Deconstructing Success Down To The Psychological Level - Morgan Housel

Morgan Housel is a partner at The Collaborative Fund, an investor and an author.
The world continues to change, but the hairless apes that inhabit it stay the same. So there must be some laws of human psychology which remain true, no matter what time and place you're in, and today we get to go through some of the most fascinating ones.
Expect to learn what reasonable optimism looks like, the difference between overnight tragedies and long term miracles, what we can learn by the divorces of the richest men on the planet, how people become tragedies of perfection, why most competitive advantages eventually die and much more...
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00:00 What is Rational Optimism?
01:15 The Benefits of Stress for Innovation
11:04 Good News Takes a Lot of Time
14:51 Why Is Bad News More Memorable?
21:25 Progress Requires Pessimism & Optimism
28:55 Hiring the Greatest Leaders
35:30 What Do You Think is Productive But Isn’t?
41:58 Good Things Are Supposed to Be Hard
51:56 Most Competitive Advantages Die Out
59:21 Never Discount the Potential of New Technology
1:04:12 Why Success Looks Easier than it is
1:10:57 Incentives Are the Most Powerful Force in the World
1:16:20 Nothing is More Persuasive than What You Personally Experience
1:20:02 The Tension of a Long-Term Mindset
1:31:07 Why Humans Are Seduced by Complexity
1:34:32 Who Would You Be if You Were Born to Different Parents?
1:40:23 Why the Richest People in the World Are Divorced
1:47:20 Where to Find Morgan
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Get my free Reading List of 100 life-changing books here - chriswillx.com/books/
Try my productivity energy drink Neutonic here - neutonic.com/modernwisdom
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Get in touch in the comments below or head to...
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Twitter: / chriswillx
Email: chriswillx.com/contact/

[@ChrisWillx]

Hello you savages. Get my free Reading List of 100 life-changing books here - chriswillx.com/books/ Here’s the timestamps: 00:00 What is Rational Optimism? 01:15 The Benefits of Stress for Innovation 11:04 Good News Takes a Lot of Time 14:51 Why Is Bad News More Memorable? 21:25 Progress Requires Pessimism & Optimism 28:55 Hiring the Greatest Leaders 35:30 What Do You Think is Productive But Isn’t? 41:58 Good Things Are Supposed to Be Hard 51:56 Most Competitive Advantages Die Out 59:21 Never Discount the Potential of New Technology 1:04:12 Why Success Looks Easier than it is 1:10:57 Incentives Are the Most Powerful Force in the World 1:16:20 Nothing is More Persuasive than What You Personally Experience 1:20:02 The Tension of a Long-Term Mindset 1:31:07 Why Humans Are Seduced by Complexity 1:34:32 Who Would You Be if You Were Born to Different Parents? 1:40:23 Why the Richest People in the World Are Divorced 1:47:20 Where to Find Morgan

[@Exodus26.13Pi]

Moses was first in history to record Pi near 1400 BC in the Wilderness Tabernacle blueprints. 330 Exodus 26:7 15 Exodus 26:9, 12 - 1 Exodus 26:13 makes π 314 Exodus 26:7-9, 12-13 The Tabernacle had 11 curtains, each 30 cubits long. So, all the curtains together were 11 x 30 = 330 cubits long. One of these 11 curtains was to be folded in half. A curtain 30 cubits long folded in half, it becomes 15 cubits long. So, the adjusted length is 330 - 15 = 315 cubits. The same folded curtain is supposed to have half a cubit of material hanging off at both ends of the Tabernacle. Since there are two ends, that adds up to 2 x 0.5 = 1 cubit. So the final adjusted length is 315 - 1 = 314 cubits. 3.14 = 314 circumstance/100 diameter ≈ π ratio, 100 cubit court per Exodus 27:9-18 ............................. π was rediscovered in 2015 by an engineer from Wisconsin. Geometry people will see this as circle-shaped. However, Josephus the Historian describes the traditional rectangle-shaped Tabernacle. These are two different shapes. Exodus 26:13 makes Pi

[@ME3WarrantyVoider]

Yo, is your patreon still active? I joined and got nothing sofar

[@paulaCvenecia]

💪🏾🔥🔥... On my way to see the list and watch this... I know you're not into politics but the news Russia has now the capacity to put 2 nuclear bombs in the space and take the power grid down, plus some numbers and other shards of info that have been coming for about 2 years, is it viable to have a round table about it? And for once involve the non-violent resistance side into the mix... That's it. Thank you for all the previous pods and dedication on expanding ideas! Stay strong 🧠

[@Fraunzi]

“The trick is not minding that it hurts” - powerful stuff, great pod.

[@steventhompson399]

I remember that from Lawrence of Arabia! Near the beginning he puts a match out with his bare finger or something. I loved that movie I should watch it again sometime

[@12Sanguine]

One of my favourite podcasts ever. Will rewatch many times to remind myself of these quotes. Fantastic host and guest, great intellectual chemistry.

[@Real_MisterSir]

"The most successful people are not the ones who can produce complex solutions to all their problems, but the ones who are able to apply fundamental methods to engage even their most complex problems". As a part-time esports coach, I have found this to be true not just in competition sport, but in all facets of life. Understanding fundamentals of how and why something works, lets you break it down to its core components and tackle them individually - while the opposite would be like a big soup where everything mixes together and problems compound even if just one part is slightly out of order. If you do not understand what salt tastes like on its own, how will you know that lack of salt is the reason the other flavors in your problem soup feel flat? Also alternative: I would rather find myself thinking; "Oh wow, I actually learned something from this IKEA manual-esque method that is simplified so a toddler could get it", than the opposite of "Oh wow, this topic is presented in a manner so complex that I am clearly not certified to even learn about it, let alone start implementing it in my own life".

[@TheLoosethought]

Matt Ridley’s book “the rational optimist” is fantastic as well.

[@kinetic-cybernetic]

AMAZING episode, thank you so much. My fav so far, what a guest and your interviewing skills keep getting more effective every time.

[@jacquesdemolay5171]

This was a pretty compelling, no-fluff conversation. On point while covering a wide array of topics. That's not easily done. Cheers.

[@braysive4380]

No fluff? The guy called today's economy very strong in the first five minutes and we're on the brink of hyper inflation and the most promising market growth is in the defense sector because WW3 is a foregone conclusion.

[@drewpocernich2540]

There are no laws in psychology, only theories. That’s what makes it a soft science (as a psychology major about to graduate).

[@stvbrsn]

There are also “no laws” in the art of naming videos. There is however a fair amount of “creative license.”

[@anthonypesola3294]

A law is just a set of repeatedly observed phenomenon in a scientific field of study as would appear to always be true - sometimes self evidenced. As in, despite rigorous theory & observation, contraindicatory data has not been observed. Laws are not permanent. They are just the best summary of observation we have. A good example is "bravery cannot be faked" - bravery is taking action despite fear - to falsely take the action despite the fear is still taking action despite the fear & is brave

[@Cognitive_Wisdom]

that's probably why i love psychology specifically

[@altheeaself76]

Psychology can never be a science as much as psychology would like to claim in order to monetize it for insurance. The subject matter is human, constantly changing even after the experiment and during any interaction or experience. No experiment can truly be duplicated and hypothesis fasified

[@padbattousai]

​@@anthonypesola3294 you have no idea what a Law in science represents, you have no idea what you are talking about. The laws of thermodynamic will always be true given the same parameters no matter what. Your essay speaks from a true soft science person

[@leadgenjay]

The insights on long-term mindset vs. short-term reactions are spot on. Entrepreneurs should note that true competitive advantage often stems from creating a customer success strategy that evolves with client feedback, not just innovation for its own sake. It's a marathon, not a sprint.

[@k1ttyF158er]

Good talk. Good points. Just sad that Morgan Housel gets facts in his supporting examples SO VERY WRONG. (1) Sears was NOT just a clothings store that sold some washers & dryers. It was essentially the Amazon of its day. The Sears catalogue of 1890 contained over 530 pages of items. Everything from cloths to furniture, musical instruments, firearms. You could buy kit-houses that were delivered so you could build the house. Amazing! - They were actually MORE encompassing than Walmart. - They did NOT BUY Discover Card. They launched it themselves. (Though they did buy Dean Witter & Caldwell Banker). - They were bought by KMART in 2004. So, it wasn't the fact that "it all went to their head" that killed them. The new owners failed to keep Sears alive. - KMART also went from 2,486 stores globally in 1994 to 6 stores today. - KMART failed to invest in computer technology to manage their supply chain. They lost the edge to Walmart, Target & internet sales. - But primarily, their brand was a mess, they had a large data breach, were sued by Sega, Target and others.. So that analogy was a MESS.... (2) Henry Ford did NOT invent the car. (or "put all the pieces together").... Nicolas-Joseph Cugnot built the first steam-powered car in 1769. And Carl Benz (Mercedes Benz) put the first combustion engine car into FULL production in 1826. Henry Ford popularized the assembly line for manufacture. But it was actually invented by the meat-processing industry in the midwest. - People saw the car as a form of transportation NOT as a machine of war. It took 89 years for before it was eventually utilized in WWI for troop transport. Then the tank. (American had no mechanized force until the 1916 "Pursuit of Poncho Villa" when the first truck, a "GMC Model 15" was brought into service. (3) The internet did NOT come about "30 yrs ago". The first commercial ISPs showed up in 1989. But I was on the internet (dialup BBSs) in high school 1983(?)- (I'm not a Boomer. I am Gen X). I was also given a Mac laptop when I worked for Adobe in 1995. They were HUGELY successful at the time for businesses (1991). But they were expensive. It wasn't that people didn't understand their value (AT ALL). It was that they were expensive for consumers. ($2,200, which was a LOT of money back then. So think of how much better we are doing economical now. Everyone has computers & laptops. And the price hasn't really gone up that much. (4) The Donner Party was 86 people.... They DID NOT "meet a quack who promised them a shortcut". On June 27th they were warned by James Clyman NOT to take Hastings Pass because he thought it too difficult with wagons. The next morning, it was Reed to chose to IGNORE the advice of a friend (who had just travelled back through the pass). They had derived their plan from a book entitled "The Emigrants' Guide to Oregon and California" by Major Lansford Hastings, a lawyer and explorer who had fought in the US Civil War. The book was written (based on his travels) as a guide to Oregon & California in order to entice settlers to settle (and colonize) northern California. The Donners themselves were comfortable but NOT wealthy. George Donner was a 62yr old farmer. James Reed however WAS wealthy. Though he was the only one. He is the one who essentially funded the trip. It is likely that the lavish two story wagon Reed insisted on bringing along contributed to their failure to reach the pass when the season was more favorable. But Hastings previous experience on the journey had been without wagons. Many other used the Hastings Pass following the Springfield Party. (It takes you up to Truckee/Lake Tahoe. So it was NOT "bogus". However, Hastings, who was a week ahead of the Donner/Reed party, had left a note along the trail telling them the path had become impossible & to wait for him to return. It took 5 days for them to find Hastings. Hastings mapped out an alternate route. But Reed chose to turn off the track & take the party through tangled wilderness. -- It killed them. Not a bogus route. Not a quack. Arrogance. The takeaway of that story is -- (1) Don''t be arrogant. (2) Don't ignore the advice of those who have gone before you. (3) Don't shortcut the road to success using either 1 or 2. Sorry. I like to read history. I don't like to revise it or misquote it (if I can help it). I jumped into this channel via the rather incredible Eric Weinstein interview. Truly wonderful. - I just expected more.

[@friendlyfire7861]

The guest was mediocre, not enlightening.

[@steventhompson399]

And he said Europe didn't see much innovation or advancement in wwii- that's insane, between the British and the Germans there were plenty advancements

[@hob976]

48:37 The thing about the Donner Party story and every "example we should learn from" narrative, is that if they took the SAME shortcut and it paid off with wild success, then the story would be about "taking big risks" and "fortune favors the bold", instead of "they were tempted by a short cut and paid for it with misery and cannibalism." It always seems to me that there's a convenience to choosing a "they took a risk" lesson for your life & business book, and then finding a historical tail that shores it up, but it's arbitrary because there's ALSO a story about "people who took a bold risk and sailed across the ocean and found a new continent" or "took a risk on this unknown Facebook company" if you want teach the exact opposite lesson. I think the real lesson is "Gambles pay off or don't. We'll pretend there was predictable cause and effect in our narrative, later, and use your story to support our life & business advise."...

[@friendlyfire7861]

Yes. This guy is very conventional, clichéd, and limited in his thinking.

[@dcoga1020]

you're talking about "If" here while morgan tells you about historical fact

[@vadergrd]

this channel is really good , love it ! congrats!

[@mohammednazari9833]

By far one of the best podcasts I've ever seen. Thank you.

[@klinx888]

I could literally listen to these 2 men talk about life for hours and hours

[@radrazor1355]

Chris, thank you man! I am grateful you release 3 episodes a week. Especially so thoughtful on the questions, responses, and comments you volley with your guests. You enlighten me continually, and I'm super thankful you have given me 700 episodes to consume versus watching television that has no return. Thank you, see you soon mate.

[@Cognitive_Wisdom]

podcasts like these are what make me appreciate being born in this era of time

[@radrazor1355]

@Cognitive_Wisdom facts man. Grateful

[@joelaussiegunner1400]

Absolutely loving this episode

[@gardensbydaveforge]

The most competetive advantages chapter was bang on. Kudos

[@NumeroSystem]

Innovation can come in its own time. No need for famines, wars, genocides, recessions, and whatever to quicken the pace.

[@mohammednazari9833]

I agree, as it's said "Necessity is the mother of invention". Unfortunately often BAD events are the ones that highlight the "Necessity", therefor invention to follow. But if we were smarter, we could highlight the "Necessities" such as Better health, More justice, More equality ... on our own without the need to go "One step back, eg with with wars, pandemics...." and realize that we are already one step back and we need to "step forward"

[@garydalybookmob5180]

I've been borderline broke my entire life (I'm 57), I have no property, no stocks, shares or money. Live on a veteran pension and I fantasise about winning the lotto. But I just know that winning the lotto would destroy me, end me. Yet, I still fantasise about 'all that cash'. I don't play the lotto.

[@Bostronix]

The Collaborative Fund is a must read newsletter, good to see Morgan Housel on prominent pods.

[@TheVonnieVonVonShow]

Great thought provoking discussion

[@DB-ke8bs]

Not so sure about the vaccine analogy.

[@1237barca]

Delusion. Mainstreamism to the max. These ppl are terrified to step outside the official narrative.

[@eric-8998]

Right. Sometimes, I have to plow through the occasional ideological thorn to find the rose.

[@Joseph-yy5jp]

Lost me there. That simple analogy says enough about a person’s world view.

[@mukavelli]

He is horshitting from the start, '''we inovate more when we have a gun to our heads'' Well NO, otherwise every employer would threaten with firring people to get the most results. All these ''experts'' coming lately on the show look like are going to do more damage than good for this channel. There is also a big study saying that rushing or putting more stress on the employees don't create more innovation. He doesn't understand the corelation and causation problem, what happened during WW2 has nothing to do with what he said, just like now all the innovation happens in areas that have recent progress in them, and we will not invent something completely new in physics just because climate change will kill all of us in a few decades, that is not how progress works. You got new atomic discoveries because before WW2 in that field was made the most progress 1895 to 1937: Early Nuclear Science. 1938 to 1939: Discovering Fission. 1939 to 1941: Investigating Nuclear Weapons. 1941 to 1942: Getting Organized. 1942 to 1943: Early Manhattan Project. 1944: Developing the Bomb. 1945: Building the Bomb. He is a PSEUDO-INTELLECTUAL

[@Joseph-yy5jp]

Completely agree. Dude either doesn’t understand that technological innovation is an exponential process, or he’s well aware and is using history to push his world view. I’ll pass either way

[@michaelryan3693]

Chris. You’re on fire man. Keep goin

[@TRayTV]

The cost of innovation in good times is risk. You're expending resources on a Gamble when you could be expending resources on what is known to work or on maximizing comfort, security and/or profit.

[@friendlyfire7861]

which is why his idea that war creates innovation that is somehow worth it is naive.

[@TRayTV]

@@friendlyfire7861"worth it" is highly subjective. Advancement is valuable but more valuable than living unmolested, more valuable than avoiding chaos and destruction? I think innovation is a poor excuse for violence.

[@friendlyfire7861]

@@TRayTV That's what I mean 🙂

[@TRayTV]

@@friendlyfire7861 lol, I was worried that the way I said it might seem contentious. It's just my weird way of saying "based."

[@nuttyDesignAndFab]

I think fella is misinformed on a few things: -"nobody in the car industry could have predicted suburbs" GM literally lobbied the US govt to zone suburbs and build connecting highway infrastructure so they could sell more cars -"oh the poor bankers had bad incentives" banks actually lobbied to repeal Glass-Steagall which is widely believed to have contributed to the 08 collapse. their incentives are the same as a thief being incentivized by all the nice things you have. "that's a nice house you own there mr/mrs black retiree! wanna re-finance it for some extra pocket money? ;) " seriously look it up, the banks maliciously targeted old & sometimes specifically black people that had already paid off their homes. -"maybe the pandemic will have been good cuz of all the vaccine research we accelerated" I suspect the silver lining will probably end up being learning there was a good reason for all those FDA safety protocols that take forever to get through, and still somehow allow a bunch products through that later get recalled anyway.

[@Real_MisterSir]

That happened well past the point where cars had been proven viable personal transport vehicles and were already outphasing former methods of transport. WHen they (and basically the entire automotive industry in the US at the time) lobbied for changes to road infrastructure, they understood the benefits. But when cars first came around and were competing more directly with other transportation methods without obvious benefits (such as scale of production and associated economics of scaling in the war period), before all that nobody knew how suburbs would change over time and become what they are today. The wars were what truly scaled up the demand for production of vehicles and the US auto industry pushed for that viability to keep growing post war time, to supply the future relevance of their increase in production. It wasn't just because they knew there was a sales potential, it was because they'd have a significant sales drop if they didn't figure out a way to make cars the main incentive for everyone's transportation needs across the country.

[@jeffersonadams8711]

I can't speak to your first and third point, but by the time Glass-Steagall was repealed it was pretty much DOA anyway so repealing it was just a formality.

[@k1ttyF158er]

Yes. SEVERAL things. (1) Cars were in full production in 1826 by Carl Benz. Ford didn't begin building cars until 1903 (77yrs later). So the insinuation that Henry Ford built the first cars is massively ignorant - Also, It was 89 years before they were put to military use in WWI. Putting guns on the was not "the first thing" people thought to do with them. - (2) Sears was the Amazon of the day. It was a HUGE catalog company that sold everything from cloths to guns to music instruments and even houses. - They were bought by KMART in 2004 and they stopped being profitable in 2010 (AFTER the original owners departed. So the "example" became pointles......Also, Sears launched Discover Card. - They did NOT buy it.... (3) The Donner Party were not misled "by some quack". The ONLY rich person on the trip, James Reed, ignored all warnings a friend who'd just travelled the Hastings Pass & the originator of the pass, Major Lansford Hastings.... (4) Airplanes were invented in 1903. The first commercial airline trip was January 1, 1914 from St Petersburg FL to Tampa. Seven months prior to WWI (July 28, 1914). Their military use in the 2nd Balkan War of 1913 and in WWI was largely reconnaissance until nearly the end of the war when they began to affix guns to them. So it was not the FIRST thing they thought to do. The fact checking fatigue got to me. I stopped the video there.

[@youremail3285]

The Act established the Federal Deposit Insurance Corporation (FDIC) and introduced banking reforms, some of which were designed to control speculation. Most notably, it separated commercial banking from investment banking, prohibiting commercial banks from engaging in the investment business. Repeal and Legacy: The key provisions separating commercial and investment banking were repealed in 1999 by the Gramm-Leach-Bliley Act. However, the debate over its repeal and calls for its reinstatement continue, especially following the financial crisis of 2007-2008. Impact: By separating investment and commercial banking activities, Glass-Steagall aimed to reduce the risks associated with speculative trading by banks that hold consumer deposits.

[@friendlyfire7861]

​@@Real_MisterSirInteresting because that shows car manufacturing to be a market distortion.

[@jasonpatrignani4717]

32:46 Absolutely spot on analysis! Activity for activity’s sake is the single largest and stupidest aspect of the current marketplace

[@DoctorBubbles]

Thank you for all that you do, Chris

[@lucretiasulimay1968]

That is so funny about walking through first class, when I travel and I walk through 1st class, I always say to the airline stewardess if I'm standing there are a few minutes ," well this is probably the longest I will ever be in 1st class or business class 😅😅" but I traveled to 13 countries in the last two years, so that's fine by me!! I have more important things to spend my money on 🌎🌎my last car was 24 years old when I had to get another car 🚗🚗. Loved the conversation, thank you!!

[@sarasotauptoseattle]

I love what you guys are doing. Keep it up! ❤

[@saridad]

Great podcast! 👌🏼

[@dsyncd555]

The invention part of this reminded me a lot of the arguments for and against Bitcoin and Network Effect.

[@theevermind]

Regarding the topic of soldiers actually shooting at the enemy: Historically, there is ample evidence for it and that it happens without the soldier even being aware. And it was shown the success of armies is directly tied to how well soldiers actually shoot at their enemy. Modern training is exactly as described--it removes or desensitizes the thought of shooting at a person. For example, using a human silhouette at the gun range instead of a bullseye makes you more used to shooting at a person. Boot camps also use live fire exercises (crawling under barb wire wile real bullets are flying over them) for troops to become accustomed to real combat conditions. Much of military success is discipline & training more than tactics or even equipment.

[@user-uk7tk8oc9f]

There is a lot of very misinformed examples in this episode e.g. invention of cars, suburbs etc.... Also, it should be noted that the upper and aristocratic classes in 1930's Germany almost wholesale did not like or want Hitler and the Nazi party in power. The system was mostly hijacked by the support from the youth and working classes. Many just ended up going along as to not end up in jails/camps and lose all that they had.

[@frankgalea4692]

@24:50’ish you speak about specialization and role-relevant mindsets. Interesting that you echo Adam Smith views on this while with the speed of change and the lessons on risk of silos from the Titanic to the apathy of large corporations you mentioned earlier argue for being more nimble than a collection of specialists can muster. Ok - I’ll keep listening to see how you resolve this tension.

[@luwado]

Damn, this was great.

[@skindaddy.]

I’d love to see you guys do this again

[@albertlevins9191]

I knew the odd fact about Mr. Gatling. "Little do you know, Mr Gatling." The machine gun instead of ending war... Made it dramatically more deadly.

[@douglasmorris81]

I can believe the part about reading because Mr. Housel pronounced "menial" as someone who never heard it spoken aloud

[@philosopher888stoned]

😂

[@antwainreine2657]

Incentives segment is interesting in light of Israel’s current situation in Gaza and Morgan’s heritage.

[@jeroencommandeur]

@33:57 open plan offices. Yeah, hate those too. I once went to work wearing big hearing protection devices. You know, the ones they use on a construction site. That'll shut them down. :-D

[@brannonzimbelman]

Was this filmed in 32K? Holy cow Chris! That's high def!

[@Reutzel507]

This guy is so optimistic on things that are not true.

[@thepewplace1370]

I think he asks some phenomenal questions, but also that he's read a little bit in a lot of areas and has some dunning Kruger going on in several. The example I've just come to is 2 chapters in where he's talking about climate change as a bad thing, using CO2 "ppi" (I'm assuming he meant ppm) climbing as his metric of it being bad, when I know he's had guests on who are SME in that area explaining to him why increased CO2 is actually a net good (at current levels, obviously we can't continue to expend fossil fuels at the rate we are or we will run out in short order). I think Douglas Murray was correct when he identified Chris as being high in agreeableness: not necessarily with his guest, but the audience kickback to anti-narrative climate guests is far more unpleasant than if he concurs with the status quo.

[@KuloseSuxen]

So if like the desire and urge to become successful and earn lots of money is high then the company becomes successful in nowadays right?Then what pushes them to be set in a path of constant and uniform success? To make more money?,but we already got more

[@ToddRock16]

Still listening but great fast start. This is gonna be good.

[@BryonGaskin]

@11:45 regarding good news always playing out over a long time and never happening quickly. Watching the lottery ball numbers being picked and finding out you had the winning ticket.

[@rebeccapenders5050]

Hence the phrase, "winning the lottery." 😉

[@thepewplace1370]

Perhaps, but if you look at the number of folks who won the jackpot and had it destroy their lives, it might not always be a good thing.

[@kartikgoel9870]

@chriswilliamson when is your book coming

[@theevermind]

Welfare prevents people from innovating to get themselves out of their situation because they are not adequately motivated.

[@HeyCoalCat]

As far as investing in the stock market, I've noticed that most people are worried about figuring out how much house in car they can afford. They're too busy looking the part rather than playing the part and playing the part takes time and sacrifice and knowing when to tell your ego no.

[@virtuosomaximoso1]

Im super unproductive at work, but all of my metrics are good so the bonus always comes. The numbers are more important than the deliverable.

[@brownwhale5518]

Positive evolution via chaos. Sounds like the Shadows’ philosophy.

[@chrismartell6135]

Loved Matt Damon in Minority Report

[@90sGasPrices]

1:09:40 Me: oh my God it WAS MINORITY REPORT UGHHH

[@twaited5860]

Other than saying the pandemic accelerated “good” research on mRNA technology, the podcast was lively and informative. I’m always amused when Chris mentions a related book, research article, etc. to the guest expert and gets a “never heard of it” in return. 😀

[@BWater-yq3jx]

Yeah that wasn't the upside of the pandemic, which was that many people came to understand how the world REALLY works. Big Pharma exists to optimise returns for shareholders, not to optimise your health; Pharma's influence on govt & media is deep & wide.

[@youremail3285]

Stress causes change. This is why governments cattle prod their population from time to time to increase productivity and nationalism. Stress also thins the herd. Stress/Pain is more important than happiness/joy. Boxing champions crowned during a given year usually identifies the Boxer to a strongly struggling country/culture. Tough love teaches you the most about what love is and how one loves themselves. 9/11 was arguably caused by America conducting a self-reset.

[@NEWGREATNESS]

I seem to be the only person in the comment section who understands the vaccine analogy. Anyway, great podcast guys keep up the great work.

[@rawls101]

Necessity is the mother of invention.

[@ToddRock16]

Isn't it cool when a cliche is actually spot on?

[@friendlyfire7861]

9:50 Oh God, now he's saying a command economy produces results. Yes, force can create a specific result--at an expense far in excess of what is achieved.

[@theevermind]

The stock market often has V-shaped recoveries after massive downturns. That suggests a lot of people DO view it as an opportunity.

[@stevef6523]

I've got the hack for you boys, can't get into the mental framework to consider reading productive work? Simply call it studying. You are no longer carving out reading time from your spare leasure time. You make time for study.

[@danieltokar1000]

I have never heard of this person before so all I can base a comment on is this interview. That said , what planet does he live on? The part where he says that everyone has different life experience is true but I can't image where he comes from to think that "The world is doing well right now". I had the idea from the title that he was a person who studies people and how they make choices. No , salesman or huckster maybe.

[@3kaboutertjes]

I think that if Steve Jobs still lived, every house would have a robot by now.

[@gavinreadman]

No only the best can make something simple at lest in IT

[@vadergrd]

meeennn ... this is a good channel ...

[@Cognitive_Wisdom]

Chris you are honestly becoming my favorite podcaster. There is something about the way you approach the guests that attracts me to listen to your conversations way more than other people these days. Keep up the amazing work!

[@tyler-nh5so]

He truly believes our economy is doing well right now. I’ve heard enough this guess is full of it.

[@albertlevins9191]

I like this guy. That said, I wake up afraid every day. My whole world hangs by a thin thread. I give 100% all the time, but I make very little headway. What's worse is if I ever get sick. Then the money disappears. I don't have much to work with, so when it's gone, I have a big problem. But I have a routine that works, and I am miraculously healthy, so I manage to get by. But here's the thing, I feel like I am constantly treading water, moments from drowning, and I can't see the shore. It is really becoming scary as I age. I begin to think, if I don't figure this out soon, I will be too tired to continue. So yeah, I guess I'm Europe. No time to innovate, we gotta put these fires out. I wish I could get a little further up, so I don't live in fear of this all going away someday. And now you know the whole point of my striving. I must find a way to get me and mine just a little further up. I simply must.

[@stvbrsn]

Wow. I know *exactly* what you mean.

[@gregbatchelor9205]

The mRNA 'vaccine' analogy is a terrible example to use, to be fair.

[@stvbrsn]

Absolutely. But to be fair to the guest… that was really his only clunker. Pretty much everything else he said was spot on.

[@kjjx125]

❤️ Chris. Just wondering why most of the thumbnails have a pointing finger? It’s a bit cheesy, no? If I didn’t know Chris has such interesting perspectives + rare facts, such a thumbnail would feel too contrived. I guess it’s to garner clicks. 🤷🏻‍♀️

[@glassytea3315]

Same with for real housewives. “Oh. You’re not busy. Can you …. For me?” Uh no! I am busy.

[@Maryland_Kulak]

Don’t underestimate the power of culling the herd.

[@Thaulopi]

Oh my....

[@gavinreadman]

Agree as humans we feel if they speak jargon they are smarter than us

[@rebecca7410]

Love Morgan Housel! His books are phenomenal. I also bought The Graet Depression Diaries (can't remember the exact name off of the top of my head) after listening to him recommend it in a previous podcast

[@Cognitive_Wisdom]

his books are really good for sure! The way he approaches some ideas is very interesting!

[@siyaindagulag.]

Law# 1 Psyche is real, as real as concrete.

[@Reutzel507]

It’s c02 PPM. To low c02 and the words stops as photosynthesis isn’t possible.

[@vireogilvus]

It's pretty interesting to me that Housel keeps talking about "success," but at no point does he define what that means to him, and in his usage. I'm pretty sure I get what he means, but it's also pretty clear that he has a fairly narrow definition of success (at least in this conversation), and may not be considering the possibility that there could be a vast sea of alternate possible definitions. It's especially amusing in that they explicitly discuss the need for new metrics AND so often point out these "successful" people are often miserable and have lives that he's not interested in having himself. To my ears, that doesn't sound like a very successful version of "success." Interesting conversation overall though (even if all of his anecdote and example details might be incorrect, misremembered, or otherwise way off)

[@craigb4913]

"Cannabilism is hard, but sometimes you just have to eat people." Isaac Donner

[@mathew9851]

Surely you can think of better titles then 10 or 12 laws of human psychology over and over again

[@RickDelmonico]

Nobel was not alone in his aspirations to end war by creating machines so powerful they would make it unthinkably brutal. Hiram Maxim, the inventor of the world's first practical single-barrel machine gun, held similar views, only to see them proved horrifically wrong on the killing fields of World War I.

[@dontask7898]

Lottery is an overnight happiness!

[@elrud5964]

Australia was heavily affected by the 2006 gfc my dude

[@Louisadamson]

1:30:31 I wasn't commenting for this, but I don't think Tiger Woods messes with his swing very much. I totally agree with your premise and agree that something should not be messed with and some things should. The first thing that came to mind, and a lesson that I learned from a pro after doing it incorrectly for a very long time was joint compound on the seams and corners after installing drywall. It's so easy to keep working the mud and trying to make it smooth and close to what you envision the finish being like before it's set up and dry. Or, thinking that you can do an entire Corner both sides of the wall that makes it during any one application. Watch a professional once. They put little tiny thin layers on random spots it seems and let it dry because it shrinks. It dries quickly they come back again and build it up and something different areas in less time even, but with many more applications sessions they get it perfect with very little sanding a tiny fraction of the worst kind of fine dust that exists, and needs to be cleaned up. It's basically the same since the corners, but they only touch one side of a corner at a time. You never get a nice Corner if you're using the application trowel or knife where the corner of it will dig into the other side that still fresh. I was a series 7 license broker and financial planner for a decade so I know all about what Munger's point was, why Buffett would never leave Omaha for New York City, and how even the most disciplined investing mind can let that little emotional subconscious demon of disguised greed creep in, washing away disciplined gains. That little Minority Report bit, with Tom Cruise and Matt Damon, was perfectly hilarious. I was talking like you can hear me saying you're right you're right it's Minority Report!

[@charliehager7605]

Interesting but some historical inaccuracies. No mention of bad governance prolonging the depression making it a “great” depression

[@suchitmishra0007]

1:31:19

[@gavinreadman]

Love that mirror s of the experiments we did by living our lives

[@iXpress]

Too much Wisdom here. Hold on ❤

[@Alex-hu8gj]

well if somebody is that polite to put the 12 Laws of human psychology I'll be very thankful don't want to delete 2 hours of my day thank you :)

[@geob3963]

Hard times create strong people. Strong people create easy times. Easy times create weak people. Weak people create hard times.

[@skippy6086]

"I stink, therefore I spam" - Day Cart

[@PaulaDTozer]

How can truth be harsh? Truth is truth. It doesn’t carry a charge unless you give it one. What’s your spin? I agree that the cultural changes that will be the residuals of COVID 19 will be significant. Adversity shows us to ourselves in ways that ease cannot. We think best while walking. Thanks for this convo.

[@alanmagee2193]

And because the U.S government had a contract to supply Russia with corn, after the dust bowl they had to buy foreign grown corn to supply Russia at the original contract price so it ended up costing Americans a fortune

[@YourEyes-wl8ke]

36:58 yeah im 14 and i figured this out when i was 8, thats why we all think old ppl are dumb af, maybe its bc yall are fr

[@PontificusPinion]

Penicillin was discovered in 1928, not the 1940s because of the war effort.

[@robinmiller871]

This guy has great ideas, terrible information. The economy is not doing great... it was ww1 that started off with horses... Europe innovated MASSIVE amounts in the 40's. He sounds like someone who likes sounding smart rather than being smart. Who also is able to speak on obvious things that are always relevant so it's always good to talk about them.

[@t0p-D]

I read this guy's book, I would recommend

[@Cognitive_Wisdom]

psychology of money has to be one of my favorite books!

[@Frohbee]

Same

[@MiyamotoMusashi9]

Every element needed for a smartphone existed when caveman walked earth . R. BUCKMINSTER FULLER

[@Cognitive_Wisdom]

Morgan Housel is a a very smart guy, who has some really interesting thoughts. Psychology of Money changed my perception on so many things, and i absolutely love all his work! Chris, you are on a roll with the guests recently. Can't wait to listen to this!

[@Chris-fg7sn]

If we're going to describe the behaviour of an entire population like this, maybe we should introduce ritalin to the water supply and not fluoride.

[@studentaccount4354]

The emperor's new clothes, writer, author 😂🤫👽holds themselves out as a Ph.D. in psychology....great historical claims..

[@ngprovidence1275]

Newkyoolar. Lol