Cumulative vs. Cyclical Knowledge
The Morgan Housel Podcast
Morgan Housel
4.9 • 1.1K Ratings
🗓️ 29 August 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
In some fields our knowledge is seamlessly passed down across generations. In others, it’s fleeting. To paraphrase investor Jim Grant: Knowledge in some fields is cumulative. In other fields it’s cyclical (at best).
Transcript
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| 0:00.0 | We talk so much about investing on this podcast and the different ways to do it. |
| 0:05.0 | So before we get going, I want to let you know that this episode is brought to you by my friends at 10 East. |
| 0:10.0 | 10 East is an investing platform for sophisticated investors to access private markets. |
| 0:15.6 | It brings the benefits of having your own family office without the cost and the headaches of doing so. |
| 0:22.0 | Ten East is founded and led by Michael Lefel, |
| 0:24.8 | former deputy executive managing member at Davidson-Kepner. |
| 0:28.9 | Tenney's core strategy is to apply institutional grade due diligence |
| 0:32.0 | to more niche exposures across private markets in equity and credit and real estate. |
| 0:38.0 | The principals and partners at Ten East invest their own money in these deals to align interests. To learn more please check out 10 East.co. |
| 0:46.7 | That's the number 10 East.co. Welcome back. |
| 0:57.0 | It's been a while. |
| 1:00.0 | It's been a while, and a little note on that. I still really don't know what I'm doing with this |
| 1:05.2 | podcast. It's been a lot of fun. This is we're nearing episode 50 I think, but doing this for quite a while. |
| 1:11.2 | But I still don't really know what we're doing with it. And maybe that's okay, because I enjoy doing it, and enough of you |
| 1:17.3 | listen to it, that I'm going to keep it going. But I've never really figured out the cadence at which I do these episodes. |
| 1:23.0 | Is it once a week? |
| 1:24.3 | Is it once a month? |
| 1:25.3 | Is it twice a month? |
| 1:26.0 | I have no idea. |
| 1:27.6 | For a while I was doing once a week, but I got tied up with a bunch of other things. |
| 1:31.8 | I actually just finished a book that will be out next year. I'm sure we'll be talking much more about that, but that took most of my time for the last six or nine months. But it kind of made me feel guilty that for a while I was doing these |
| 1:45.1 | once a week and then I just stopped for a month. So maybe going forward this is |
... |
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