Timeless Lessons on What Never Changes in Markets | Same as Ever w/ Morgan Housel (TIP602)

Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed.
Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.
IN THIS EPISODE YOU’LL LEARN:
0:00:00 - Intro
0:01:13 - The key themes that never change in our world.
0:03:26 - Why the world is much more fragile than we’re led to believe.
0:08:23 - Why the biggest risk is the one you don’t see coming.
0:14:18 - Why successful stock picking is about so much more than the numbers.
0:17:49 - The importance of thinking probabilistically.
0:21:26 - The true power of exceptional storytelling.
0:23:49 - Why every stock valuation is a number from today multiplied by a story about tomorrow.
0:26:28 - Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected.
0:29:42 - Morgan’s investment approach.
0:32:01 - Why most investor's biggest advantage is patience.
0:35:30 - Why most competitive advantages eventually die.
0:47:38 - How the world’s most successful people utilize inefficiency and slack to achieve more.
0:52:19 - Why Morgan writes for an audience of one.
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📖 BOOKS MENTIONED:
- Same as Ever by Morgan Housel: amzn.to/3S4ceYu
- The Psychology of Money by Morgan Housel: amzn.to/3UbpxsN
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