Morgan Housel Quotes

All of us,” he said, “are walking around with an illusion — an illusion that history, our personal history, has just come to an end, that we have just recently become the people that we were always meant to be and will be for the rest of our lives.” We tend to never learn this lesson.

The correct lesson to learn from surprises is that the world is surprising. Not that we should use past surprises as a guide to future boundaries; that we should use past surprises as an admission that we have no idea what might happen next.

"As investor Michael Batnick says, "some lessons have to be experienced before they can be understood." We are all victims, in different ways, to that truth."

When someone is viewed as more extraordinary than they are, you're more likely to overvalue their opinion on things they have no special talent in. Like a successful hedge fund manager's political views, or a politician's investment advice.

Medicine is a complex profession and the interactions between physicians and patients are also complex.” You know what profession is the same? Financial advice.

Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered

The trick in any field - from finance to careers to relationships - is being able to survive the short-run problems so you can stick around long enough to enjoy the long-term growth.

The biggest single point of failure with money is a sole reliance on a paycheck to fund short-term spending needs, with no savings to create a gap between what you think your expenses are and what they might be in the future.

Money's greatest intrinsic value - and this can't be overstated - is its ability to give you control over your time . To obtain ,bit by bit, a level of independence and autonomy that comes from upspent assets that give you greater control over what you can do and when you can do it .

Psychologist Jonathan Haidt says people don’t really communicate on social media so much as they perform for one another.

More than I want big returns, I want to be financially unbreakable. And if I’m unbreakable I actually think I’ll get the biggest returns, because I’ll be able to stick around long enough for compounding to work wonders.

Yes, but I have something he will never have... enough

But the truth is that wealth is what you don’t see. Wealth is the nice cars not purchased. The diamonds not bought. The watches not worn, the clothes forgone and the first-class upgrade declined. Wealth is financial assets that haven’t yet been converted into the stuff you see.

Things that have never happened before happen all the time.

Today’s economy is good at generating three things: wealth, the ability to show off wealth, and great envy for other people’s wealth.