Morgan Housel
the world is too complex to allow 100% of your actions to dictate 100% of your outcomes.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
financial success is not a hard science. It’s a soft skill, where how you behave is more important than what you know.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
If we had a magic wand we would find out exactly what proportion of these outcomes were caused by actions that are repeatable, versus the role of random risk and luck that swayed those actions one way or the other. But we don’t have a magic wand. We have brains that prefer easy answers without much appetite for nuance.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Nassim Taleb explained: “True success is exiting some rat race to modulate one’s activities for peace of mind.”
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Entrepreneur and investor Naval Ravikant put it this way: “In 1,000 parallel universes, you want to be wealthy in 999 of them. You don’t want to be wealthy in the fifty of them where you got lucky, so we want to factor luck out of it. . . . I want to live in a way that if my life played out 1,000 times, Naval is successful 999 times.”