Different Kinds of BS
The Morgan Housel Podcast
Morgan Housel
4.9 • 1.1K Ratings
🗓️ 25 July 2024
⏱️ 14 minutes
🧾️ Download transcript
Summary
Jeff Bezos once said there are different kinds of smart. Distinguishing the various flavors is important because if you think smarts comes in just one form, you’ll miss dozens of other nuanced varieties.
BS is the same. It comes in countless forms, some harder to spot than others. False modesty, projecting, double standards, hypocrisy, tugging at heartstrings – these aren’t lies; they’re subtle forms of BS which is why they’re so prevalent.
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 be back. And nice to see you again. |
| 1:05.4 | This episode is called different kinds of bullshit. |
| 1:09.6 | And I know there are some young people who listen to this podcast, So that will be the only time that I say |
| 1:14.1 | that word in full in this podcast. I might say BS or nonsense, but you know what I'm talking |
| 1:20.3 | about. And I would define BS as things that get breathlessly said or |
| 1:27.6 | implied in the world that are clearly wrong, but people just go along with it and keep saying it, or you keep believing |
| 1:35.6 | it, even if it's just clearly wrong. |
| 1:39.9 | And there are three important facts about BS. Number one is it is everywhere. In every |
| 1:46.3 | field, in every sector of the economy, in every industry. Number two is it is very influential. People love to hear it. They love |
| 1:56.6 | the sound of their own BS. Other people's BS. That backs up what they |
| 2:01.8 | believe in what they want to hear. |
| 2:04.0 | And number three, it is dangerous because it's wrong. |
| 2:09.6 | The amount of publicly accessible information today would have seemed unfathomable just 10 or 20 years ago. |
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