The Morgan Housel Podcast Morgan Housel

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.

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.

A few of the best and most insightful things I've read lately. 

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. 

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. 

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.