Investing: The Greatest Show on Earth
The Morgan Housel Podcast
Morgan Housel
4.9 • 1.1K Ratings
🗓️ 15 August 2025
⏱️ 12 minutes
🧾️ Download transcript
Summary
Thanks to my friends at Public.com
All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is not investment advice. Public makes no guarantees about its accuracy or reliability—verify independently before use.
Transcript
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| 0:00.0 | This episode is brought to you by my friends at public.com, an investing platform where you can build a portfolio of stocks and bonds and more. |
| 0:07.3 | AI isn't just a feature at public. |
| 0:08.9 | It's woven into the entire experience from portfolio insights to earnings call recaps. |
| 0:13.7 | Public gives you smarter context at every touch point. |
| 0:16.4 | You can also access high yields on your cash with no fees or minimums. |
| 0:19.6 | Plus, right now, you can earn up to |
| 0:21.1 | $10,000 when you transfer your existing investment portfolio over to public. Just go to |
| 0:25.9 | public.com slash friends to fund your account in five minutes or less. Paid for it by public |
| 0:30.4 | investing, full disclosures and podcast description. |
| 0:40.6 | Welcome back. Nice to see you. |
| 0:46.0 | Let me share with you a very quick story that I've loved for years. |
| 0:50.1 | And I want to convince you of something that I think is so important and overlooked, |
| 0:56.5 | which is that investing is a much broader field that it looks. And there is so much you can learn about investing and money and finance outside of the narrow lens of finance. |
| 1:03.4 | Let me show you what I mean. Back in 2013, a guy named Harold Varmus, back then he was the |
| 1:10.0 | director of the National Cancer Institute. |
| 1:12.5 | He gave a speech describing how difficult the war on cancer had become. |
| 1:18.3 | Because eradicating cancer, which had been the National Cancer Act's goal when it was signed into law in the 1970s, |
| 1:26.5 | just seemed like it was never going to achieve its |
| 1:29.7 | goal to actually wipe it out like we had originally envisioned. It just didn't seem like it was a |
| 1:35.1 | possibility. And Harold Varma said, there's a paradox that we must now honestly confront. |
| 1:42.4 | That is, despite the extraordinary progress that we've made in understanding |
| 1:46.1 | the underlying defects in cancer cells, we have not succeeded in controlling cancer as a human |
... |
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