
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
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.