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The Morgan Housel Podcast

Tails, You Win

The Morgan Housel Podcast

Morgan Housel

Business

4.91.1K Ratings

🗓️ 7 February 2025

⏱️ 16 minutes

🧾️ Download transcript

Summary

A story about how tails drive everything, and why the vast majority of your success in investing and in life will come from just a few of the things you do. 

Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.


Transcript

Click on a timestamp to play from that location

0:00.0

I once heard this great story from a comedian who said his career started falling apart when he realized that he was spending so much time managing and producing his act,

0:07.6

that he had less time doing what made his act great to begin with, which was analyzing everyday life and making jokes about it.

0:14.2

I see this so often in business. The more successful you become, the more your time is pulled away from the thing that made you successful to begin with. One of those things that can suck up valuable time is expense management,

0:25.9

and that is why I and 25,000 other businesses use Ramp. Ramp is a corporate card that includes

0:31.6

the best expense tracking and reporting software that I have ever seen, automatically capturing

0:36.9

every transaction the moment

0:38.2

your card is swiped. It saves you time. For listeners of the show, Ramp is offering metal cards

0:43.6

for the next 30 days. Just go to ramp.com slash Morgan. Cards issued by Sutton Bank, member

0:49.1

FDIC, Terms and Conditions Play.

0:57.8

I was going to some documents the other day, and I came across something that I

1:01.6

had forgot about, which was that the title of my first book, The Psychology of Money, was

1:06.6

originally going to be, you can be wrong half the time and so make a fortune.

1:12.7

It's funny to say that now because that is a terrible title. Nobody would have bought that

1:16.5

book. I originally ran with that title because it highlights what I think is one of the most

1:22.0

important rules, theories, and investing, which is how much tails drive everything, and that most of

1:31.9

your success in life, not just investing, but for lots of areas in your life, most of your

1:37.0

success, most of what's important, will come from a very small percentage of the things that

1:42.3

you do.

1:46.5

Let me tell you a little story to show you what I mean.

1:51.3

Steamboat Willie put Walt Disney on the map as a cartoonist.

1:55.1

Business success, the other head, was a completely different story.

1:58.4

Walt Disney's first studio went bankrupt.

...

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