Morgan Housel Quotes

Having a gap between what you can technically endure versus what’s emotionally possible is an overlooked version of room for error.

Albert Einstein put it this way: I take time to go for long walks on the beach so that I can listen to what is going on inside my head. If my work isn’t going well, I lie down in the middle of a workday and gaze at the ceiling while I listen and visualize what goes on in my imagination. Mozart felt the same way: When I am traveling in a carriage or walking after a good meal or during the night when I cannot sleep — it is on such occasions that my ideas flow best and most abundantly.

There is the old pilot quip that their jobs are “hours and hours of boredom punctuated by moments of sheer terror.

Everything in finance is data within the context of expectations.

The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt. — BERTRAND RUSSELL

most great things in life — from love to careers to investing — gain their value from two things: patience and scarcity. Patience to let something grow, and scarcity to admire what it grows into.

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.

The most important part of every plan is planning on your plan not going according to plan.

In fact, the most important part of every plan is planning on your plan not going according to plan. Now, let me show you how this applies to you.

The best financial plan is to save like a pessimist and invest like an optimist.

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 .

don’t get it,” he says. “I’ve seen the cities. I’ve looked at the factories. You guys have the same knowledge, the same tools, the same ideas. Nothing has changed! Why are you poorer? Why are you more pessimistic?” There was one change the alien couldn’t see between 2007 and 2009: The stories we told ourselves about the economy.

It goes like this: You think you want progress, both for yourself and for the world. But most of the time that’s not actually what you want. You want to feel a gap between what you expected and what actually happened. And the expectation side of that equation is not only important, but it’s often more in your control than managing your circumstances.

The biggest risk and the most important news story of the next ten years will be something
nobody is talking about today

The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.