Everybody needs money. That's why they call it money.

From full global headquarters, this is Motley Full Money. It's the Motley Full Money

Radio Show. I'm Chris Held. Thanks so much for listening. I hope you had a fun, safe,

and relaxing Independence Day. This week we've got something a little different. Later in

the show, we're going to revisit my conversation with bestselling author Dan Heath, author of

the Power of Moments, why certain experiences have extraordinary impact. But first, a few

days ago, I got the chance to sit down with my favorite financial columnist, Morgan

Howsell. Here's that conversation. Let's start with the thing that you wrote recently

that got more buzz on Twitter than anything I've seen. And a lot of the stuff you write

like, it's a lot of buzz on Twitter. But I haven't seen anything like this. And it was

a long piece entitled The Psychology of Money. And let me quote from early in the piece,

investing is not the study of finance. It's the study of how people behave with money.

That's right. That really is. And when I read the piece, it was one of those things that

just kept coming back to me like, yeah, we're weird creatures. When it comes to money,

we human beings. Yeah. I mean, the whole post is 9,000 words. And I think that sentence

that you just quoted is probably all you need to read. If you don't want to read the

other 8,900, that's all that's really all you need to read. Because that's always how

I thought about investing. 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

higher ARCHI of investor needs, like a pyramid, the base of that pyramid is good investor

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

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