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Fees vs. Fines: The Cost of Admission in Investing

The Morgan Housel Podcast

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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.

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