Morgan Housel Quotes

Controlling your time is the highest dividend money pays.

Buying a lottery ticket is the only time in our lives we can hold a tangible dream of getting the good stuff that you already have and take for granted. We are paying for a dream, and you may not understand that because you are already living a dream. That’s why we buy more tickets than you do.

When thinking about room for error in a forecast it is tempting to think that potential outcomes range from you being just right enough to you being very, very right.

Optimism sounds like a sales pitch. Pessimism sounds like someone trying to help you.

The ability to do what you want, when you want, for as long as you want, has an infinite ROI.

doing something you love on a schedule you can’t control can feel the same as doing something you hate.

Risk is what’s left over when you think you’ve thought of everything.

Use money to gain control over your time, because not having control of your time is such a powerful and universal drag on happiness. The ability to do what you want, when you want, with who you want, for as long as you want to, pays the highest dividend that exists in finance.

progress happens too slowly to notice, but setbacks happen too quickly to ignore.

Be careful who you praise and admire. Be careful who you look down upon and wish to avoid becoming.

The long run is just a collection of short runs you have to put up with. Saying you have a ten year time horizon doesn't exempt you from al the non-sense that happens in the next ten years. Everyone has to experience the recessions, the bear markets, the meltdowns, the surprises and the memes. So rather than assume long term thinkers don't have to deal with short-notice nonsense, ask the question: how can I endure a never-ending parade of nonsense?

doing well with money has a little to do with how smart you are and a lot to do with how you behave

An appealing fiction happens when you are smart, you want to find solutions, but face a combination of limited control and high stakes. They are extremely powerful. They can make you believe just about anything.