Why Investors Need a Latticework of Ideas, with Morgan Housel

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 14 September 2021

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

#338: This month, we’re running four episodes based around the four pillars of F.I.R.E. — financial psychology, investing, real estate and entrepreneurship. Today’s episode, which originally aired in April 2018, offers advice to investors who want to sharpen and hone their competitive edge. Here are three lessons from this conversation with investment writer Morgan Housel: Lesson #1: Great investors need patience and humility. Lesson #2: Read broadly. Don’t just read books about finance and investing. Read from a broad multi-disciplinary array of subjects, so that you can form a latticework of ideas. Lesson #3: Play a strong defense. On the surface, it seems like playing defense is a conservative strategy. Emergency funds and a strong income-producing allocation, for example, both sound conservative. But in the long-term it could prove to be the opposite. Enjoy this interview, which originally aired in April 2018. For more information, visit the show notes at https://affordanything.com/episode338 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the investing episode of the 2021 September sabbatical.
0:06.4	During the month of September 2021, we are playing four favorite episodes from our archives
0:12.6	around the four pillars of fire, financial psychology, investing, real estate, and entrepreneurship.
0:18.6	Today's episode is based around the eye of fire investing,
0:24.5	and we'll be listening to a talk with esteemed investing writer Morgan Hausel,
0:30.5	this episode originally aired in April 2018. Enjoy!
0:43.6	You can afford anything but not everything.
0:46.0	Every decision that you make is a trade-off against something else,
0:48.8	and that's true not just of your money, but also your time, energy, focus, attention,
0:53.4	anything that's in your life that's a scarce or limited resource,
0:56.3	and I'm not saying this to promote a scarcity mindset, of course I believe in abundance,
1:00.0	but the fact remains that everything bears an opportunity cost.
1:03.7	This leads us to two questions. Number one, what are your priorities, and number two,
1:08.7	how do you align your daily actions to reflect those priorities?
1:13.0	Answering these two questions is a lifetime practice, and that is what this podcast is here to explore.
1:17.8	My name is Paula Pant, I'm the founder of AffordAnything.com,
1:21.1	and the host of the AffordAnything podcast. Joining me on today's episode is one of my favorite writers,
1:26.4	Morgan Hausel. Morgan is a former columnist for the Wall Street Journal and the Motley Fool.
1:31.8	He has also been published in Time magazine, USA Today, Business Insider,
1:36.0	and several other publications, and he is one of the foremost thinkers and writers
1:40.7	in the world of investing in money. He has an incredible skill for taking complicated
1:47.0	issues and explaining them in a way that is simple and easy to digest without oversimplifying it,
	...

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