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asymmetric aversion to loss
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
How much money would these three investors end up with over time? Sue ends up with $435,551. Jim has $257,386. Tom $234,476. Sue wins by a mile. There were 1,428 months between 1900 and 2019. Just over 300 of them were during a recession. So by keeping her cool during just the 22% of the time the economy was in or near a recession, Sue ends up with
... See moreMorgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
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
Morgan Housel and Gretchen Housel Part 1: How they use simple financial experiments to improve their relationship with money and each other
open.spotify.comCharlie Munger, Ed Thorp, Howard Marks, Joel Greenblatt, Bill Miller, Mohnish Pabrai, Tom Gayner, Guy Spier, Fred Martin, Ken Shubin Stein, Matthew McLennan, Jeffrey Gundlach, Francis Chou, Thyra Zerhusen, Thomas Russo, Chuck Akre, Li Lu, Peter Lynch, Pat Dorsey, Michael Price, Mason Hawkins, Bill Ackman, Jeff Vinik, Mario Gabelli, Laura Geritz, Br
... See moreWilliam Green • Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life
Growth is driven by compounding, which always takes time. Destruction is driven by single points of failure, which can happen in seconds, and loss of confidence, which can happen in an instant.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
For the unprepared, meeting John Neff can be a "disaster." Those who meet Neff's standards appreciate thatJohn answers his own phone ("Neff!"), and he always gives as good as he gets, or better, in both information and insight. Neff's rigorous discipline in "doing his homework" has one important consequence: His portfo
... See moreJohn Neff • John Neff on Investing
Ronald Read was patient; Richard Fuscone was greedy. That’s all it took to eclipse the massive education and experience gap between the two.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
There is an iron law in economics: extremely good and extremely bad circumstances rarely stay that way for long because supply and demand adapt in hard-to-predict ways.