The Morgan Housel Podcast What I Learned In 2024: A Tale of Tails
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Dec 23, 2024 The podcast dives into the polarized experiences of 2024, where successes and struggles starkly contrast. It reveals how a few dominant companies drive the S&P 500's success while many stocks lag behind. The conversation highlights the illusions of success in today's economy and how social media shapes perceptions of achievement. Lastly, it throws light on the unequal outcomes faced by different sectors during the pandemic, offering insights into the fleeting nature of hardship and success in modern business.
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Tails Drive Everything
- 2024 highlighted a significant trend: outcomes are increasingly driven by extremes.
- Many experienced either exceptional success or significant failure, particularly in the stock market and specific careers.
All-or-Nothing Careers
- Many careers now follow an all-or-nothing trajectory, like YouTube creators who either make a fortune or nothing at all.
- This polarization extends to politics, where individuals experience the economy and culture as either exceptionally beneficial or detrimental.
Social Media & FOMO
- Social media amplifies awareness of extreme outcomes, intensifying FOMO.
- People are more aware of others' successes, making it easier to feel behind, even when doing relatively well.