Some Things I Think

Morgan Housel is back with another bagful of nuggets of wisdom distilled into simple English lasting not more than a sentence or two each. Plenty to devour and digest, a few that hit us hard are:

• Nothing is more blinding than success caused by luck, because when you succeed without effort it’s easy to think, “I must be naturally talented.”
• Most financial debates are people with different time horizons talking over each other.
• There are two types of people: Those who want to know more and those who want to defend what they already know.
• Few traits are as attractive as humility, but few are as common as vanity.
• The bust is only dangerous if you depend on the boom.
• Every five to seven years people forget that recessions occur every five to seven years.
• The most important communication skill is knowing when to shut up.
• Lots of things are factually true but contextually nonsense.
• Bad luck is easy to identify when you fail, but good luck is easy to ignore when you succeed
• We underestimate the importance of control. Camping is fun, even when you’re cold. Being homeless is miserable, even when you’re warm.
• The most productive hour of your day often looks the laziest. Good ideas rarely come during meetings – they come while going for a walk, or sitting on the couch, or taking a shower.
• Schools are good at measuring intelligence but not great at measuring passion, endurance, and character, which tend to be more important than intelligence in the long run.
• Average performance sustained for an above-average period of time leads to extraordinary performance. This is true not just in investing but careers, relationships, and parenting.”

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