TIP602: Same as Ever w/ Morgan Housel

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 26 January 2024

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed. Morgan Housel is a partner at The Collaborative Fund. He’s the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 02:34 - The key themes that seem to never change throughout history. 04:37 - Why the world is much more fragile than we’re led to believe. 09:04 - Why the biggest risk is the one you don’t see coming. 24:49 - The true power of exceptional storytelling. 23:28 - The importance of thinking probabilistically. 27:00 - Why every stock valuation is a number from today multiplied by a story about tomorrow. 27:32 - Why successful stock picking is about so much more than the numbers. 29:22 - Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected. 32:19 - Morgan’s investment approach. 38:21 - Why most investor’s biggest advantage is patience. 41:31 - Why most competitive advantages eventually die. 51:33 - How the world’s most successful people utilize inefficiency and slack to achieve more. 55:43 - Why Morgan writes for an audience of one. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Learn more about the Berkshire Summit by clicking here or emailing Clay at [email protected]. Morgan’s book: Same as Ever and The Psychology of Money. Morgan’s Podcast. Related Episode: TIP351: The Psychology of Money w/ Morgan Housel | YouTube video. Check out the books mentioned in the podcast here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota NetSuite Linkedin Marketing Solutions Wise Babbel Shopify Fundrise NDTCO TurboTax Fidelity Monetary Metals Vacasa BiOptimizers – Nootopia HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to TIP.
0:03.0	On today's episode, I'm joined by Morgan Housall to discuss his newest book,
0:07.2	Same as Ever, a guide to what never changes.
0:10.8	Morgan Housall is a partner at the Collaborative Fund and the New York Times best-selling
0:15.1	author of The Psychology of Money, which has sold over 4.5 million copies and has been translated
0:22.0	into more than 50 languages.
0:24.0	Morgan also serves on the board of directors at Markel.
0:28.0	Morgan and I touch on a lot during this conversation.
0:31.0	This includes the key themes throughout history that seem to never change,
0:35.1	why the world is much more fragile than we're maybe led to believe, why the biggest risk
0:39.8	is the one you don't see coming, the importance of thinking probabilistically, the true power of exceptional
0:45.9	storytelling, why every stock valuation is a number from today multiplied by a story about
0:51.8	tomorrow, Morgan's personal investment approach, why most competitive
0:56.0	advantages within companies are bound to die, why Morgan writes for an audience of one and
1:01.2	so much more.
1:02.2	It's no wonder that Morgan is one of the most
1:04.2	popular guests we've brought onto the show as he is a master at
1:08.1	garnering these brilliant insights from history and how they apply to our
1:11.8	modern world today.
1:13.4	With that, I hope you enjoy today's chat with Morgan Housle.
1:17.0	You are listening to the Investors Podcast.
1:24.0	Since 2014, we studied the financial markets and read the books that
	...

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