How to Gain a Competitive Edge, with Morgan Housel

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Investing, Entrepreneurship, Business

4.7 • 3.6K Ratings

🗓️ 16 April 2018

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

#125: Morgan Housel has spent thousands of hours reading about investing. As a former columnist for the Wall Street Journal and The Motley Fool, he's spent more than a decade reading, interviewing, thinking and writing about how to manage money. And he's come to a simple conclusion: less is more. Doing nothing is often the best course of action. Patience, humility and long-term thinking give individual investors a massive competitive edge over major institutions. The classic strategy of dollar-cost averaging into index funds is a smart approach. And ultimately, success is based more on emotions than Excel. This week, Morgan joins me on the podcast to discuss how to gain a competitive edge as an investor. For more information, visit the show notes at http://affordanything.com/episode125 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything.
0:11.2	Every decision that you make is a trade-off against something else.
0:13.8	And that's true, not just of your money, but also your time, energy, focus, attention,
0:18.6	anything that's in your life that's a scarce or limited resource.
0:21.0	And I'm not saying this to promote a scarcity mindset.
0:23.8	Of course, I believe in abundance, but the fact remains that everything bears an opportunity
0:27.6	cost.
0:28.9	This leads us to two questions.
0:30.7	Number one, what are your priorities?
0:32.6	And number two, how do you align your daily actions to reflect those priorities?
0:38.4	Answering these two questions is a lifetime practice, and that is what this podcast is
0:41.6	here to explore.
0:42.9	My name is Paula Pant, I'm the founder of AffordAnything.com, and the host of the AffordAnything
0:47.3	podcast.
0:48.3	Joining me on today's episode is one of my favorite writers, Morgan Hausel.
0:53.0	Morgan is a former columnist for the Wall Street Journal and the Motley Fool.
0:56.9	He has also been published in Time magazine, USA Today, Business Insider, and several other
1:01.6	publications.
1:02.6	And he is one of the foremost thinkers and writers in the world of investing in money.
1:08.0	He has an incredible skill for taking complicated issues and explaining them in a way that is
1:14.8	simple and easy to digest without oversimplifying it.
1:18.8	And I am very pleased to say that he is just as talented at that in the spoken word as
	...

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