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.
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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 HouselPartner at Collaborative Fund and author of The Psychology of Moneythe 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 · 28 May 2024 · 0:48:15 into the videoAll korrents from this video
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
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
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
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
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
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
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