Compounding

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Full show notes at www.LearningLeader.com

The Learning Leader Show With Ryan Hawk

#382: Morgan Housel - Timeless Lessons On Wealth, Greed, & Happiness

Notes:

• "Writing helps crystallize vague thoughts in your mind."
  • It helps clarify your thoughts.
  • Writing is an art.
  • When you publish your own work, you own the success or failure.
• Public speaking is a great tool to learn how to communicate succinctly. It's a skill worth building.
• The Psychology of Money is a study in understanding why people do what they do...
  • "Use money to control your time. That's the highest dividend money can do for you."
• Why work with Collaboration Fund:
  • You need more than just a check: values, philosophies, get your thoughts out into the world.
• Stories are more powerful than statistics. And most statistics are incomplete props to justify a story. Stories are easier to remember, easier to relate to, and emotionally persuasive.
• "Stop telling kids they can be whatever they want to be. You can be whatever you're good at, as long as they're hiring. And even then it helps to know someone." -- Chris Rock
• Excellence =
  • Patience - Stick with it. Continue to go during down periods. That's how compounding works.
• Success Laws -- "Strong beliefs, weakly held."
• Storytelling: "The prize goes to the person who can explain something well... Stories move the needle. You convince someone something is true through stories."
  • How to become a better storyteller? READ a lot. And practice.
• "If you’re going to try to predict the future — whether it’s where the market is heading, or what the economy is going to do, or whether you’ll be promoted — think in terms of probabilities, not certainties. Death and taxes, as they say, are the only exceptions to this rule."
• Some quotes (thanks to RightAttitudes.com) "Two things make an economy grow: population growth and productivity growth. Everything else is a function of one of those two drivers."
• "Changing your mind is one of the most difficult things we do. It is far easier to fool yourself into believing a falsehood than admit a mistake."
• "Study successful investors, and you’ll notice a common denominator: they are masters of psychology. They can’t control the market, but they have complete control over the gray matter between their ears."
• "There’s a strong correlation between knowledge and humility. People who spend 10 minutes on Google studying monetary policy think they have it all figured out, while people with PhD's and decades of experience throw up their hands in frustration. The more you study economics, the more you realize how little we know about it."
• "When you think you have a great idea, go out of your way to talk with someone who disagrees with it. At worst, you continue to disagree with them. More often, you’ll gain valuable perspective. Fight confirmation bias like the plague."
• "Short-term thinking is at the root of most of our problems, whether it’s in business, politics, investing, or work."