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Hello everyone and welcome to Ed Barron's. I'm Andy Surwer. And welcome to our guest, Morgan Housel, who's an author who writes about the markets and psychology, I guess, is a good way to describe it. Morgan, nice to see you.

So nice to see you too, Andy. Thanks for having me.

So you're kind of a category of one, Morgan, I guess, because as I mentioned, you're an author,

and you kind of have a singular take on the markets, investing, and human behavior.

You also work a little bit in venture and in the business world as well. How would you describe

yourself?

I don't know if I try to do that other than, look, I would describe it as what I am not.

I am not a financial advisor.

I am not a journalist.

I'm not a portfolio manager.

It's kind of this catch-all of I'm someone who's very interested in investing, who likes

to write, and I'm just trying to make sense of the world and figure it out.

Why that's been helpful for me is because for two reasons. One, I think even the most well-meaning people who are a financial advisor or a portfolio manager are inevitably going to get sucked into the incentives of their own system. And even if they mean very well, they're good, honest people. If you are paid to think one thing, it's hard to think away from that thing.

So that's one reason while being an outsider without any kind of institutional imperative, I think has been helpful.

The other reason is that because I'm not tied into any one form of thinking.

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