Housell tells the story of jessie livermore. Jesse was born in 18 77 and was the greatest stock market trader during his time period. He made an inflation adjusted three billion dollars on one of the days of that week, which is pretty mind blowing. Over 99 % of warren's wealth was accumulated after his fiftieth birthday. 96 % of his wealth came after he qualified for social security in his mid sixties. Had he retired at the age of 60 to relax and just quit investing, he'd only be worth about 12 million dollars.
IN THIS EPISODE, YOU’LL LEARN:
01:19 - Clay’s biggest takeaways from reading The Psychology of Money by Morgan Housel.
04:55 - Why it’s better to study broad trends and patterns rather than specific individuals.
08:44 - Warren Buffett’s secret weapon to becoming one of the richest people on the planet.
09:30 - The story of how Jesse Livermore built a fortune trading stocks, only to eventually lose it all.
14:39 - What Morgan Housel’s definition of wealth is.
17:25 - Why trying to make market predictions is a fool’s game.
24:50 - How Morgan Housel thinks about and handles his own finances.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Help us reach new listeners by leaving us arating and reviewon Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!