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Morgan Housel

What Morgan Housel thinks about investing

@morgan-housel · 24 positions · 0 changes of mind

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.

Everything they publish, on ppll ↗

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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Only Morgan Housel on investing. See everyone on investing

8 dated positions, 2024, in their own words. Our reading of what Morgan Housel has said — not written or endorsed by them.

  1. Our readingSusceptibility to FOMO, especially in markets inflamed by social media, leaves little hope of building wealth over time.

    social media

    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

  3. Our readingAn investor with a 20-, 30- or 50-year game should not take cues from people playing a different game, such as trading for the next quarter, and that is where much of investing's danger comes from.

    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

  5. Our readingBecause stock returns are concentrated in a few winners that are very hard to know in advance, owning the whole index guarantees owning whichever ones turn out to be the drivers.

    stock market

    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

  7. Our readingIn investing, extra effort tends to correlate negatively with results for the vast majority of people, with some exceptions such as Renaissance Technologies.

    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

  9. Our readingMost financial debates are not real disagreements but people with different personalities talking over each other, and there may be no single right answer.

    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

  11. Our readingRisk is best defined as whatever could keep a person from their own goals, so stock-market volatility is a risk for a day trader and not for someone retiring in fifty years.

    stock market

    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

  13. Our readingBeing average for an above-average period of time can lead to a well above-average result, because endurance rather than this year's return is the variable that matters.

    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

  14. 7 weeks earlier

  15. Our readingMarket history teaches why things behave as they do, never what happens next, because the details never repeat.

    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

    ↗Lucky vs. Repeatablecollabfund.com 2nd of 2 in this piece