Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Morgan Housel – Same as Ever (EP.359)
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Oct 20, 2025 
Morgan Housel, a partner at Collaborative Fund and bestselling author, opens up about his journey since the success of The Psychology of Money. He discusses the timeless themes in his new book, Same As Ever, including the power of storytelling in finance and how narratives can drive market extremes. Morgan emphasizes the importance of managing expectations for happiness and the role of incentives in shaping behavior. With insights on compounding and risk management, he offers a refreshing perspective on navigating the investment landscape.
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History Repeats In Financial Crises
- Benjamin Roth's 1930s diary showed financial crises repeat with different actors but the same behaviors.
- Morgan Housel used this discovery as the genesis for Same As Ever to focus on what never changes.
Stories Trump Raw Data
- Storytelling beats raw data for memory and influence because humans remember narratives better than formulas.
- Housel argues great communicators like Buffett and Ken Burns win trust and attention by telling compelling stories.
Build Trust With Clear Communication
- Communicate clearly to build investor trust and extend the leash during downturns.
- If you want patient capital, explain what you're doing and why in plain language.