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Morgan Housel on Inflation, Incentives, and Investing through Bear Markets
Motley Fool Money
Incentives Are the Strongest Force in the World
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I started really thinking about this after the financial crisis of two thousand eight. It's not to absolve anyone who did terrible things, but people underestimate what they are willing to do if the incentives are appropriate. I think you see this at the ceo level. You see it among fun managers. There there is a tremendous amount of misbehavior in the investing industry. But the huge majority of those people are good, honest, well meaning people. They just exist in an industry where the incentives can be so twisted and theincentives can be so enormous.
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