Modern Wisdom

#707 - Morgan Housel - 9 Timeless Lessons About Human Psychology

940 snips
Nov 16, 2023
Morgan Housel, a partner at The Collaborative Fund and author of "Same as Ever," dives deep into timeless principles of human psychology. He discusses the pitfalls of predictions, the nuances of optimism, and the enduring nature of fear and greed throughout history. Housel emphasizes the power of storytelling over statistics in decision-making and highlights the impact of personal expectations on happiness. He also reflects on the complexities of fame and the dangers of rapid growth, advocating for a thoughtful approach to success.
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INSIGHT

The Problem with Predictions

  • We are good at predicting, except for surprises, which matter most.
  • Focus on unchanging human behaviors instead of predicting change.
ANECDOTE

Fragile History

  • The American Revolution's outcome depended on wind direction one night, says David McCullough.
  • This fragility of history highlights the unpredictability of the future.
ANECDOTE

Unpredictable Depression

  • Robert Shiller found no one predicted the Great Depression, not even experts.
  • The banking crisis, triggered by Creditanstalt's failure, was unforeseen.
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