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The Fort
#377 - Morgan Housel - The Psychology of Money, Incentives, Investing, & Human Misjudgement
Feb 11, 2025
Morgan Housel, a bestselling author and finance expert, dives into the psychology of money and investing. He reflects on a life-altering skiing tragedy that reshaped his understanding of risk. The conversation highlights the complexities of wealth, emphasizing that financial success often comes at personal costs. Housel explores the interplay of anger and humor in online discourse, along with the pivotal role behavior plays over mere knowledge in investing. He also discusses teaching kids about money, advocating for resilience over feelings of inadequacy.
01:16:44
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Quick takeaways
- Morgan Housel emphasizes that personal experiences profoundly influence our perception of risk and decision-making in investing.
- The podcast highlights the tribal nature of human behavior, showing how differing backgrounds lead to misunderstandings and conflict in discussions.
Deep dives
The Challenge of Long-Term Discipline
Investing in a bull market is relatively easy, and most people exhibit discipline during these periods. However, true discipline is tested in moments of crisis, such as September 2008 and March 2020. These periods of market turmoil reveal investors' real risk tolerance and psychological resilience. The speaker acknowledges feeling scared during these events, emphasizing that many investors mistakenly attribute their calm demeanor to personality rather than external economic conditions.
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