Same as Ever by Morgan Housel [Actionable Summary]

I have no clue what the stock market will do next year (or any year). But I’m very confident about people’s penchant for greed and fear, which never changes. So that’s what I spend my time thinking about. I have no idea who will win the next presidential election. But I’m confident about the ways people’s attachment to tribal identities influences

Every decision people make with money is justified by taking the information they have at the moment and plugging it into their unique mental model of how the world works.

But every financial decision a person makes, makes sense to them in that moment and checks the boxes they need to check. They tell themselves a story about what they’re doing and why they’re doing it, and that story has been shaped by their own unique experiences.

The most important driver of anything tied to money is the stories people tell themselves and the preferences they have for goods and services. Those things don’t tend to sit still.

think of my own money as barbelled. I take risks with one portion and am terrified with the other. This is not inconsistent, but the psychology of money would lead you to believe that it is. I just want to ensure I can remain standing long enough for my risks to pay off. You have to survive to succeed. To repeat a point we’ve made a few times in th

Michael Batnick says, “some lessons have to be experienced before they can be understood.”