Morgan Housel

@morgan-housel · 24 positions · On ppll ↗

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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What Morgan Housel says most about

investing 8

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

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agency 2

If something can be done to change the odds of an outcome, it is not luck by definition; luck is what is truly outside one's control, such as where and when one is born.
When luck is separated from skill, the part to pay most attention to is what is repeatable: what someone could do again.

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behavioural science 2

More about money may be learned from fields like politics, military history, biology and sociology than from a finance book, because the question is how people make decisions.
When most people expect a top-five-per-cent outcome, mass disappointment is guaranteed.

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housing 2

The right response to housing costs is to build millions more homes as fast as possible.
Most of society’s problems run downstream of housing affordability.

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patience 2

Being 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.
An 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.

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stock market 2

Because 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.
Risk 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.

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