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The Morgan Housel Podcast: all episodes' transcripts and summaries

· 31 min read

Podcast: The Morgan Housel Podcast

The Morgan Housel Podcast

Description: The Morgan Housel Podcast -- timeless lessons on wealth, greed, and happiness.

Category: Business

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All Episodes

What I Learned In 2024: A Tale of Tails with full AI transcript and summary

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Update: 2024-12-24
Duration: 00:13:28
Shownotes: A look at the big story dominating this year: tails drive everything, and everything from businesses to careers either work extraordinarily well, or not at

all. With thanks to my friends at Nitrogen: check out nitrogenwealth.com.

The Most Important Financial Skill: Getting The Goalpost to Stop Moving with full AI transcript and summary

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Update: 2024-12-19
Duration: 00:20:43
Shownotes: A look at why so many Americans think the best was better than it was: People in the past may have been poorer than we

are now, but they probably did a better job keeping their expectations in check. Thanks to my friends at nitrogenwealth.com.

Experts From a World That No Longer Exists with full AI transcript and summary

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Update: 2024-12-07
Duration: 00:13:10
Shownotes: The world evolves faster than people's beliefs do. This episode looks at the need to change your mind, and why it's so difficult to do

so. Thanks to my friends at 10 East -- check out 10east.co.

Universal Laws of the World with full AI transcript and summary

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Update: 2024-11-28
Duration: 00:18:28
Shownotes: A few laws from random sciences that almost certainly apply to your own -- regardless of what you do for a living. Thanks to my

friends at Nitrogen -- check out nitrogenwealth.com

Why Pessimism Sounds So Smart with full AI transcript and summary

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Update: 2024-11-16
Duration: 00:16:46
Shownotes: If you're a student of history, you know that most things have gotten better for most people over time. But read the news and what

do you hear? Pessimism, pessimism, pessimism. There are several reasons why. Special thanks to my friends at Readwise -- check out Readwise.IO/morgan.

Rare and Powerful Skills with full AI transcript and summary

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Update: 2024-11-05
Duration: 00:15:42
Shownotes: A few easy-to-overlook skills that are so vital in today's world. Brought to you my friends at Readwise -- visit Readwise.io/morgan. 

My Favorite Book: An Astounding Look at How Fast the World Can Change with full AI transcript and summary

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Update: 2024-10-23
Duration: 00:36:49
Shownotes: This episode digs into one of my favorite books of all time: The Big Change by Frederick Lewis Allen. Written in 1952, it's a remarkable

look at how quickly the world can change, with so many profound insights that I find relevant today. Special thanks to my friends at Readwise.io/morgan for making this happen.

This Was Never Easy: A Brief History of Nostalgia with full AI transcript and summary

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Update: 2024-10-11
Duration: 00:21:49
Shownotes: There's a Russian saying that I love: "The past is more unpredictable than the future." It explains so much about nostalgia, and the twisted ways

we all view the economic past.This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.

Everything In Life Is Cyclical with full AI transcript and summary

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Update: 2024-10-05
Duration: 00:12:46
Shownotes: A lot of mistakes in life come when you think risk is something caused by external forces, when in fact the weight of your own

success is enough to pull you down without any outside help.This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.

Do It Your Own Way with full AI transcript and summary

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Update: 2024-09-28
Duration: 00:13:19
Shownotes: The ultimate success metric is whether you get what you want out of life. But that’s harder than it sounds because it’s easy to try

to copy someone who wants something you don’t.This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.

A Few Little Ideas And Short Stories with full AI transcript and summary

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Update: 2024-09-13
Duration: 00:13:59
Shownotes: Some of the most interesting stuff I've come across lately. 

Cumulative vs. Cyclical Knowledge with full AI transcript and summary

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Update: 2024-08-30
Duration: 00:12:24
Shownotes: In some fields our knowledge is seamlessly passed down across generations. In others, it’s fleeting. To paraphrase investor Jim Grant: Knowledge in some fields is

cumulative. In other fields it’s cyclical (at best).

Different Kinds of BS with full AI transcript and summary

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Update: 2024-07-26
Duration: 00:13:28
Shownotes: Jeff Bezos once said there are different kinds of smart. Distinguishing the various flavors is important because if you think smarts comes in just one

form, you’ll miss dozens of other nuanced varieties.BS is the same. It comes in countless forms, some harder to spot than others. False modesty, projecting, double standards, hypocrisy, tugging at heartstrings – these aren’t lies; they’re subtle forms of BS which is why they’re so prevalent.

I Have A Few Questions with full AI transcript and summary

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Update: 2024-07-02
Duration: 00:14:25
Shownotes: A few important money and life topics to make you ponder. 

Quiet Compounding with full AI transcript and summary

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Update: 2024-06-18
Duration: 00:07:34
Shownotes: "Nature is not in a hurry, yet everything is accomplished,” said Chinese philosopher Lao Tzu.Giant sequoias, advanced organisms, towering mountains – it builds the most

jaw-dropping features of the universe. And it does so silently, where growth is almost never visible right now but staggering over long periods of time.It’s quiet compounding, and it’s a wonder to see.I like the idea of quietly compounding your money. Just like in nature, it’s where you’ll find the most impressive results.

History's Seductive Beliefs with full AI transcript and summary

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Update: 2024-06-11
Duration: 00:17:51
Shownotes: My deepest forecasting belief is that you can better understand the future if you focus on the behaviors that never change instead of the events

that might.And those behaviors have a common denominator: They follow the path of least resistance of people trying to simplify a complex world into a few stories that make sense and make them feel good about themselves.Simple stories, feel-good stories. Those are some of history’s most seductive beliefs, and they always will be.Here are a few that stick out.

Lazy Work, Good Work with full AI transcript and summary

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Update: 2024-05-25
Duration: 00:09:32
Shownotes: The most productive work you can do often looks like the laziest -- but it can be hard to accept that because of how the

workplace has changed over the last 100 years.

The Long Run Is Just A Collection of Short Runs with full AI transcript and summary

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Update: 2024-05-14
Duration: 00:08:59
Shownotes: Every great idea can be taken too far. Take the notion that investors should ignore the short run.It's important to recognize that the long run

is just a collection of short runs, and capturing long-term growth means managing the short run effectively enough to ensure you can stick around for a long time.

The Best Financial Advice I Know (What I Want My Kids To Learn) with full AI transcript and summary

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Update: 2024-05-07
Duration: 00:10:36
Shownotes: I wrote letters to both of my kids the day before they were born. Here's what I wanted them to know about money. And even

if you don't have, or want, kids, I think you'll find this helpful.

Realistic Personal Finance Hacks with full AI transcript and summary

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Update: 2024-04-26
Duration: 00:10:03
Shownotes: Hacks are hard because shortcuts rarely exist. Prizes take time and effort.The personal finance industry – filled with advice that sounds and feels good without

moving the needle – needs to recognize this.These aren’t fun hacks, but no one said this was easy.

Lucky vs. Repeatable with full AI transcript and summary

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Update: 2024-04-11
Duration: 00:08:38
Shownotes: Luck plays such a big role in the world. But few people want to talk about it. If I say you got lucky, I look

jealous. If I tell myself that I got lucky, I feel diminished.Maybe a better way to frame luck is by asking: what isn’t repeatable?And maybe better yet: The way to get luckier is to find what’s repeatable.

No One Is Crazy with full AI transcript and summary

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Update: 2024-04-06
Duration: 00:14:08
Shownotes: The fun part of behavioral finance is learning about how flawed other people can be. The hard part is trying to figure out how flawed

you are, and what stories make sense to you but would seem crazy to others.

Smart Things Smart People Have Said with full AI transcript and summary

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Update: 2024-03-29
Duration: 00:11:45
Shownotes: A few of the best and most insightful things I've read lately. 

Accountable to Darwin vs. Accountable to Newton with full AI transcript and summary

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Update: 2024-03-19
Duration: 00:14:33
Shownotes: Woodrow Wilson was the only president with a Ph.D. in political science.He came to office having thought more about how a government functions than most

before him or since.One of his complaints was that too many people in government held the belief that it was a Big Machine: that once you set up a series of rules you could take your hands off the wheel and let the government run on its own forever. They viewed government like physics, with a set of customs and laws that required no updating or second-guessing because they were believed to be precise and perfect as they were.Wilson thought that was wrong. He viewed government as being a living thing that adapted and evolved. I really don't care about politics. But he had a theory that I think is so important, and so applicable, to us ordinary people managing our money.

The Dumber Side of Smart People with full AI transcript and summary

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Update: 2024-03-09
Duration: 00:13:38
Shownotes: Mae West said, “Too much of a good thing can be wonderful.” That might be true for some things – health, happiness, golden retrievers, maybe.But

in so many cases the thing that helps you can be taken to a dangerous level. And since it’s a “good thing,” not an obvious threat, its danger creeps into your life unnoticed.Take intelligence. How could someone possibly be too intelligent? How do you get to a point where you realize you could have been more successful if you had been a little dumber?Let me share three reasons why. And if you're looking for another podcast to listen to, check out The Rundown by my friends at Public.com. It's a quick five-minute listen that gets you all caught up on the latest in the stock market, the economy, and in crypto. Hope you enjoy it.

How to Engage With History with full AI transcript and summary

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Update: 2024-02-29
Duration: 00:10:48
Shownotes: This episode discusses my take on what you should pay attention to when reading history. There’s a quote I love from writer Kelly Hayes who

says, “Everything feels unprecedented when you haven’t engaged with history.”It’s so true. History’s cast of characters changes but it’s the same movie over and over again.To me, the point of paying attention to history is not the specific details of certain events, which are always random and never repeat; it’s the big-picture behaviors that reoccur in different eras, generations, and societies.

Compounding Optimism with full AI transcript and summary

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Update: 2024-02-15
Duration: 00:12:02
Shownotes: Let me share a little theory I have about optimism, and why progress is so easy to underestimate.I’ll explain it in four parts.

A Few Thoughts on Spending Money with full AI transcript and summary

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Update: 2024-02-02
Duration: 00:12:45
Shownotes: Behavioral finance is now well documented. But most of the attention goes to how people invest. But the study of how you spend money might

be far more interesting -- and practical. How you spend money can reveal an existential struggle of what you find valuable in life, who you want to spend time with, why you chose your career, and the kind of attention you want from other people.There is a science to spending money – how to find a bargain, how to make a budget, things like that.But there’s also an art to spending. A part that can’t be quantified and varies person to person.

Information That Would Get Your Attention with full AI transcript and summary

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Update: 2024-01-18
Duration: 00:12:33
Shownotes: There’s obviously a hierarchy of information. It ranges from life-changing good to life-changing disastrous.That got me thinking: What would be the most interesting and useful

information anyone could get their hands on?Years ago I asked that question to Yale economist Robert Shiller. “The exact role of luck in successful outcomes,” he answered.I loved that answer, because nobody will ever have that information. But if you did, your entire worldview would change. Who you admire would change. The traits you think are needed for success would change. You would find millions of lucky egomaniacs and millions of unlucky geniuses. The fact that it’s impossible to possess this information doesn’t make it useless – just thinking about how powerful it would be to have it forces you to ponder a topic that’s important but easy to ignore.Keeping the idea that the most interesting information doesn’t have to be realistic – it can be impossible-to-obtain, magical-wish thinking – here are three other things that would get your attention.

Active vs. Passive Learning with full AI transcript and summary

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Update: 2024-01-06
Duration: 00:11:38
Shownotes: There are two big ways to learn: Active learning: Someone tells you what to learn, how to learn it, on a set schedule, on pre-selected

standardized topics.Passive learning: You let your mind wander with no intended destination. You read and learn broadly, talk to people from various backgrounds, and stumble haphazardly across topics you had never considered but spark your curiosity, often because it’s the topic you happen to need at that specific time of your life.I can’t be alone in realizing that most of what I’ve learned in life has come from passive learning.

Respect Each Others’ Delusions with full AI transcript and summary

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Update: 2023-12-23
Duration: 00:08:47
Shownotes: One sentence that knocked me off my feet when I read Will and Ariel Durant’s The Lessons of History was: "Learn enough from history to

bear reality patiently, and respect one another’s delusions."I love that so much.The key here is accepting that everyone is deluded in their own unique way. You, me, all of us.When you realize that you – the good, noble, well-meaning, even-tempered, fact-driven person that you are – have views of how the world works that are sure to be incomplete if not completely wrong, you should have empathy for others whose deluded beliefs are obvious to you. I am such a fan of Daniel Kahneman’s observation that we are better at spotting other people’s flaws than our own.This episode shares three reasons why all of us become deluded in our own way.

The 10 Most Important Financial Skills with full AI transcript and summary

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Update: 2023-12-12
Duration: 00:15:31
Shownotes: My wife recently bought me an old book. It's called The Mathematical Theory of Investment. It was written in 1913 and it's as dry and

boring as it sounds (but the old weathered cover looks awesome on a bookshelf). I flipped through it and thought, "Does any of this matter?" These formulas, these charts, this data?Well, yes. But not nearly as much as the soft, behavioral side of investing. This episode shares 10 of what I think are the most critical financial skills -- none of which you'll find in a 100-year-old academic text.

Expiring vs. Permanent Skills with full AI transcript and summary

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Update: 2023-11-18
Duration: 00:15:14
Shownotes: Expiring skills tend to get more attention. They’re more likely to be the cool new thing, and a key driver of an industry’s short-term performance.

They’re what employers value and employees flaunt.Permanent skills are different. They’ve been around a long time, which makes them look stale and basic. They can be hard to define and quantify, which gives the impression of fortune-cookie wisdom vs. a hard skill.But permanent skills compound over time, which gives them quiet importance. When several previous generations have worked on a skill that’s directly relevant to you, you have a deep well of relevant examples to study. And when you can spend a lifetime perfecting one skill whose importance never wanes, the payoffs can be ridiculous. Anything that compounds over decades usually is.This episode discusses a few permanent skills that apply to many fields.

My New Book, Same As Ever: A Guide to What Never Changes with full AI transcript and summary

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Update: 2023-11-07
Duration: 00:15:07
Shownotes: My new book, Same as Ever: A Guide to What Never Changes, is out today. Books are hard, a multi-year slog from start to finish.

But I’m excited for you to read this. I think it’s the best writing I’ve ever done. And it was fun to write! My hope is that you enjoy reading it half as much as I enjoyed writing it. My first book, The Psychology of Money, was really about how you, the individual behave. Same As Ever is about how we, the collective, behave, and what we keep doing over and over. It’s 23 short stories about what never changes in a changing world. I’ve been thinking about this book for my entire career. I’ve always been skeptical of forecasts, because the world’s track record on predicting the next recession, the next election, or the next technology is so bad. That should draw you to the question: What’s never going to change?What do we know for certain is going to be part of our future?

Justifying Optimism with full AI transcript and summary

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Update: 2023-10-31
Duration: 00:12:39
Shownotes: All optimistic beliefs can be dangerous because they’re so comforting, so easy to accept without asking further questions. Hope often masquerades as optimism when you

think things will improve only because the alternative is too scary to contemplate. Every optimist needs to justify exactly why they're optimistic. In this episode, I offer my own three reasons.

Little Flaws with full AI transcript and summary

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Update: 2023-10-21
Duration: 00:10:32
Shownotes: Daniel Kahneman says, "The long-term success of a relationship depends far more on avoiding the negative than on seeking the positive."It's like that in so

many areas of life. Most people know what they're good at, or at least they think they do. Flaws, though, tend to be nuanced, and we're often blind to them. This episode shares dozens of little flaws I often think about -- ones that are easy to ignore, but can compound into disasters over time.

A Few Laws of Getting Rich with full AI transcript and summary

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Update: 2023-10-13
Duration: 00:18:28
Shownotes: Measuring wealth is easy. You just count it up. Measuring some of the downsides of wealth is so much harder and more nuanced. They can

be so nuanced and hard to measure that many people won’t even believe they exist. A downside to wealth? How could that possibly be? Let me propose that the absurdity of talking about the downside of wealth is part of why wealth doesn’t tend to make people as happy as they thought it would. When the benefits of money are so obvious but the downsides are so subtle, the downsides you didn’t anticipate can be more jarring than the benefits you expected. I want more money, of course. Almost everyone does, albeit for different reasons. This is not an anti-wealth list -- just a collection of subtle downsides that are easy to ignore, and so common you may as well call them the only true laws of getting rich.

Death, Taxes, and a Few Other Things with full AI transcript and summary

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Update: 2023-10-07
Duration: 00:18:09
Shownotes: My new book, Same As Ever, comes out in a month. It's about things that never change -- what's always happened in the world, and

will keep repeating again and again?This episode shares five examples.

Respect and Admiration with full AI transcript and summary

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Update: 2023-09-28
Duration: 00:11:31
Shownotes: Just after my son was born I wrote a few things I thought he’d find helpful as an adult. One of them was:"You might think

you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you think having expensive stuff will bring it. It almost never does – especially from the people you want to respect and admire you."Eight years later I still believe this to be true, and I might even double down.

Trying Too Hard with full AI transcript and summary

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Update: 2023-09-19
Duration: 00:13:41
Shownotes: A truth that applies to almost every field is that it’s possible to try too hard, and when doing so you can get worse results

than those who knew less, cared less, and put in less effort than you did.There are mistakes that only an expert can make. Errors – often catastrophic – that novices aren’t smart enough to make because they lack the information and experience needed to try to exploit an opportunity that doesn’t exist.

The Lifecycle of Greed and Fear with full AI transcript and summary

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Update: 2023-09-01
Duration: 00:12:12
Shownotes: All greed starts with an innocent idea: that you are right, deserve to be right, and are owed something for the efforts you put into

establishing your beliefs and opinions. It’s a reasonable feeling. But it sets off a chain reaction that leads to an inevitable boom-and-bust cycle. This episode explores one of the most important topics in investing: the lifecycle of greed and fear, and why it cannot, and will not, ever go away.

Intelligence vs. Smarts with full AI transcript and summary

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Update: 2023-08-23
Duration: 00:14:48
Shownotes: This episode is about the difference between intelligence and smarts, and why one is valued more than the other despite being less useful in the

world. The core here is realizing that people are not spreadsheets. They are emotional, hormonal, misinformed, status-seeking, insecure creatures trying their best to make it through the day. So if you have to choose between understanding how the world should work in theory vs. how it actually works in practice, lean towards the latter. It’s like historian Will Durant once said: “Logic is an invention of man and may be ignored by the universe.” That is so smart.

Fluke -- A Story About How Fragile The World Can Be with full AI transcript and summary

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Update: 2023-08-11
Duration: 00:11:23
Shownotes: This is a short personal story about a fluke event 16 years ago that changed everything in my life. You probably have a similar story,

and there is so much to learn about how everything can change from an event you never saw coming.

A Few Ideas That Changed My Life with full AI transcript and summary

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Update: 2023-08-05
Duration: 00:15:15
Shownotes: You spend years trying to learn tons of new stuff, but then look back and realize that just a few big ideas truly changed how

you think and influenced most of what you believe.Let me share a couple that had a big impact on me.

Rich and Anonymous with full AI transcript and summary

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Update: 2023-07-22
Duration: 00:08:35
Shownotes: I think there’s an “ideal” net worth for everyone, when money not only stops bringing pleasure but becomes a social liability. And that number is

probably lower than most people think.A subtle problem with money is that assets are easy to measure but liabilities can be hidden. Measuring assets is simple. But how do you measure losing your privacy? Or the nagging doubt that some friends only like you for your money? That’s way harder.My theory is that the more money people have, the more social debt they tend to be burdened with.

The Spectrum of Wealth with full AI transcript and summary

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Update: 2023-06-30
Duration: 00:12:06
Shownotes: Chris Rock joked that Bill Gates would jump out the window if he woke up with Oprah’s money. Like most comedy, it’s funny because it

contains a nugget of truth.There is no objective level of wealth -- everything is just relative to something, or someone, else. That means a billionaire can feel poorer than someone with infinitely less money.This episode tries to create a spectrum of wealth based on the quality of your life, feelings, and social circles, versus measuring it on money alone.

What Makes You Happy with full AI transcript and summary

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Update: 2023-06-23
Duration: 00:10:25
Shownotes: A weird thing in life is that everyone strives for a good life because they think it will make them happy. But what actually brings

happiness is the contrast between what you have now and whatever you were just doing.The best drink you will ever taste is a glass of tap water when you’re thirsty.The best food you will ever eat is fast food when you’re starving.The best massage you will ever feel is sitting on a couch after a long run.The best sleep you will ever experience is when your newborn finally sleeps through the night.This episode is about happiness, and the counterintuitive places it's often found.

Low Expectations with full AI transcript and summary

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Update: 2023-06-15
Duration: 00:15:19
Shownotes: The knee-jerk way to set expectations is to anchor to what everyone else has right now. But imagine the tragedy of there being unbelievable progress

throughout your life and you enjoy none of it because you expected all of it. This episode is all about expectations, and how the key to happiness in so many things in life is to aim low.

A Few Short Stories with full AI transcript and summary

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Update: 2023-06-06
Duration: 00:17:58
Shownotes: Sometimes the best you can do when learning about any topic is to memorize a few short stories -- quick, direct, and to the point,

that you're likely to remember forever. This episode shares 15 short stories that have stuck with me, and helped me contextualize so many things in life, work, and investing. One other note: I have a new book coming out this November. It's called Same as Ever, and you can pre-order it here: http://amzn.to/41CHgKM

The Power of Staying Put with full AI transcript and summary

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Update: 2023-05-24
Duration: 00:14:35
Shownotes: 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.