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My First Million
The Investment Strategy To Build Generational Wealth (ft. Morgan Housel)
Dec 20, 2023
39:38
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Author and financial expert Morgan Housel discusses the psychology of building generational wealth and the importance of striving for averageness. They delve into the rarity of success in the book industry compared to sports, as well as the significance of long-term average returns over short-term superior returns. The conversation also explores Warren Buffett's approach to compounding money and the importance of humility in understanding human behavior.
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Quick takeaways
- Focus on sustained returns instead of short-term gains for long-term generational wealth.
- Study history and understand timeless human behaviors to approach economic uncertainties with humility in finance.
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The importance of sustainable returns
The podcast episode emphasizes the significance of focusing on sustained returns rather than short-term gains. It highlights that what truly matters is the longevity of returns, not just the immediate performance. The speaker discusses the importance of ruling out impulsive financial decisions and striving for returns that can be maintained over an extended period of time.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode