Jason Zweig and Morgan Housel - Business vs. Investing Invest Like the Best with Patrick O'Shaughnessy

My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short. Morgan shifted from public markets to the private markets a year ago when he joined the Collaborative Fund, so we begin with what he has learned about venture capital in his first year on the job.
 
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Books Referenced
The Devil's Financial Dictionary
Modern Monopolies: What It Takes to Dominate the 21st Century Economy
Thinking, Fast and Slow
Shoe Dog: A Memoir by the Creator of Nike
Life and Fate
 
Online References
A Rediscovered Masterpiece by Benjamin Graham
Rishi Ganti podcast
Small Companies Are Gone, But Should they Be Forgotten (Zweig Column)
 
Show Notes
1:43 – (First question) – Morgan on why he got disenchanted with the investment industry and shifted to venture capital
4:05 – Jason’s thoughts about investing in the private markets
            5:19 - A Rediscovered Masterpiece by Benjamin Graham
7:57 – Morgan’s thoughts on how private market investments differ from public market investments
10:24 – Exploring valuations of businesses and what they say about broader trends in the market
13:21 – How much does Jason think about individual companies when exploring the overall market trends
            18:41 – The Devil's Financial Dictionary
19:28 –What does it take to be a successful founder
23:40 – How does Jason look at activities that are work related vs just for pleasure
25:33 – If Jason had to start a business, what would he do
27:22 – What business would Morgan start
29:18 – Problems with the financial planning industry
30:56 -  The role of stress in personal and business development
            31:04 – Modern Monopolies: What It Takes to Dominate the 21st Century Economy
38:17 – Are there signs that let you know when to cut and run vs when to keep slogging along with something
            42:02 – Thinking, Fast and Slow
            44:03 – Shoe Dog: A Memoir by the Creator of Nike
44:20 – Principals to approach learning
50:10 – The idea of keeping your identity small in a world where social media encourages one-upmanship
53:56 – Last significant thing Morgan changed his mind about
55:23 – Why Morgan chooses passive investing with stocks, but as a VC, essentially is a stock picker in private markets
            1:00:44 – Rishi Ganti podcast
1:02:14 – What major thing did Jason change his mind about
            1:02:30 – Small Companies Are Gone, But Should they Be Forgotten (Zweig Column)
1:06:33 – What was the most interesting idea Jason and Morgan have been tackling and what data helped to spark that interest
            1:09:32 – Life and Fate