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Hi, and welcome to the Longview. I'm Jeff Battack, Chief Ratings Officer for Morningstar Research Services.

And I'm Christine Ben's Director of Personal Finance and Retirement Planning for Morningstar.

Our guest this week is Morgan Housel. Morgan was one of our first guests on the Longview back in May 2019, and we're happy to welcome him back.

Morgan's a partner at the Collabor collaborative fund, a venture capital firm.

He's also a successful author, his first book, The Psychology of Money, having sold more than 2 million copies and been translated to 49 languages.

In addition to his book, Morgan frequently publishes content to collaborative fund's blog and is active on social media at

at Morgan Housel. He is a two-time winner of the Best in Business Award from the Society of

American Business Editors and Writers, winner of the New York Times Sydney Award and a two-time

finalist for the Gerald Leib Award for Distinguished Business and Financial

Journalism. He also serves on the Board of Directors at Markell. Morgan, welcome back to the Longview.

Thanks for having me. Oh, it's our pleasure. We're thrilled to have you. So I wanted to start

maybe with a focus on where you came from, your upbringing, your

formative years, so to speak. Your parents set an excellent financial example for you and your

siblings during your upbringing, which I think you've described as comfortable, but maybe not

extravagant. Can you talk about what you saw them do or not do that inculcated good financial habits in you?

Well, the example that my parents said, I think, was interesting because they had a very bifurcated career themselves.

...