The Jordan Harbinger Show 930: Morgan Housel | The Power of Preparation Over Prediction
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Dec 7, 2023 
In this insightful discussion, Morgan Housel, a financial writer and author of "The Psychology of Money," delves into the significance of preparation over prediction. He emphasizes that true investment wisdom stems from understanding human behavior rather than traditional finance. Morgan explores the dangers of lifestyle creep and the importance of managing expectations for happiness. He also highlights the need for resilience and authenticity, arguing that personal fulfillment and meaningful relationships outweigh the societal pressures of fame and wealth.
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Investing Insights
- To understand investing, study human behavior and real-world models, not just finance textbooks.
- Investing and other fields like politics are interconnected by human behavior.
Amazon's Unforeseen Success
- Amazon's success is largely due to AWS, a service unforeseeable in its early years.
- Holding Amazon stock long-term was profitable, but not necessarily due to accurate early analysis.
Focus on the Constant
- Morgan Housel emphasizes focusing on unchanging human behaviors over predicting specific changes.
- Jeff Bezos' focus on consistent customer desires (selection, shipping, price) exemplifies this.
