TIP657: Morgan Housel's Lessons to Build Wealth w/ Clay Finck

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 6 September 2024

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay shares the most important lessons he’s learned from Morgan Housel. 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 01:24 - Why the best story wins. 09:35 - Why the biggest risk is the one nobody sees coming. 23:03 - The seduction of pessimism and why it pays to be an optimist. 27:18 - The importance of understanding ‘enough’. 44:42 - The importance of patience and investing with a long time horizon. 52:34 - The impact of debt. And so much more! 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. Morgan’s books: The Psychology of Money & Same as Ever. Morgan's podcast on debt with Howard Mark. Related Episode: Listen to TIP602: Same as Ever w/ Morgan Housel, or watch the video. Related Episode: Listen to TIP351: The Psychology of Money w/ Morgan Housel, or watch the video. Mentioned Episode: RWH016: The Best of the Best w/ Francois Rochon. Mentioned Episode: RWH013: Move Slow, Win Big w/ Thomas Russo. Mentioned Episode: TIP559: Mastering the Market Cycle w/ Howard Marks. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. 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 Range Rover Sound Advisory American Express The Bitcoin Way Vacasa USPS Onramp SimpleMining Public Fundrise BAM Capital Shopify 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! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.0	Hey everybody, welcome to the Investors Podcast.
0:05.0	I'm your host Clay Fink.
0:07.0	On today's episode, I'll be sharing the biggest lessons I've learned
0:10.0	from the New York Times best-selling author Morgan Housel.
0:14.3	Morgan has been on our show a couple of times now and his two books, The Psychology and
0:18.1	Money and Same as Ever are certainly worth revisiting.
0:21.6	I put this episode together to share some of the lessons I found
0:24.7	to be most impactful from reading these books. During this episode I'll explore
0:29.0	why the best story wins, why the biggest risk is the one nobody sees coming, the seduction of pessimism
0:35.1	and why it pays to be an optimist, the importance of knowing what your goals are and what is enough for you,
0:40.8	the importance of patience and having a long investment time horizon, and why humans
0:44.7	tend to create market cycles.
0:47.0	I really enjoyed putting this episode together, and I think you'll enjoy it as well, so without
0:50.8	further ado, I give you today's episode sharing the biggest
0:53.5	lessons I've learned from Mr Morgan Housle.
0:57.9	Celebrating 10 years and more than 150 million downloads.
1:03.4	You are listening to the Investors Podcast Network.
1:06.2	Since 2014, we studied the financial markets
1:09.6	and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your
1:17.4	host, Clay Fink. I decided to break this episode up into six of the best lessons I've learned from Morgan
1:32.0	Housle primarily from his two books, the psychology
	...

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