The Morgan Housel Podcast

This is a full-chapter preview of my new book, The Art of Spending Money, out today. Click here to buy the book.

We became aware of each other at the same time we grew apart financially, and the psychology of when news went from local to national to global.

Thanks to my friends at Public.com All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is not investment advice. Public makes no guarantees about its accuracy or reliability—verify independently before use.

Pre-order my new book The Art of Spending Money here. *** Thanks to my friends at Public.com All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is not investment advice. Public makes no guarantees about its accuracy or reliability—verify independently before use.

Thanks to my friends at Public.com All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is not investment advice. Public makes no guarantees about its accuracy or reliability—verify independently before use.

Thanks to my friends at Public.com and their podcast The Rundown -- ⁠click here for more.⁠

Thanks to my friends at Public.com and their podcast The Rundown -- click here for more.

Thanks to my friends at ⁠⁠Ramp⁠⁠ -- the best expense accounting system I've seen. For more check out ⁠⁠ramp.com/morgan.

Thanks to my friends at ⁠Ramp⁠ -- the best expense accounting system I've seen. For more check out ⁠ramp.com/morgan.

Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

Thanks to my friends at Eight Sleep. Check out eightsleep.com/morganhousel for more.

The most impactful idea to me personally in my book: My theory is that most investment models maximize for risk-adjusted returns, but in the real world every investor wants to maximize for sleeping well at night and being proud of themselves in a complicated world. Thanks to my friends at Eight Sleep. Check out eightsleep.com/morganhousel for more.

One of my favorite psychology studies showed that if you know a reward is coming, but you don't know exactly when, you are susceptible to losing your mind. Isn't it so similar in investing? Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

I heard a phrase recently: “Magazine architect.” It’s a derisive term architects use for their colleagues who design buildings that look beautiful, grace magazine covers, and win awards, but lack functionality for the tenants. The same is so true for financial professionals. If you are looking for practical advice, beware hiring an artist whose goal is to be praised should be, too. Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

A few ideas on why prediction is so hard, and the weird things than happen in our head when we want certain outcome to be true. Thanks to my friends at Eight Sleep. Check out eightsleep.com/morganhousel for more.

Technology is a science. It’s semiconductors and code and batteries. But Steve Jobs talked about how the iPad was playful and begged you to pick it up as much as he’d talk about its processor. The iPhone is a technological marvel, but Jobs spent a lot of time talking about how it felt in your hand, and the experience of opening the box. Job’s insight, and the most important factor in Apple’s success, was realizing that technology isn’t merely a science. It’s just as much an art. Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

A few things you might consider disadvantages that actually, in hindsight, could end up as something you're grateful for. Thanks to my friends at Eight Sleep. Check out eightsleep.com/morganhousel for more.

A simple formula for a pretty nice life is independence plus purpose. Purpose is different for everyone. Sometimes it’s family, sometimes it’s community, religion, work, whatever. But independence is more universal. Our desire to be independent, why we want it, what prevents us from achieving it, and why some people sabotage their ability to have it, is such a common story across cultures and generations. Thanks to my friends at Eight Sleep. Check out eightsleep.com/morganhousel for more.