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Dangerous Feelings
Bill Gates once said, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose
Morgan Housel • The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
The mental trick we play on ourselves here is an over-admiration of people who have been there, done that, when it comes to money. Experiencing specific events does not necessarily qualify you to know what will happen next. In fact it rarely does, because experience leads to overconfidence more than forecasting ability.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
The line between “inspiringly bold” and “foolishly reckless” can be a millimeter thick and only visible with hindsight. Risk and luck are doppelgangers.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
increases ambition faster than satisfaction.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Countless fortunes (and failures) owe their outcome to leverage. The best (and worst) managers drive their employees as hard as they can. “The customer is always right” and “customers don’t know what they want” are both accepted business wisdom. The line between “inspiringly bold” and “foolishly reckless” can be a millimeter thick and only visible
... See moreMorgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Investor Dean Williams once said, “Expertise is great, but it has a bad side effect. It tends to create an inability to accept new ideas.”