The Power of Staying Put
The Morgan Housel Podcast
Morgan Housel
4.9 • 1.1K Ratings
🗓️ 23 May 2023
⏱️ 15 minutes
🧾️ Download transcript
Summary
There are so many times in life where what you do is less important than how long you've been doing it for.
It's true in careers.
It's true in relationships.
It's true in sports.
And it's true with money.
This episode is about compounding -- and how staying put, uninterrupted, is often the most overlooked skill.
Transcript
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| 0:00.0 | Welcome back to the podcast. This is episode 11. Thank you again for being here and listening. |
| 0:11.2 | Many years ago I came across this cancer researcher named Robert Weinberg. |
| 0:16.0 | I am by no means an expert in cancer research in the slightest, but I came across |
| 0:21.4 | Robert Weinberg because of his ability to communicate really advanced complicated cancer topics to a lay audience that I could understand. |
| 0:31.0 | So I became a Robert Weinberg fan and I watched this interview with him recently and somebody asked him about the fact that he has worked at MIT in the same office for 51 years. |
| 0:43.0 | And here's what he had to say about that. |
| 0:46.0 | People say to me sometimes, |
| 0:48.0 | how could you stay at one place for so long? |
| 0:51.0 | We all know the lives of academic gypsies who spend three years here, |
| 0:55.2 | 14 years there, five years there, and each time each place they settle down they make |
| 0:59.9 | friends, social friends, colleagues, and then after a period of time, they and their families are rooted, uprooted, |
| 1:07.0 | and moved to some other place, and there's never any constancy in their lives, never any robust social network, |
| 1:17.0 | never any life-wont long friends whom one can associate with. |
| 1:20.0 | And so I have no regret having been a stick in the mud, having never really moved very far, |
| 1:26.0 | and working now only a couple hundred yards from where I was an undergraduate in the dorm at MIT. |
| 1:33.0 | Now he went on to say that look if he had been doing the same thing for 51 years that might be kind of boring. |
| 1:41.0 | That might be a waste of time, but he's at a very dynamic career in the world of cancer. He's doing new things. |
| 1:47.2 | But I think his point about staying put and letting things compound is so underappreciated. |
| 1:54.0 | This is not just true in academia or in his profession. |
| 1:58.0 | It's true for so many things in life. |
| 2:01.0 | Virtually everything good in life that you gain a lot of value from |
| 2:06.3 | became great because of compounding. Whether it's a career or a relationship or a technology or wealth, compounding is where a lot of the good in life comes from. |
... |
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