Permanent Podcast: Real Talk About Private Equity and Buying, Selling, and Operating Small Businesses Morgan Housel: The Psychology of Luck - Outside Insights
Wrote For Himself, Not the Market
- Morgan expected low book sales and wrote for himself, treating writing like a diary solving his problems.
- He was surprised by the book's reach because he never aimed it at a broad audience.
Experience Shapes Financial Views
- Morgan argues that everyone's view of finance is shaped by their personal experiences and time horizon.
- Disagreements in finance often reflect different life experiences, not objective truth.
Complexity Doesn't Equal Outperformance
- Many readers were surprised Morgan indexed because active management signals expertise.
- He notes complexity isn't correlated with better financial results and career incentives push fees and active products.
Morgan Housel (The Psychology of Money) joins Brent Beshore & David Cover to discuss how to build wealth, why people are mad at Morgan, and why most investors are asking the wrong questions – plus, they clear the air on Brent's online feud with Morgan.
LINKS & MENTIONS FROM THIS EPISODE
Preorder Morgan's new book, Same As Ever https://www.penguinrandomhouse.com/books/672339/same-as-ever-by-morgan-housel/
Read The Psychology of Money https://www.amazon.com/Psychology-Money-Timeless-Lessons-Happiness/dp/B08D9WJ9G8/ref=sr_1_3?crid=1ZWO7MWLGMIF4&keywords=morgan+housel&qid=1681911241&sprefix=morgan+hous%2Caps%2C302&sr=8-3
Listen to Morgan's podcast https://podcasts.apple.com/us/podcast/the-morgan-housel-podcast/id1675310669
Listen to Brent & David's interview with Shane Parrish https://www.permanentequity.com/content/why-discipline-doesnt-matter-with-shane-parrish
Morgan mentions the book, April 1865 by Jay Winik https://www.amazon.com/April-1865-Professor-Jay-Winik-audiobook/dp/B00VQPDKWS/ref=sr_1_1?crid=2T648CGQZ69TS&keywords=jay+winnick&qid=1681928090&sprefix=jay+winick%2Caps%2C104&sr=8-1
CONNECT
Morgan on twitter https://twitter.com/morganhousel
Morgan on LinkedIn https://www.linkedin.com/in/morgan-housel-5b473821/
Brent on twitter https:/https://twitter.com/BrentBeshore
Brent on LinkedIn https://www.linkedin.com/in/brentbeshore
David on twitter https://twitter.com/DavidACover
David on LinkedIn https://www.linkedin.com/in/david-cover-318752230/
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TIMESTAMPS
0:00 Intro & Why Brent Hates Morgan
2:08 David Apologizes to Morgan
4:27 Did Morgan Know He Was Going to be a Best Selling Author?
10:17 Why People Are Mad at Morgan & Why Investors Are Asking the Wrong Questions
15:09 Why Brent Doesn't Consider Himself an Investor
17:35 How Almost Dying Shaped Morgan's View of Risk & Luck
26:31 How to Not Make Bad Decisions
29:22 How to Have Enough
36:06 How to Create Something That Will Have Impact
38:36 Is it Possible to Save Too Much Money?
41:26 What Should Owners & Operators Do With Their Money?
47:37 Getting Rich vs Staying Rich
53:47 How to Learn from the Past and What Never Changes
56:75 How to Be Less Cynical
59:08 Housel Hot-Takes: What Are You Reading?
1:00:52 Housel Hot-Takes: Bitcoin & AI
1:03:39 Housel Hot-Takes: The Fed
1:05:03 Housel Hot-Takes: Expensive Wine Is Overrated
1:06:08 Housel Hot-Takes: Twitter & Elon Musk
1:08:02 What Would You Go Back & Tell Your 30 Year Old Self?
1:09: Frenemies Are Frenemies Forever
1:10:46 Let's Send This Podcast to Someone Together
1:11:40 What Happens Next
1:12:35 Moment of Compliance Zen
EPISODE CREDITS
Produced by David Cover
Intro music by David Cover, Andy Freeman, Rhett Johnson, & Andrew Luley
Outro music by Jees Guy
Moment of Compliance Zen music by Shimmer
WE STEWARD COMPANIES THAT CARE WHAT HAPPENS NEXT
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LEGAL DISCLAIMER
This podcast is made available solely for educational purposes, and the information presented here does not constitute investment, legal, tax or other professional advice, and should not be construed as an offering of advisory services, or as a solicitation to buy, an offer to sell, or a recommendation of any securities or other financial instruments. The thoughts and opinions expressed by or through this podcast are those of the individual guests and speakers and do not necessarily reflect the views of Permanent Equity. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the guests may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. This podcast is presented by Permanent Equity and may not be copied, reproduced, republished or posted, in any form, without its express written consent.