In this episode, we are joined, for the third time, by renowned author and commentator Morgan Housel. Many of you are familiar with Morgan's bestseller, The Psychology of Money, and he is back to discuss his latest book, Same as Ever: A Guide to What Never Changes. He is also the partner at The Collaboration Fund, a network of fund managers investing across asset classes while identifying and supporting companies at the intersection of for-profit and for-good. In our conversation, we delve into the timeless principles that shape our perspectives of the world and why things are the Same as Ever. We discuss the importance of holding cash, challenging traditional analytical approaches and encouraging a broader reflection on life beyond numbers. Discover the recurrent nature of once-in-a-lifetime events, the pitfalls associated with the insatiable desire for certainty, the value and power of storytelling, and the complex interplay between incentives and expectations. Gain insights into the value of forecasting behaviours instead of market dynamics, why pessimism is more common and more captivating than optimism, embracing slight inefficiencies on the path to success, and much more! Don't miss this engaging discussion with a master storyteller and gain new perspectives on finance, human behaviour, and the principles that remain the Same as Ever with Morgan Housel. Tune in now!

Timestamps:

0:00:00 Intro
0:03:56 Why it is important for people to understand the things that never change
0:06:34 How important random, seemingly inconsequential events are to the way that the future unfolds
0:14:08 How Morgan has thought about the goalposts moving as his financial situation has changed
0:18:21 The problems that stem from the desire that people have for certainty
0:21:03 How important stories are to the way that we understand the world
0:27:50 Why things that can’t be measured are important to how we think about the future
0:33:30 Why success plants the seeds of its own decline
0:37:14 Why investors try to squeeze too much return too soon out of their investments
0:45:52 Whether or not eliminating stress and adversity from life is a good objective
0:50:40 How much hassle and nonsense people should be prepared to deal with on the path to success
0:54:49 How should use optimism and pessimism to inform their long-term decisions
1:00:37 Why people often think that the grass is greener in other peoples’ lives or businesses
1:08:05 How personal experience shapes how people see the world
1:12:45 The most important lesson Morgan learned from writing his book

Links From Today’s Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/t...
Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram —   / rationalreminder  
Rational Reminder on X —   / rationalremind  
Rational Reminder on YouTube —    / channel  
Rational Reminder Email — [email protected]
Benjamin Felix — https://www.pwlcapital.com/author/ben...
Benjamin on X —   / benjaminwfelix  
Benjamin on LinkedIn —   / benjaminwfelix  
Cameron Passmore — https://www.pwlcapital.com/profile/ca...
Cameron on X —   / cameronpassmore  
Cameron on LinkedIn —   / cameronpassmore  
Morgan Housel — https://www.morganhousel.com/
Morgan Housel on LinkedIn—   / morgan-housel-5b473821  
Morgan Housel on X —   / morganhousel  
Morgan Housel on Instagram —   / morganhousel  
The Morgan Housel Podcast — https://podcasts.apple.com/us/podcast...
Collaborative Fund — https://collabfund.com/
Collab Blog — https://collabfund.com/blog/
Episode 128: Morgan Housel — https://rationalreminder.ca/podcast/128
Episode 191: Emerging Markets — https://rationalreminder.ca/podcast/191
Episode 224: Scott Cederburg — https://rationalreminder.ca/podcast/224

Books From Today’s Episode:

Sapiens — https://www.amazon.com/Sapiens-Humank...
Seinfeldia — https://www.amazon.com/Seinfeldia-Abo...
The Snowball — https://www.amazon.com/Snowball-Warre...
Same as Ever — https://www.amazon.com/Same-Ever-Guid...
The Psychology of Money — https://www.amazon.com/Psychology-Mon...