Morgan Housel
Partner at Collaborative Fund and author of The Psychology of Money. Writes short essays about how people actually behave with money, rather than about what markets will do next.
Morgan Housel did not write this page.
We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.
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Their wordsBut when a majority of people expect a top 5% outcome the result is guaranteed mass disappointment.
↗A Few Things I’m Pretty Sure Aboutcollabfund.com 1st of 5 in this piece
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Their wordsI think the majority of society problems are all downstream of housing affordability.
↗A Few Things I’m Pretty Sure Aboutcollabfund.com 2nd of 5 in this piece
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Their wordsEvery economic issue is complex, but this one seems pretty straight forward: we should build more homes. Millions of them, as fast as we can.
↗A Few Things I’m Pretty Sure Aboutcollabfund.com 3rd of 5 in this piece
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Their wordsThe internet is unique in the history of technology because there’s a list of things it improved (communication, access to information) but another list of things it likely made worse for almost everybody
↗A Few Things I’m Pretty Sure Aboutcollabfund.com 4th of 5 in this piece
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Their wordsCycles are so hard to predict, because it’s easier to forecast in straight lines.
↗A Few Things I’m Pretty Sure Aboutcollabfund.com 5th of 5 in this piece
- 19 months earlier
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Their wordsif you can can do something that changes your odds of an outcome it's not luck by definition luck to me the biggest are where and when you were born you can't control it
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 1st of 12 in this recording
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Their wordsyou want to find what is repeatable and what you could do again and those are the things you should just pay the most attention to
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 2nd of 12 in this recording
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Their wordsparticularly in modern markets that can get so crazy with social media and Reddit and Twitter and everything if you if you are susceptible to fomo there's no hope for you over time
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 3rd of 12 in this recording
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Their wordsmy game is is different I think your game is different most people's game might be a little bit different and what's important is that if your game is to invest for the next 20 30 50 years that you're not taking your cues from people who are playing a different game of trading for the next quarter and that's where a lot of danger and investing comes from
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 4th of 12 in this recording
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Their wordsit's always the case that it's very taal driven the distribution of returns and owning the index just guarantees that whatever is going to be the next driver I own because it's extremely difficult to know what those are going to be
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 5th of 12 in this recording
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Their wordsinvesting is one of the very few Endeavors in life where the harder you try the worse you're probably going to do and yes there are exceptions to that Renaissance Technologies of course you you you can name the exceptions for people who tried very hard and did very well but for the vast majority of people there's going to be a negative correlation between the effort you put into it and the results that you got out of it
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 6th of 12 in this recording
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Their wordsif your net worth grows 10% but your expectations grow 12% that's that's when you get into trouble it's just the gap between the two
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 7th of 12 in this recording
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Their wordsI think most Financial debates whether it's like an investing debate or a saving or spending debate people are not actually disagreeing with each other they're not actually debating it's people with different personalities talking over each other and once you come to terms with that there's not one right answer for any of this
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 8th of 12 in this recording
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Their wordsI think broadly it's anything that's going to prevent you from achieving the goals that you want that's a a very basic answer but I think that's what it is and the reason that's important is because take volatility in the stock market is that risk well it could be if you're a day trader then yes if the market goes down tomorrow that's a risk for you if you're in if you're going to retire in 50 years it's not whatsoever
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 9th of 12 in this recording
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Their wordsthe example that I always use is Bill Gates when he started Microsoft took the most audacious entrepreneurial swing that maybe anyone's ever taken of saying every desk in the world needs a computer on this and he's saying this in 1974 whatever it was crazy amount of risk crazy bold Vision at the same time he said that he always wanted Microsoft to have enough cash in the bank to make payroll for one year with no Revenue which is the most conservative pessimistic way to run a business so he's like very risk-taking and very conservative paranoid at the same time very good at getting rich very good at staying Rich at the same time
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 10th of 12 in this recording
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Their wordsif I can be average for an above average period of time that leads to a way above average result it's not it's it's not about like what are the returns that I can earn this year if I can earn 8% returns for 50 years the results are ridiculous the results are absurd and so maximizing the variable that matters which is time and endurance
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 11th of 12 in this recording
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warpoliticsbehavioural science
Their wordsI think you can learn more about money by reading about politics military history biology sociology than you will by reading a finance book because you're just trying to figure out how do people make decisions how do you make decisions and how do other people make decisions and by and large you're not going to learn that in an economics textbook but you will learn about it by reading all of these other fields that have nothing to do with money
↗Morgan Housel: What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealthyoutube.com 12th of 12 in this recording
- 4 weeks earlier
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Their wordsI think this is the most practical way to think about debt: As debt increases, you narrow the range of outcomes you can endure in life.
↗How I Think About Debtcollabfund.com 1st of 2 in this piece
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Our reading
The real price of debt is paid in options and flexibility, which is the asset that matters most.
Their wordsyou start to see it as a constraint on the asset that matters most: having options and flexibility
↗How I Think About Debtcollabfund.com 2nd of 2 in this piece
- 3 weeks earlier
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Their wordsIt’s so important to know the difference between the two when attempting to learn from someone. You want to try to emulate skills that are repeatable.
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Their wordsyou want to learn the big lessons about why things behave the way they do without assuming the past is a direct guide to the future, because it’s not – most of the details are not repeatable
- 2 months earlier
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Their wordsThere are two ways to use money. One is as a tool to live a better life. The other is as a yardstick of status to measure yourself against others.
↗A Few Thoughts on Spending Moneycollabfund.com 1st of 3 in this piece
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Their wordsUnspent money buys something intangible but valuable: freedom, independence, autonomy, and control over your time.
↗A Few Thoughts on Spending Moneycollabfund.com 2nd of 3 in this piece
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Their wordsThere is no such thing as an objective level of wealth. Everything is relative to someone else.
↗A Few Thoughts on Spending Moneycollabfund.com 3rd of 3 in this piece