Morgan Housel

My new book The Art of Spending Money is out now. You can buy it here: morganhousel.com/aosm I hope you enjoy reading it as much as I enjoyed writing it.

@RaminNasibov The CEO of Two Buck Chuck wine was once asked how he could profitably sell wine for less than the cost of bottled water. "They're overcharging for the water. Don't you get it?" he replied.

Where is the logic here?

You see the placebo effect in young kids. Give them Advil when they're sick and THIRTY SECONDS later they say, "It's working, I feel better."

@JrdnMcFarland @jimcramer "The Vietnam war should not be a template we strive to follow" doesn't seem political.

@morganhousel @jimcramer Woah this is the most political I've ever seen you be. Lol. And it's still not even aggressive.

If the infrastructure is not taken out and the money is not taken away why should Iran come to the peace table. They are taunting us with $200 oil. They do not have the cards; our military must be unleashed. Time to do what we did to Hanoi...to get them to the table

@theRa1nMak3r @dougboneparth It has the highest inheritance tax in the country:

@dougboneparth There is no inheritance or gift tax in the state of WA. You can use that as well and utilize a “trust.” Moving is one way but here are other options as well.

How to avoid the Washington State millionaire tax: 1. Leave Washington

@judgeglock Everything is cyclical

Since I was younger, many of the public debates and concerns have not just changed, they're the polar opposite of what they were. I'm sure I missed some but... -Nobody follows politics v. Everybody is too obsessed with politics - Kids are too wild and are always partying v. Kids are too lonely and isolated. -The world will die of overpopulation v. The world will die of underpopulation - Cities are emptying and are too poor v. Cities are getting too crowded and expensive - Debate whether there is systematic anti-black, anti-female discrimination v. debate whether there is systematic anti-white, anti-male discrimination - Girls are ignored and are underperforming in school v. Boys are ignored and are underperforming in school - Republicans can't appeal to the working class v. Democrats can't appeal to the working class - Automation is destroying blue collar jobs v. Automation is destroying white collar jobs There are other ones, such as the obsession with big box retailers destroying small stores, and now people lamenting the old big box bookstore. Anyway, it's a good reminder that part of having public debate is people never being happy with whatever point on the spectrum we're landing at any point in time.

The demand for forecasts goes up when there’s an unforeseen shock, which is when forecasts become the least accurate.

@readswithravi Shhh don’t give them any ideas.

Books are so cool because there are NO FUCKING ADS IN THEM.

"I was told I should listen to the answer before interrupting. I am listening, I said. I just hear faster than you talk.” bloomberg.com/news/articles/…

@thekriskay Have met plenty of rich ones though.

I’ve never met a serious investor that only invests in index funds

@cullenroche Good take

Maybe AI isn't so much a job killer as much as it's just a huge decentralizer? In other words, it could kill the large corporate model, but it does so at the benefit of small businesses and entrepreneurs. Firms with huge back office staffs and paper pushers are in trouble. Entrepreneurs and small businesses are in a position where they can leverage AI so they operate like a much larger entity than they are while maintaining the lower cost structure and more efficient operation that allows them to eat into big corporation's market share. This will be disruptive and disinflationary, but it doesn't need to be catastrophic. That is, of course, until the robots take over and kill us all. But until then, it'll be really exciting. :-)

It's not going to be a good era to overcharge customers. A lot of frictions and inefficiencies are about to disappear.

leaving this here: collabfund.com/blog/the-seduc…

"For reasons I have never understood, people like to hear that the world is going to hell." - Deirdre McCloskey, relevant today.

"We forfeit three-quarters of ourselves in order to be like other people." – Arthur Schopenhauer

It's easy to complain about this app but this is a great explanation of its magic: ft.com/content/92478a…

@JesseOguns Thanks!

Same as Ever by @morganhousel is a v good read. Another banger from him after The Psychology of Money. Def add it to your “to read” list if you’re yet to read it.

@bryce And divide by 2.

If someone ever tells you their net worth... run.

@WriterScience @paulg I leave out the parts I tend to skip.

@morganhousel @paulg If you agree with Leonard, then you disagree with yourself. I don't see how both can be true simultaneously. Cue Whitman: "I contain multitudes." x.com/WriterScience/…

1. When you write something intended to be read by an important person, go through it and cut every unnecessary word. 2. The reader of anything you publish is an important person.

We think a lot about those black lines, forgetting that it’s all still in our hands.