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Fees vs. Fines: The Cost of Admission in Investing

The Morgan Housel Podcast

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The Cost of Admission in Investing: Embracing Uncertainty

This chapter explores investing as a game of navigating uncertainty, using the metaphor of a pigeon pressing a lever for rewards. It highlights the historical volatility of stock markets, particularly in Japan, underscoring the need for investors to accept fluctuations in returns as part of the journey to long-term success.

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