TIP657: Morgan Housel's Lessons to Build Wealth w/ Clay Finck
We Study Billionaires - The Investor’s Podcast Network
The Power of Narrative in Economics
This chapter examines how storytelling influences perceptions of the economy and investing, emphasizing the role narratives play in market behaviors. It discusses the unpredictability of risks, the importance of a margin of safety in finance, and the surprising consequences of ordinary decisions through personal anecdotes and historical events.
On today’s episode, Clay shares the most important lessons he’s learned from Morgan Housel.
Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:24 - Why the best story wins.
09:35 - Why the biggest risk is the one nobody sees coming.
23:03 - The seduction of pessimism and why it pays to be an optimist.
27:18 - The importance of understanding ‘enough’.
44:42 - The importance of patience and investing with a long time horizon.
52:34 - The impact of debt.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Morgan’s books: The Psychology of Money & Same as Ever.
- Morgan's podcast on debt with Howard Mark.
- Related Episode: Listen to TIP602: Same as Ever w/ Morgan Housel, or watch the video.
- Related Episode: Listen to TIP351: The Psychology of Money w/ Morgan Housel, or watch the video.
- Mentioned Episode: RWH016: The Best of the Best w/ Francois Rochon.
- Mentioned Episode: RWH013: Move Slow, Win Big w/ Thomas Russo.
- Mentioned Episode: TIP559: Mastering the Market Cycle w/ Howard Marks.
- Follow Clay on Twitter.
- Check out all the books mentioned and discussed in our podcast episodes here.
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