I'm Ted Sides, and this is Capital Allocators.

To kick off the new year, my guest on today's show is Morgan Housel, a partner-a-collaborate fund,

blogger about behavior and money, and author of The Psychology of Money.

The book has sold 4.5 million copies since its release three and a half years ago,

and already ranks in the top five best-selling books about finance. Morgan recently published

his second book, same as ever, A Guide to What Never Changes.

Our conversation starts with what happened since his last appearance on the show

just before the release of The Psychology of Money.

We then turned to his latest magnumobus

and discussed some of its themes and stories across storytelling,

expectations, compounding,

risk, incentives, and people.

Morgan's wisdom, humility, and passion for his work comes out in spades.

He also happens to be a wonderful person and a dear friend.

Capital Allocators is brought to you by my friends at WCM Investment Management. WCM has the courage to back future histories not evident today, informed by their

unrelenting focus on moat trajectory and elevated by insights on corporate culture. WCM's deep roots in public markets

set the foundation for its approach to private investing. They didn't just want to enter

the private markets. They wanted to improve the investing model itself, build something

better aligned, more thoughtful, and truly long-term.

As a firm owned by its people and grounded in Laguna Beach, WCM is built for alignment and

independent thought. Rather than chasing a scoreboard, WCM invests with a partnership mentality

to build meaningful relationships with founders reimagining their industries.

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