Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor (#576)

Read the bottom of investment articles before reading the whole thing.  The author has to disclose their investments and may just be schilling the whole article

If you make 100 investments, you’re probably going to make the most money on five or fewer of them.  This is why you can’t take every suggestion by a great investor to heart, the returns are only super successful about 5% of the time–even for the best of the best You just don’t hear about the failures. In the early decades of Disney, the compa... See more

Strategies are unique to the investor and the time period, it’s not always advisable to emulate others.  You can’t mimic luck or market conditions, study their life philosophies that translate into their investing strategies.

Money isn’t a means to wealth, it’s a means to autonomy and independence

What has been true for decades that will stop working, but will drag along stubborn adherence because it has such a long track record of success?  Value investing will always work but the formulas evolve

Man in the car paradox: When you see someone driving a nice car, you probably don’t think, “Wow, that person is cool.” Instead, you think, “Wow, if I had that car people would think I’m cool.” Do you see the irony? No one cares about the guy in the car. Have fun; buy some nice stuff. But realize that what people are really after is respect, and hum... See more

Investing isn’t an IQ test, it’s a test of character

What looks unsustainable, but is actually a new trend we haven’t accepted yet?  Crypto, it’s well on its way

Stay in the game. Do not get wiped out. Invest with a large enough bankroll to continue participating through an improbable string of bad luck or a radical economic event.

Sometimes a reasonable decision will make you happier than the rational decisionDetach yourself from other people’s benchmarks, judge your investments based on your happiness and fulfillment