The Morgan Housel Podcast cover image

Fees vs. Fines: The Cost of Admission in Investing

The Morgan Housel Podcast

00:00

Incentives and Addictive Patterns: Lessons from Pigeons and Investing

This chapter explores B.F. Skinner's experiments with pigeons to illustrate psychological concepts of incentives and how they relate to addictive behaviors. It draws parallels to the stock market, framing volatility as a necessary fee for potential rewards rather than a punishment for mistakes.

Transcript
Play full episode

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
Get the app