Updated: Apr 16
I've been excitedly reading Morgan Housel's The Psychology of Money book in advance advance of him joining us for Smart Money Live on April 28th and 29th. However, if you haven't had a chance to pick up his book yet I've rounded up some of his best investing quotes and tweets to give you a flavour of his insights.
Housel touches upon this more in his book in a story involving a tech executive, some gold coins and an ensuing bankruptcy.
Just because you're neighbour has a new Tesla doesn't mean they are not stone broke or that they're any wealthier than a frugal Toyota driving other neighbour who has his wealth in stocks and other assets you don't see parked in his driveway.
Morgan Housel quoting Nassim Taleb and he elaborates further in this article for the Motley Fool where he also says 'working like a dog to earn more money can be miserable' (in the context of when already has enough, but I suppose what is enough and that is a whole other conversation again..).
Market cycles in a couple of characters.
The importance of keeping emotions in check when investing or at least being aware of their impact.
Understanding one's own fallibility and not getting too ahead of oneself can help with building long term wealth.
A lot can change in a year of the world of investing.
I'm sure the naysayers of WeWork could agree with the above, until the bubble finally burst on what was just an unsustainable business model being pumped up by Softbanks gravy train. But god it must have been mystifying and frustrating if you were a shareholder in their (at the time) comparatively lowly valued rival IWG.
Housel on how luck and timing can play a part in investing fortunes.
I hope you can join us at the end of April with Morgan as I think attendees will learn a huge amount from his insights and knowledge. I'm also not the only one to think so! Indeed, while naming him 'best for ideas' in terms of Twitter accounts, the folks behind the excellent MyWallSt say
''Morgan Housel has a unique view on the concepts which underpin the stock market. He’s definitely a big-picture kind of guy''
Morgan Housel, Author of The Psychology of Money who will be speaking at Smart Money Live 2021 on April 28th.