We Study Billionaires - The Investor’s Podcast Network TIP351: The Psychology of Money w/ Morgan Housel
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May 30, 2021 
Morgan Housel, a partner at Collaborative Fund and author of the bestseller 'The Psychology of Money,' joins to explore the complexities of investing. He discusses how time trumps immediate returns and why success can lead to complacency. Housel emphasizes the intertwined nature of risk and luck in financial decisions, urging investors to adopt patience and avoid the anxiety of chasing trends. He highlights that emotional management is key to successful investing and advocates for a disciplined, simple approach over complex strategies.
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Time is Key
- Warren Buffett's success is largely due to his 80 years of experience.
- Most of his wealth accumulated after his 50th birthday, highlighting the power of long-term investing.
Buffett's Obsession
- Warren Buffett was intensely focused on investing, possibly at the expense of other life aspects.
- Even as a multi-billionaire, he maintained his passion for the game itself.
Adapting to Change
- Ben Graham, author of The Intelligent Investor, admitted his formulas wouldn't work in later markets.
- Investors should adapt to market changes and avoid rigidly following outdated strategies.
