Today we're talking about money with the guy who's been studying money for like the last 10 years.

He's the author who sold more books about money than pretty much to anyone on earth.

It's Morgan Hounsel. He wrote The Psychology of Money, the Same As Ever, The Art of Spending

Money, and we talked to him about Warren Buffett, about the behaviors that drive people to either

make money or lose a bunch money about spending

money about how much money is enough it's just a good honest conversation between a bunch of dudes

about money what more do you want i feel like i can rule the world i know i could be what i want to

i put my all in it like no days off on a road let's travel you tweeted out something that broke my brain.

In fact, I thought it was like an AI deep fake.

It's like when Luca got traded and people were like,

this must be fake news.

There's no way this is possible.

You said that my favorite Buffett stat is that Berkshire Hathaway could lose 99% of its value tomorrow

and still have outperformed the S&P 500 since Buffett took over.

And the truth is I was understating it.

It's actually like 99.6% or something like that that could decline.

That is so crazy. How is it even possible? Like, you know, we don't do public math here, but that sounds mathematically impossible. And he only outperformed by seven points, right? It was like, or, like, he's done like 20% annual versus... It's about that. His is about 20, and I think the S&P nominal with dividends is probably like 11 or 12. So maybe it's

8 or 9% outperformance. But he did that outperformance over 60 years. And so the cumulative

performance, I'm pretty sure, I'm saying this off the top of my head. If I'm getting this a little

bit wrong, I'm sorry. But I think the S&P 500 is 35,000% since Buffett took over, and Berkshire's return was 5.5 million percent.

And so even if it's only, quote, unquote, only 9% per year, over 60 years, it just gets

incredible.

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