The Morgan Housel Podcast Tariffs, Trust, Risk, and Regret
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Apr 16, 2025 Discover the delicate balance between maintaining focus and handling external pressures, as illustrated by a comedian's narrative. Explore the essential nature of trust in both business and global dynamics, and learn how trade wars can disrupt economic stability. Delve into understanding risk and uncertainty in our lives, emphasizing the need for long-term thinking amidst chaos. Finally, unravel the intricacies of risk management while fostering a flexible mindset to navigate decision-making effectively.
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Comedian's Declining Career
- A comedian's career declined when he spent more time managing his act than creating jokes.
- This illustrates how success can distract from core strengths.
The Value of Trust
- Trust is a crucial asset for individuals, companies, and countries, but it's hard to measure.
- Trade wars can erode trust, potentially impacting investments and currencies.
Uncertainty and Opinions
- In uncertain times, people seek strong opinions for comfort, even if unfounded.
- Long-term thinking is crucial during crises, but uncertainty shrinks our field of vision.