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PSYCHOLOGY OF MONEY: Timeless Lessons from Morgan Housel
The Next Big Idea
Good news is slow compounding but bad news happens very fast
Events like COVID, September 11th, financial crises, and Pearl Harbor demonstrate how bad news occurs rapidly, while instances of good news, like the gradual reduction in heart disease mortality over 80 years, illustrate slow compounding. The gradual improvement in heart disease mortality saved millions of lives by compounding at a rate of one and a half percent annually. While bad news garners immediate attention, good news often unfolds quietly over time, leading to significant positive outcomes that are easily overlooked in the fast-paced news cycle.
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