on the planet in terms of money. But given I have no personal debt and just a small mortgage that I'll pay off in the next 5 years and the time to write my books etc., I'd say measuring a person's level of financial freedom would be better than measuring salaries
This is so random, but I've got to say that I freaking live this podcast. I don't know all the aspects that go into this podcast, but they are working dude. Keep up the good work!
I like it then Chris asks the how does it grow corn questions! The guest says something abstract, which is not trivial to apply, that's where Chris comes to rescue.
Mises predicted the great depression and explained how a credit boom always results in a bust. The reason experts all proclaim "no one saw it coming" because they have to pretend a depression is an act of God and not caused by men in power expanding credit
I’m at 12:04 the guest brought up Pearl Harbor, 911, and Covid and asked “who could have predicted these events and I’m thinking (please tell us they were man made so I know he is legitimate)
Is it "How can you not know more about this situation that you don't know more about?" or more like this: "How can you not think the same as I do about this situation that I think I know everything about?" 55:26
I mean, Daniel Kahneman got a Nobel prize for explaining why we're so bad at predicting. It's not that nobody cares about that. And - history isn't fragile - to quote N. Ferguson "the only law of history is the law of unintended consequences." History is relentless.
41:22 idk about the commute hidden metric. If my dad halved his driving time but sacrificed 10k a year my parents would be homeless after a year or two
When I'm somewhere like Blue Lagoon in Iceland, most people (mostly the young) are taking selfies. They aren't really there. The value is not that they're there, but that others know they're there.
Haha.. I’ll repeat after watching to 1min 15 secs I’ll say this again, Fred Harrisons works are a must read. Especially-The Corruption of Economics. Do yourself a favour.
Artificial intelligence is helpful now However most people are extremely fearful of Artificial Intelligence. Stirred up competition is crazy. Mass confusion of men in connection to employment goals in care of dreams. This stuff is crazy.
Hi Chris, I really enjoy the way you communicate and exchange ideas with Morgan Housel. Just found out about this channel and subscribed recently. For this episode, I couldn't seem to capture the 9 Timeless Lessons About Human Psychology very easily. Can anyone help me to identify those or is there a pattern that Chris usually use to convey bullet ideas? Thank you!
This is impactful stuff. A related book I read recently left an indelible mark on me. "The Art of Meaningful Relationships in the 21st Century" by Leo Flint
51:30 so funny, I'm listening to John Boyd's biography right now (Boyd, by robert Coram). If I had to guess, I'd say he was 100% disagreeable (Big 5). He lived for taking down his adversaries, but he was so brilliant (and strategically connected), the "blue suiters" who outranked him - those he clashed with - couldn't take him out. He challenged his acolytes with the choice "you can be somebody, or you can do something - which will you choose?" He had ZERO respect for anyone who put "being somebody" over doing something significant with their time & talent.
You can’t say the US wouldn’t have formed if the wind blew in another direction because as the podcast suggests we simply dont know. It could have happened later. Who knows. Fooled by Randomness is a good read along these lines.
Economics is a science, believe it or not. As such, the question of methodology is paramount. The Austrians only---specifically, Mises and Rothbard---of all the schools of economic thought, have the correct method for the study of human economic behavior. In short, regarding economics predictions, only general predictions can be known with certainty. E.g., An increase in the supply of money, ceteris paribus, results in a real income redistribution, into the hands of the new money's first users. It will also result in price inflation some place(s) downstream.
Hello you beauties. Access all episodes 10 hours earlier than TH-cam by Subscribing on Spotify - spoti.fi/2LSimPn or Apple Podcasts - apple.co/2MNqIgw. Here’s the timestamps:
00:00 What People Get Wrong When Making Predictions
03:50 The Fragility of History
15:35 Having a Positive Relationship with Risk
20:50 The World is Driven By Envy
25:04 Why You Can’t Base Happiness Off Wealth
32:39 The Mental Difficulty of Maintaining Success
41:56 How to Feel More Content With Life
51:58 Why People Desire Certainty
1:00:43 How Successful People Made Huge Decisions
1:07:30 How Morgan Writes His Books
1:18:40 Our Own Logic Can Lead Us Astray
1:26:15 Calmness Precedes Craziness
1:35:09 Are We Competing Against Other Generations?
1:42:10 Life Lessons From the Tallest Man Ever
1:47:07 Where to Find Morgan
Hello handsome
Morgan Housel is the MAN, who changed my life. Thank you, Morgan! ❤❤❤
Chris, you have done it again! Super eloquent and psychologically engaging interview! Please continue to “keep your mouth shut” and watch as your podcast is seen in all its glory!
One of the few I always return to & seek to intentionally orientate my life by the wisdom of its contents.
0:00 - The guest's book receives glowing praise, hailed as a purposeful masterpiece in weaving stories into lessons, setting a high tone for the conversation. 📚🌟
0:39 - The book's focus on explaining life's underlying principles, regardless of changes, sets the stage for an insightful discussion.
1:03 - The conversation explores why predictions in finance, economics, and politics often fall short, highlighting the baffling inability to forecast significant events.
3:03 - 23 unchanging facets of human behavior become the focal points, suggesting the importance of emphasizing these constants in understanding the world.
3:22 - The discussion delves into the consistency of human emotions like fear, greed, and envy, irrespective of changing scenarios.
3:53 - Reflecting on historical knowledge and its inability to foretell the future, the conversation emphasizes the complexity of events compounding unpredictably.
4:41 - Historical fragility surfaces, showcasing how minor events, like wind directions in George Washington's case, could have drastically altered history.
6:00 - The fragility of history parallels the uncertainty of the future, leading to a plea for humility when navigating the unknown.
8:34 - The unpredictability of major historical events like Pearl Harbor or 9/11 highlights how unforeseen surprises shape the world.
10:53 - The discourse explores the failure of predictions, citing examples such as the Great Depression, proving how unexpected events can redirect history.
15:39 - Managing risk becomes the focus, discussing how planning for known risks often leaves unaccounted factors. 🤔💼
16:45 - The speaker's approach involves maintaining a significant safety net, acknowledging its seemingly excessiveness, yet crucial nature for unforeseen events.
18:01 - The discussion shifts philosophically, linking happiness to expectations, drawing from John D. Rockefeller's life and the evolving norms of technology.
19:26 - The Treadmill Paradox surfaces, highlighting the static nature of happiness despite rising living standards due to perpetually shifting expectations.
19:41 📈 Rising living standards lead to increasing expectations, often outpacing satisfaction, known as the "Treadmill Paradox."
20:11 🧠 Increasing circumstances and managing expectations are equally crucial for happiness; joy comes from the gap between the two.
21:35 🏠 Society's growing expectations skew perceptions; bigger houses today might feel less satisfying than smaller ones in the past.
23:25 🔄 Life often delivers experiences slightly less satisfying than imagined, driving perpetual dissatisfaction.
25:15 🤔 Happiness isn't absolute; it's relative, comparing to others' wealth or achievements.
27:21 📉 The world's progress thrives on dissatisfaction, propelling innovation and societal improvement.
28:16 📈 Trajectory often outweighs present status, influencing perceptions and societal acclaim.
30:31 🏎 Swift success can reset life's expectations, leading to a perpetual chase for more.
32:36 📚 First achievements can set impossibly high bars for future successes, creating psychological burdens.
36:50 🌟 Fame alters everyone around, more than the person experiencing it, often accompanied by unforeseen baggage.
38:51 📉 Expectations' cost on happiness is immeasurable, yet significant, impacting contentment more than tangible expenses.
39:17 📊 People often trade hidden metrics (like relationship quality, peace of mind) for observable metrics (like salary or status), although hidden metrics often matter more in life satisfaction.
42:50 🚗 Recognition that people are less concerned about your circumstances or possessions than you might think can help manage expectations and curb unnecessary spending on appearances.
44:12 🌟 Individuals exceptional in one aspect often have corresponding deficiencies in other areas; admiring whole individuals rather than selective traits is crucial.
47:23 📚 Heroes and accomplished figures in history often had significant personal flaws or aspects of life that were less than admirable; it's essential to view them holistically rather than idolize selectively.
49:51 🤔 It's important to admire not only the famous and successful but also people in everyday life who embody qualities you value, irrespective of their public recognition.
51:58 🌐 Remarkable talents often come with extreme personalities or traits that may not conform to societal norms; these characteristics can be inseparable from their success.
54:16 🎲 The human inclination for binary thinking in a probabilistic world affects how we perceive outcomes and impacts predictions in areas like finance, politics, and expertise.
55:43 🗣 Acknowledging uncertainty and refraining from commenting on topics outside your expertise can be more valuable than offering opinions without proper knowledge.
57:32 🤯 People often seek certainty and order, even if it means subscribing to incorrect beliefs or forecasts, as it reduces the discomfort of uncertainty.
58:57 🛐 Many belief systems offer absolute certainty to reduce uncertainty, providing a comforting sense of knowing how the world works and what the future holds.
59:11 📊 Understanding economic recessions and growth is limited due to a small sample size of historical data.
01:00:04 🤔 Averages in economic data hide the vast range of possibilities during recessions or growth periods.
01:00:58 🧠 Retroactively assessing decisions is complicated; alternative histories could have changed outcomes.
01:02:33 💡 Success strategies tend to be individualized and context-specific, not universally applicable.
01:03:30 📈 Investing strategies should adapt to changing times; old methods might not apply in today's economy.
01:04:12 📚 Compelling storytelling often surpasses statistical data in influencing people's perspectives.
01:05:07 🎥 Mastery in storytelling elevates historical events, even if widely known, to captivate and engage audiences.
01:06:29 ✍ The power of storytelling overrides factual accuracy in making information more relatable and memorable.
01:08:37 📖 Structuring content for readability and progress aids engagement and comprehension for readers.
01:09:29 🎬 Choosing storytelling venues enhances the impact and emotional connection to the content and its context.
01:11:06 🌟 Strong narratives often overshadow pure accuracy; fluency and presentation can trump rational precision.
01:12:45 🌀 Stories simplify complex topics, making them more digestible and engaging for a wider audience.
01:16:26 🎵 Packaging information with compelling narratives increases its appeal and accessibility.
01:18:32 🤯 Human actions often defy rationality; understanding the emotional and human element is crucial in decision-making.
01:18:48 🏃♂ Theoretical running limits: Despite accurate formulas, predicting race winners remained impossible due to the impact of emotions, adrenaline, and stakes not present in controlled tests.
01:20:39 🧠 Context and incentives matter: Human performance isn't solely physical; it's the combination of physical ability and the psychological context, including incentives and emotions.
01:22:29 🎿 Performance under pressure: High-stakes events like the Olympics drastically alter athletes' abilities due to heightened emotions, impacting both mindset and physical performance.
01:23:40 💡 Paranoia's paradox: Paranoia and stress often drive success, but once success is achieved, the drive diminishes, leading to potential downfall.
01:26:28 🌪 Cycles of volatility: Economic booms and recessions are rooted in periods of calmness; optimism fuels debt, instability, and eventual crashes in a cyclic pattern.
01:28:45 🤯 Fame's downside: Pursuing fame often leads to a paradox; the stress that fuels success diminishes once achieved, leading to complacency and potential downfall.
01:31:06 🎭 Pursuit of success: Constant comparison and competition prevent people from reaching a point of satisfaction; the drive to surpass others perpetuates a cycle of unending ambition.
01:35:19 📉 Intergenerational comparisons: The influence of social media shapes expectations, especially among younger generations, contributing to increased anxiety, depression, and altered perceptions of success.
01:37:40 📱 Social media's impact: Platforms foster comparison on an unprecedented scale, leading to widespread anxiety and adverse mental health outcomes, especially among young users.
01:38:03 📱 Being mindful of the impact of excessive phone or internet use on mental health is crucial. Assess how certain content makes you feel-whether it fosters connection or breeds negativity.
01:39:38 🚀 Rushing growth, whether in business, relationships, or investing, often leads to failure. Understanding and respecting the natural pace of growth is key.
01:41:00 📈 The concept of "Blitz scaling" in business can lead to "Blitz failing." Going too fast beyond the natural rate of growth can result in disappointment and breakdowns, particularly true in relationships and investing.
01:42:10 🧍♂ Doubling the size or growth beyond natural limits doesn't ensure double the output. Robert Wadlow's tragic story illustrates this-forcing growth in humans or systems can cause collapse rather than enhanced performance.
01:45:00 🌱 Oversaturating growth applies to companies-doubling a company's size can disrupt culture and success. Starbucks' saturation phase exemplifies how exceeding natural growth rates can harm a brand.
01:46:19 🧠 Personalities and traits that work well in one phase or context might not scale to others. What's successful at a certain age or in specific situations may not be suitable in different phases of life or environments.
Thank you!!!
Correction 19:41 is the The Tocqueville Paradox...
The Alexis de Tocqueville effect (also known as the Tocqueville paradox) is the phenomenon in which, as social conditions and opportunities improve, social frustration grows more quickly.
Morgan is one of my favorites. I love the topic of “low expectations”. Warren Buffett says it jokingly, but I think he actually means it.
Love this one... on the expertise discussion, this quote has always stayed with me:
"The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence."
Substitute 'stupid' for any number of things, and it is still ...about 80% accurate. 😀
Man.. this podcast consistently offers so much value 🔥
What value did this episode offer?
31:23 Great conversation. A couple things worth mentioning with the Dopamine discussion is I think the Goggins of the world have learned is how to enjoy the journey and ride the wave. Ted Bruschi who played with Tom Brady mentioned that he remembers Brady talking about winning it next year right after they’d won a Super Bowl. I think that can go to far if you can’t enjoy the moment somewhat but it is how some become great. I do remember when Gisele made the ultimatum, explaining to people that she was actually trying to make him go against human nature by asking him to retire. I think we can shift that dopamine rush. I used to chase women before becoming a father and then my dopamine shifted toward my career. Now I’m a runner and life as well so I find other ways to channel it when marriage becomes monotonous. Particularly, I have a wife who is a modern thinker who said “I don’t need you to lead” after I informed her that I was reading “Extreme Ownership” by Jocko and Leif. After getting over what I initially felt was rejection, I figured out a different way to channel that energy.
Great discussion. Morgan's first book is one of my top five of all time. Reading his new one now.
I love the way he writes and the things he's fascinated by. My guess is that he'll be successful one day if he keeps at it! 😊
Quality conversation, I admire the fact you intuitively alter your surroundings for your guests to feel at home in conversation, you have set yourself apart from many.
I think there's value in separating complacency and contentment. You can interestingly be content with what you have in the current moment, while still being able to find joy in seeking something new. Complacency is when contentment for value derived off of past action turns into lack of desire to experience the future.
I can be content with my value today, knowing that tomorrow is a new day and I might wish to experience tomorrow, rather than having a repeat of today. That's the difference between being complacent and being fulfilled. Fulfillment is momentary, complacency has no end date.
I honestly could listen to these two speak to each other all day long
I came here because I saw the Jordan Peterson clip you uploaded but that full episode isn’t out yet so I found this to watch instead and honestly: this one is a zinger. I can’t believe I have stumbled upon this and obliviously struck gold. Also it’s testament to the effectiveness of your intelligently constructed content strategy. Yeah, but this episode hits different right now, ngl
Yessss what I appreciate about myself gets skewed to what others appreciate about us as we get more popular and we start appreciating what they appreciate
My take on this topic, after 62 years of living and gaining wisdom, is in most instances we can predict the future. We just can't handle the truth.
Great Interview - one of Chris’ best! I’ve always said that ‘External Events’, i.e., surprises, are the most important determinants of a person’s life - in either the positive or negative direction. That’s why the emphasis of ‘working hard’ in the US is so laughable. Should you work hard? Of course, but that doesn’t mean all that much. I’ve said for years that ‘I’d rather have luck than skills any day of the week’. My brother-in-law is a great example where luck just landed in his lap about 30 and it dramatically changed the rest of life.
As for forecasts, having worked in the oil industry for 40 years, it’s obvious to me that oil price forecasts aren’t worth the paper they are printed on. I came to believe that weather forecasts are more accurate than oil price forecasts.
Great topic!
Great podcast Chris. I really appreciate your work. I can’t believe this is free. Really amazing
I love the “hidden observable metrics” that Chris touched on. I hope he brings it up more often
Jerry Seinfeld said he never even imagined to do anything again that compared to Seinfeld. He knocked the ball out of the park and was happy with that and went onto to just enjoy life. Being able to recognise you've probably peaked and just celebrate that is really important.
I remembered Jerry exactly at the same point
Happy to watch Morgan on anything.
This is a fascinating podcast! There’s so much to think about and to reflect on, after watching it.
If we only wanted to be happy, it would be easy; but we want to be happier than other people, and that is almost always difficult, since we think them happier than they are.
Awesome episode! I like the way they exchange quotes and stories.
👍👍
Just bought the book. It seems like it will help with worry and satisfaction. Thanks guys!
👍👍👍
Working your way to one of the best podcasts available.....congrats
I laterally laughed out loud when Morgan talked about being a loud drunk person at 21...that was me. Then when he said if you're still that at 47 ..... I'm 47
Welll, are you still that person?
About the living size of the average home... come to SF where most homes have not changed since the 1950s and the average person live anywhere between a 300 - 1200 square feet (rental unit or family house). I might be slightly off with the numbers but I’ve lived my whole life in SF that when I ventured out, I was shocked/floored at how huge homes where outside of San Francisco.
Good job Mr. Williamson. Quality curation keep the process of wisdom coming
If there is an "easier road or shortcut", human beings WILL take it.
best podcast with the most interesting and usefull ideas
Wealth is definitely relative. Family, vocation, physical, emotional, social, spiritual, mental. That’s it
Around 30 min mark you guys missed the OG Alexander Dumas' ending of Count of Monte Cristo...happiness/sadness is change in circumstances. The entire quote is absolute beautiful
Great point about a cushion. It’s true willingness (prepared to do something) when you have the cushion there for the surprises financially. Same true in our relationships when we can speak our thoughts out loud knowing who you are talking to will allow that to sink in, a cushion airy effect. That intention fosters a peaceful encounter through surprises.
I like the pod most when the guest speaks
Social media is full of discontent creators
This guy gets it.
I agree only 70% what he says. You don't need to be exact copy of another to improve specifics of your life. Also I don't agree that people would really be in competition with their peers. He even says nobody cares about you so who competition thing does not compute.
I'm buying the book 10 min after listening to this man speak.
Same x
How you just referred to Rogan as some bald mma commentator 🙌🏽makes me love you 👌🏾
airdrop love, kindness and forgiveness on your enemies
Just amazing! So much information in just two hours. Thank you!
Things don't go wrong in the ways you prepare for them, they go wrong in the ways you *didn't* prepare for them.
I listen to and read anything that Morgan writes or shares! A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger covers the key investment principles investors need to know.
30:00 people respect you more when you are chasing something no when you have it
So many insights in one video 😮
I love your laughs at the subject when he’s talking seriously, it’s so me 😂🫶🏻🤍
I love how they're conversing purely in quotes 😂😂
Edit: Just reached 1:31:14 - Story of the Mexican fisherman. Absolutely brilliant nugget of knowledge. I love this channel!
Listening to the book.. He mixed up his story with Seinfeld... Jimmy Fallon not Kimmel, and Airbag not seatbelt... not really relevant but made me think what other things did I hear that was off. Great interview... Chris is always looking for improvement. It's inspiring.. I love seeing him and Hormozi 💪😎
Amazing podcast! Keep it up! If there's ever any type of volunteer type of work y'all will ever need. Keep me posted.
Would have been great to hear Morgan comment on the ending of Super Bowl 49. It makes a perfect example of one of his points. Nearly everyone accuses the play caller of stupidity. Personally, I don't think it was a bad call, but it didn't work out.
This whole need to be certain about what is going to happen and what is best for everyone is why so many "celebrities" are considered authorities on things that they have no business commenting on.
Go-Tee-yay-.. Gotye…the song was “somebody that I used to know”.
Best show ever. Thank you
You're talking about Black Swan events. They make up great stories. I'll have to read your book.
It's adorable he thinks no one saw 911 coming
I love this!! It spoke to my spirit!! Let's get it done!!!
I don't think someone's salary is as clear a measurement as you think, big man. I mean, I work part-time as a cleaner which means I don't "earn" enough to pay the full amount of class 1 national insurance. But also have two rental properties which means once you add up what I earn in employment and rental income, after tax and payment of class 2 national insurance, I end up with the same amount in net pay as someone who's earning £28000 a year. After all, I don't have to pay £5000 a year in tax and class 1 national insurance contributions. On my rental income alone, I have enough to cover my living expenses. Basically, for just 18 hours of work and a 30-minute commute twice a week, I'm clearing nearly £2,000 a month. This doesn't make me the wealthiest guy on the planet in terms of money. But given I have no personal debt and just a small mortgage that I'll pay off in the next 5 years and the time to write my books etc., I'd say measuring a person's level of financial freedom would be better than measuring salaries
Somehow I feel much more comfortable that he’s back home in his living room.
Chris, I'm so glad you guys did this podcast, and that Morgan wrote a new book! Thank you gentlemen! =)
Go Chris, I'm pulling out a chair and making a mug of tea for this one. Morgan Housel is a brilliant chap.
37:52 Goyte - Somebody That I Used to Know
And the meme around it is "he is now somebody that WE used to know"
Australian singer 🇦🇺
Thank you sooo much for this podcast 🤗
This is so random, but I've got to say that I freaking live this podcast. I don't know all the aspects that go into this podcast, but they are working dude. Keep up the good work!
Yes! I live it too! Lol
How is that random though?
I like it then Chris asks the how does it grow corn questions! The guest says something abstract, which is not trivial to apply, that's where Chris comes to rescue.
Mises predicted the great depression and explained how a credit boom always results in a bust. The reason experts all proclaim "no one saw it coming" because they have to pretend a depression is an act of God and not caused by men in power expanding credit
Truth 🙏
What an insight. Am glad I tuned in. Thank you so much for this. Just googled 13 reasons for not being famous. Keep on doing great work
I’m at 12:04 the guest brought up Pearl Harbor, 911, and Covid and asked “who could have predicted these events and I’m thinking (please tell us they were man made so I know he is legitimate)
Is it "How can you not know more about this situation that you don't know more about?" or more like this: "How can you not think the same as I do about this situation that I think I know everything about?" 55:26
We are so obsessed with having than being...
Thanks
I mean, Daniel Kahneman got a Nobel prize for explaining why we're so bad at predicting. It's not that nobody cares about that. And - history isn't fragile - to quote N. Ferguson "the only law of history is the law of unintended consequences." History is relentless.
The kind of content that makes me want to phone my mum. Nice one!
30:00 I thought of the same idea in the exact same moment
Morgan is brilliant
41:22 idk about the commute hidden metric. If my dad halved his driving time but sacrificed 10k a year my parents would be homeless after a year or two
Actually, you are happy when you are giving to others.
Just bought the psychology of money, good promo
In short, he's pointing out the wisdom of 20/20 hindsight.
Lots of deep insights
When I'm somewhere like Blue Lagoon in Iceland, most people (mostly the young) are taking selfies. They aren't really there. The value is not that they're there, but that others know they're there.
If risk seemed to disappear we would face more risk than ever before.
We are very good at predicting, but axioms are assumptions.
Feels illegal to be this early
Ask to see the video’s I.D.
It is illegal, please report to your local police station. 😂
That’s what she said.
@@blueshirttail🙌🤣
I’m always late to the party.
@45:17 Feel like Morgan just discovered that there are lot of driven people with aspergers and is seeing a correlation
32:13 I have no idea why I laughed so hard when I heard this but I did!
Excellent! Thank you.
In case anyone is wondering, Robert Wadlow was 8ft 11in tall. 😊
Even Russian mice attacked Germans...
Haha.. I’ll repeat after watching to 1min 15 secs I’ll say this again, Fred Harrisons works are a must read. Especially-The Corruption of Economics. Do yourself a favour.
Artificial intelligence is helpful now However most people are extremely fearful of Artificial Intelligence.
Stirred up competition is crazy.
Mass confusion of men in connection to employment goals in care of dreams. This stuff is crazy.
44:00 explains Elon and Kanye’s personalities
Hi Chris, I really enjoy the way you communicate and exchange ideas with Morgan Housel. Just found out about this channel and subscribed recently.
For this episode, I couldn't seem to capture the 9 Timeless Lessons About Human Psychology very easily.
Can anyone help me to identify those or is there a pattern that Chris usually use to convey bullet ideas? Thank you!
This is impactful stuff. A related book I read recently left an indelible mark on me. "The Art of Meaningful Relationships in the 21st Century" by Leo Flint
51:30 so funny, I'm listening to John Boyd's biography right now (Boyd, by robert Coram). If I had to guess, I'd say he was 100% disagreeable (Big 5). He lived for taking down his adversaries, but he was so brilliant (and strategically connected), the "blue suiters" who outranked him - those he clashed with - couldn't take him out. He challenged his acolytes with the choice "you can be somebody, or you can do something - which will you choose?" He had ZERO respect for anyone who put "being somebody" over doing something significant with their time & talent.
Where is the link to the book?
maybe...
You can’t say the US wouldn’t have formed if the wind blew in another direction because as the podcast suggests we simply dont know. It could have happened later. Who knows. Fooled by Randomness is a good read along these lines.
Economics is a science, believe it or not. As such, the question of methodology is paramount. The Austrians only---specifically, Mises and Rothbard---of all the schools of economic thought, have the correct method for the study of human economic behavior. In short, regarding economics predictions, only general predictions can be known with certainty. E.g., An increase in the supply of money, ceteris paribus, results in a real income redistribution, into the hands of the new money's first users. It will also result in price inflation some place(s) downstream.
Which scientist derived formula that calculated the mile time? Couldn’t find it on google. Can someone help me with that?
Loved it, great podcast! I read Morgan’s first book, and I’m eager to read the next one :) Cheers
Morgan! Why do you never connect faith to the unknown?