Playing Your Own Game

The Morgan Housel Podcast

Morgan Housel

Business

4.9 • 1.1K Ratings

🗓️ 12 September 2025

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

From the archives: one of my favorite topics -- the importance of playing your own game.

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 by public
0:30.4	investing, full disclosures in podcast description.
0:41.6	One of the craziest experiences I've ever had with money.
0:44.6	And it wasn't even necessarily an experience.
0:51.1	It was just a realization that I had after reading an article and speaking with a friend several years ago.
0:55.6	Came after I read this article about lottery tickets in America.
1:03.7	This was maybe 2018 or 2019, something like that. And this article made two astounding points about lottery tickets. The first is how much Americans spend on lottery tickets. And here's the
1:09.3	stat that blew my mind and will probably blow yours as well. Americans spend more on lottery tickets. And here's the stat that blew my mind and will probably blow yours as well.
1:13.3	Americans spend more on lottery tickets than they do on movies, video games, music,
1:20.4	sporting events, and books combined. It is an astounding figure and astounding statistic,
1:27.4	made all the more astounding by the second point, which I think is even more incredible.
1:33.3	And that is the majority of lottery tickets in the United States are purchased by some of the poorest Americans.
1:40.8	The lowest desal of households in the United States based off of income spend on
1:45.7	average $412 a year on lottery tickets. That is four times the amount that is spent by the highest
1:54.1	decile of income earners. By and large, the majority of lottery tickets in America are bought by the poorest people.
	...

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