Timeless Lessons on What Never Changes in Markets | Same as Ever w/ Morgan Housel (TIP602)

Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed.

Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.

IN THIS EPISODE YOU’LL LEARN:
0:00:00 - Intro
0:01:13 - The key themes that never change in our world.
0:03:26 - Why the world is much more fragile than we’re led to believe.
0:08:23 - Why the biggest risk is the one you don’t see coming. 
0:14:18 - Why successful stock picking is about so much more than the numbers.
0:17:49 - The importance of thinking probabilistically.
0:21:26 - The true power of exceptional storytelling.
0:23:49 - Why every stock valuation is a number from today multiplied by a story about tomorrow.
0:26:28 - Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected.
0:29:42 - Morgan’s investment approach.
0:32:01 - Why most investor's biggest advantage is patience.
0:35:30 - Why most competitive advantages eventually die.
0:47:38 - How the world’s most successful people utilize inefficiency and slack to achieve more.
0:52:19 - Why Morgan writes for an audience of one.

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On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market.

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[davidherald]

"Every valuation in investing is a number from today multiplied by a story about tomorrow." ...so good

[indiabegins]

It's always a pleasure listening Morgan

[johnnyguitar]

I read the Psychology of Money and the Same as Ever in two days. They were so easy and enjoyable to read with great insights!

[lincolnbright]

Thanks Morgan, your books are mind blowing.

[henrybuonaparte]

Amazing interview, thank you! I’ve seen several interviews with Morgan regarding his new book. This is by far the best one. 👍🏻

[vasil]

What a great interview! I saw you guys in podcast format and it was nice, sooo glad you are in Youtube too!!

[RolfStumpfRailMedia]

This gets a deserved like - even before I saw it. Can't wait to watch it.

[Brandon.T]

Loved this! Thank you TIP for the amazing resources.

[skywalker]

I've just bought the new book :)) Thank you for great podcast! 💥

[kristjansild]

I admire when people know it all and have it all figured out

[narendraemaurya]

It was great inside about investing psychology in the podcast.

[george]

Morgan, you should do a YouTube blog rather than a Twitter blog, which few people see.

[angelsancheese]

Dang such small amount of views on this video that should have at least a million

[ahmaurya]

Interesting but too long. Plus the main message is something Bezos constantly fixated on with tespect to developing his business model. People will always want things cheaper, of better quality, and delivered faster. This is repackaging that age-old tenet of looking for invariants (hello CS 101) in a sea of chaos and change.

[canadianmaplefan]

Hi Guys please check this out
Guru Nanak Ji 500 years ago 8.4 million life forms on earth
Guardian newspaper UK 2011 approximately 8.6 million life on earth
Including bacteria etc

[طلالشاويش-كه]

حلم 💭 ،،،،،،،،،،،،،،،،،حلم حلم 💭 حلم 💭

[KamilMauel]

Yes it is not for the numbers but story and history. Most of the 9 TIP’s Legendary Investors have been beaten by the market in the last 10 years. BRK slightly overcame SPY. Buffet is the only guru able to perform more than 3 decades and done it twice! Others are legends not relevant anymore. Dalio delivered nothing, Icahn or Soros almost bankrupted their funds.