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The Psychology of Money with Morgan Housel

Morgan Housel

Timeless lessons on wealth, greed, and happiness.

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90 episodes
Updated Friday

Episodes90

Nov 15, 2024 · 16 min
Why Pessimism Sounds So Smart
If you're a student of history, you know that most things have gotten better for most people over time. But read the news and what do you hear? Pessimism, pessimism, pessimism. There are several reasons why. Special thanks to my friends at Readwise -- check out Readwise.IO/morgan.
Nov 4, 2024 · 15 min
Rare and Powerful Skills
A few easy-to-overlook skills that are so vital in today's world. Brought to you my friends at Readwise -- visit Readwise.io/morgan.
Oct 22, 2024 · 36 min
My Favorite Book: An Astounding Look at How Fast the World Can Change
This episode digs into one of my favorite books of all time: The Big Change by Frederick Lewis Allen. Written in 1952, it's a remarkable look at how quickly the world can change, with so many profound insights that I find relevant today. Special thanks to my friends at Readwise.io/morgan for making this happen.
Oct 10, 2024 · 22 min
This Was Never Easy: A Brief History of Nostalgia
There's a Russian saying that I love: "The past is more unpredictable than the future." It explains so much about nostalgia, and the twisted ways we all view the economic past. This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.
Oct 4, 2024 · 13 min
Everything In Life Is Cyclical
A lot of mistakes in life come when you think risk is something caused by external forces, when in fact the weight of your own success is enough to pull you down without any outside help. This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.
Sep 27, 2024 · 14 min
Do It Your Own Way
The ultimate success metric is whether you get what you want out of life. But that’s harder than it sounds because it’s easy to try to copy someone who wants something you don’t. This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.
Sep 12, 2024 · 14 min
A Few Little Ideas And Short Stories
Some of the most interesting stuff I've come across lately.
Aug 29, 2024 · 13 min
Cumulative vs. Cyclical Knowledge
In some fields our knowledge is seamlessly passed down across generations. In others, it’s fleeting. To paraphrase investor Jim Grant: Knowledge in some fields is cumulative. In other fields it’s cyclical (at best).
Jul 25, 2024 · 14 min
Different Kinds of BS
Jeff Bezos once said there are different kinds of smart. Distinguishing the various flavors is important because if you think smarts comes in just one form, you’ll miss dozens of other nuanced varieties. BS is the same. It comes in countless forms, some harder to spot than others. False modesty, projecting, double standards, hypocrisy, tugging at heartstrings – these aren’t lies; they’re subtle forms of BS which is why they’re so prevalent.
Jul 1, 2024 · 14 min
I Have A Few Questions
A few important money and life topics to make you ponder.
Jun 17, 2024 · 7 min
Quiet Compounding
"Nature is not in a hurry, yet everything is accomplished,” said Chinese philosopher Lao Tzu. Giant sequoias, advanced organisms, towering mountains – it builds the most jaw-dropping features of the universe. And it does so silently, where growth is almost never visible right now but staggering over long periods of time. It’s quiet compounding, and it’s a wonder to see. I like the idea of quietly compounding your money. Just like in nature, it’s where you’ll find the most impressive results.
Jun 11, 2024 · 17 min
History's Seductive Beliefs
My deepest forecasting belief is that you can better understand the future if you focus on the behaviors that never change instead of the events that might. And those behaviors have a common denominator: They follow the path of least resistance of people trying to simplify a complex world into a few stories that make sense and make them feel good about themselves. Simple stories, feel-good stories. Those are some of history’s most seductive beliefs, and they always will be. Here are a few that stick out.
May 24, 2024 · 9 min
Lazy Work, Good Work
The most productive work you can do often looks like the laziest -- but it can be hard to accept that because of how the workplace has changed over the last 100 years.
May 13, 2024 · 8 min
The Long Run Is Just A Collection of Short Runs
Every great idea can be taken too far. Take the notion that investors should ignore the short run. It's important to recognize that the long run is just a collection of short runs, and capturing long-term growth means managing the short run effectively enough to ensure you can stick around for a long time.
May 6, 2024 · 10 min
The Best Financial Advice I Know (What I Want My Kids To Learn)
I wrote letters to both of my kids the day before they were born. Here's what I wanted them to know about money. And even if you don't have, or want, kids, I think you'll find this helpful.
Apr 25, 2024 · 10 min
Realistic Personal Finance Hacks
Hacks are hard because shortcuts rarely exist. Prizes take time and effort. The personal finance industry – filled with advice that sounds and feels good without moving the needle – needs to recognize this. These aren’t fun hacks, but no one said this was easy.
Apr 11, 2024 · 8 min
Lucky vs. Repeatable
Luck plays such a big role in the world. But few people want to talk about it. If I say you got lucky, I look jealous. If I tell myself that I got lucky, I feel diminished. Maybe a better way to frame luck is by asking: what isn’t repeatable? And maybe better yet: The way to get luckier is to find what’s repeatable.
Apr 5, 2024 · 14 min
No One Is Crazy
The fun part of behavioral finance is learning about how flawed other people can be. The hard part is trying to figure out how flawed you are, and what stories make sense to you but would seem crazy to others.
Mar 28, 2024 · 11 min
Smart Things Smart People Have Said
A few of the best and most insightful things I've read lately.
Mar 18, 2024 · 14 min
Accountable to Darwin vs. Accountable to Newton
Woodrow Wilson was the only president with a Ph.D. in political science. He came to office having thought more about how a government functions than most before him or since. One of his complaints was that too many people in government held the belief that it was a Big Machine: that once you set up a series of rules you could take your hands off the wheel and let the government run on its own forever. They viewed government like physics, with a set of customs and laws that required no updating or second-guessing because they were believed to be precise and perfect as they were. Wilson thought that was wrong. He viewed government as being a living thing that adapted and evolved. I really don't care about politics. But he had a theory that I think is so important, and so applicable, to us ordinary people managing our money.