[REPLAY] Morgan Housel – The Psychology of Money (Capital Allocators, EP.155)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.8 • 806 Ratings
🗓️ 20 October 2025
⏱️ ? minutes
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Summary
Morgan Housel is a partner at Collaborative Fund and one of my favorite writers about investing. Morgan recently released his first book, The Psychology of Money, and I'll go on record and predict it will be a best-seller in short order.
Our conversation starts with Morgan's non-traditional education, his path to writing, and his process for writing each week. We then turn to the book and discuss some anecdotes about luck and risk, greed, compounding, patience, and tail events. We close with two of Morgan's personal stories – one about his own investing and the other, which seems inconceivable as you listen, about his lifelong challenge with stuttering.
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Transcript
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| 0:00.0 | Hello, I'm Ted Sides, and this is Capital Allocators. |
| 0:10.1 | This show is an open exploration of the people and process behind capital allocation. |
| 0:16.2 | Through conversations with leaders in the money game, we learn how these holders of the keys to the |
| 0:21.7 | kingdom allocate their time and their capital. You can keep up to date by visiting |
| 0:26.8 | Capital Allocatorspodcast.com. My guest on today's show is Morgan Housel, a partner |
| 0:35.8 | a collaborative fund, and one of my favorite writers about |
| 0:39.2 | investing. Morgan recently released his first book, The Psychology of Money, and I'll go on record |
| 0:45.1 | and predict it will be a bestseller in short order. Our conversation starts with Morgan's |
| 0:50.8 | non-traditional education, his path to writing, and his process for writing each |
| 0:56.2 | week. We then turn to the book and discuss some anecdotes about luck and risk, greed, compounding, |
| 1:03.7 | patience, and tail events. We close with two of Morgan's personal stories, one about his own |
| 1:10.1 | investing, and the other, which seems |
| 1:12.3 | inconceivable as you listen, about his lifelong challenge with stuttering. |
| 1:18.3 | Please enjoy my conversation with Morgan Housel. |
| 1:24.5 | Morgan, great to see you, bud. |
| 1:26.2 | Good to see you, too. Ted. Thanks for having me today. |
| 1:28.2 | We're going to go all the way back and just start with your background. |
| 1:32.5 | So why don't you talk about what was most important to you in your school years? |
| 1:39.3 | If there's anything unique about my school years, I grew up around Lake Tahoe. |
| 1:43.3 | And from an early age, |
| 1:44.5 | when I started when I was around 10 or 12, I became a ski racer. And I wanted to be the next Olympic champion. I wanted to be the next world champion. I was like a lot of people in sports and whatnot. It was just I wanted to swing for the fences, go to the top. And I became a ski racer. became more competitive in my teenage years, so much so that I didn't |
| 2:02.4 | go to a traditional high school. I had more or less bypassed high school altogether. |
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