IN THIS EPISODE, YOU’LL LEARN:

• The key themes that seem to never change throughout history.
• Why the world is much more fragile than we’re led to believe.
• Why the biggest risk is the one you don’t see coming. 
• The importance of thinking probabilistically.
• The true power of exceptional storytelling.
• Why every stock valuation is a number from today multiplied by a story about tomorrow.
• Why successful stock picking is about so much more than the numbers.
• Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected.
• Morgan’s investment approach.
• Why most investor’s biggest advantage is patience.
• Why most competitive advantages eventually die.
• How the world’s most successful people utilize inefficiency and slack to achieve more.
• Why Morgan writes for an audience of one.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Clay Finck: on today’s episode, I’m joined by Morgan Housel to discuss his newest book, Same as Ever, a guide to what never changes. Morgan Housel is a partner at the Collaborative Fund and the New York Times bestselling author of The Psychology of Money, which has sold over 4. 5 million copies and has been translated into more than 50 languages.

[00:00:21] Clay Finck: Morgan also serves on the board of directors at Markel. Morgan and I touch on a lot during this conversation. This includes the key themes throughout history that seem to never change, why the world is much more fragile than we’re maybe led to believe. Why the biggest risk is the one you don’t see coming, the importance of thinking probabilistically, the true power of exceptional storytelling, why every stock valuation is a number from today multiplied by a story about tomorrow, Morgan’s personal investment approach, why most competitive advantages within companies are bound to die.

[00:00:55] Clay Finck: Why Morgan writes for an audience of one and so much more. It’s no wonder that Morgan is one of the most popular guests we’ve brought on to the show, as he is a master at garnering these brilliant insights from history and how they apply to our modern world today. With that, I hope you enjoyed today’s chat with Morgan Housel.

[00:01:17] Intro: You are listening to The Investor’s Podcast. Since 2014, we studied the financial markets and read the books that influence self made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Clay Finck.

[00:01:42] Clay Finck: Welcome to The Investor’s Podcast. I’m your host, Clay Finck. And today I really couldn’t be more excited to welcome back Morgan Housel. Morgan, such a pleasure having you back on the show. Good to see you. Thanks for having me. I want to make sure we maximize our time here today and just jump right into the first question.

[00:01:58] Clay Finck: Your new book is titled Same as Ever. It’s a phenomenal read and just full of timeless lessons. And for anyone that read The Psychology of Money, that should be no surprise. When we look back at history over centuries, I think one of the first things I realized is just how much things change over time.

[00:02:14] Clay Finck: You look at someone like John D. Rockefeller in the early 1900s, people today have a higher standard of living than he did, even though his inflation adjusted net worth at that time was 400 billion. And then Also, just like everyone’s talking about AI and 2023 and just technology. This exponential trend of technology is changing things faster than ever.

[00:02:34] Clay Finck: And it seems like you have to keep in touch with what’s going on just to keep up. In writing this book about things that don’t change, what are some of the key overarching themes you found? 

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BOOKS AND RESOURCES

• Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
• Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.
• Morgan’s book: Same as Ever and The Psychology of Money.
• Morgan’s Podcast.
• Related Episode:  TIP351: The Psychology of Money w/ Morgan Housel | YouTube video.
• Check out the books mentioned in the podcast here.

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