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TIP602: Same as Ever w/ Morgan Housel

Jan 26, 2024

54:22

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Morgan Housel, partner at The Collaborative Fund and New York Times bestselling author, discusses enduring historical themes, the fragility of the world, thinking probabilistically, the power of storytelling in investing, successful investment strategies, and the importance of enjoying your work.

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Quick takeaways

Understanding enduring behaviors can provide insight into how the world works and help navigate unpredictable events.

Prepare for different scenarios and construct a portfolio that is anti-fragile.

Patience and a long-term approach are key in investing, while demanding immediate results or excessive risks can lead to below-average outcomes.

Deep dives

The persistence of enduring behaviors

History shows that there are enduring behaviors that remain consistent over time, regardless of technological advancements or economic changes. These enduring behaviors, such as risk, greed, fear, uncertainty, and opportunity, can be observed across various aspects of life, including investing, politics, and technology. Understanding and recognizing these enduring behaviors can provide insight into how the world works and help navigate unpredictable events.

The Power of Storytelling in Investing

01:35

The World's Fragility and the Impact of Serendipity

01:36

The Importance of Unstructured Time for Success

01:40

The Downfall of Once Dominant Companies

02:02

Introduction

2min

Understanding Enduring Behaviors

13min

The Challenges of Predictions, Wild Numbers, and Binary Judgments

3min

Challenges and Solutions for Businesses

6min

Expectations and the Power of Storytelling in Investing

9min

Investment Strategy and Roth IRAs

9min

Maintaining Competitive Advantage

16min

The Importance of Enjoying Your Work

2min

On today’s episode, Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed.

Morgan Housel is a partner at The Collaborative Fund. He’s the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:34 - The key themes that seem to never change throughout history.

04:37 - Why the world is much more fragile than we’re led to believe.

09:04 - Why the biggest risk is the one you don’t see coming.

24:49 - The true power of exceptional storytelling.

23:28 - The importance of thinking probabilistically.

27:00 - Why every stock valuation is a number from today multiplied by a story about tomorrow.

27:32 - Why successful stock picking is about so much more than the numbers.

29:22 - Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected.

32:19 - Morgan’s investment approach.

38:21 - Why most investor’s biggest advantage is patience.

41:31 - Why most competitive advantages eventually die.

51:33 - How the world’s most successful people utilize inefficiency and slack to achieve more.

55:43 - Why Morgan writes for an audience of one.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.
Morgan’s book: Same as Ever and The Psychology of Money.
Morgan’s Podcast.
Related Episode: TIP351: The Psychology of Money w/ Morgan Housel | YouTube video.
Check out the books mentioned in the podcast here.

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