With the Motley Fill Money Extra, I'm Chris Hill.

Morgan Howsell is a partner with the collaborative fund and an award-winning financial writer.

Two years ago, he wrote a piece entitled The Psychology of Money, where he laid out the

case that investing is not the study of finance.

Sure, there are numbers involved and it helps to be good at math, but mastering the technical

side of money won't do you much good if you don't have a firm grip on your emotions,

because investing is really the study of how people behave with money.

There's no amount of intelligence that can't be undone by poor emotions or poor behavior.

And if you were to look at, if you were to make like a hierarchy of investor needs, like

a pyramid, the base of that pyramid is good-investoring behavior.

And then as you go up from there, you need analytical skills, you need to know how to model,

you need to learn how to read an annual report and so on.

But without investing behavior, and what I mean by behavior is your relationship with

greed and fear, your ability to take a long-term view, your ability to react with to market

ups and downs, with a sense of calm and a sense of not taking things too seriously, not

getting too overwhelmed by greed, not getting too knocked down by fear, that's what I mean

by good and investing behavior.

And consistently dollar cost averaging.

And it's one of the simplest points of investing, which is why it doesn't get that much attention,

it's not that exciting.

But I think it's unequivocally the most important part of investing.

In the intervening two years, Morgan Housel has been digging deeper into the topic, and

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