4min chapter

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Ep. 35 Morgan Housel | Going Deeper on the Psychology of Money

Prime Talks

CHAPTER

Warren Buffett's Counter-Emotionality

Warren Buffett's mentor Benjamin Graham says 100% of his career success is owed to one stock, Geico. George Soros famously made several billion dollars when he shorted The Pound in the early 1990s. Tails Drive all big returns: whenever there is outside success, you're going to see a tail driven distribution playing a huge role. It's not realistic that anyone is going to make investments and have them work out well unless you're talking about treasury bonds or equity.

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