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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Note: the above material is neither investment research, nor financial advice. Marcellus does not seek payment for or business from this publication in any shape or form. Marcellus Investment Managers is regulated by the Securities and Exchange Board of India as a provider of Portfolio Management Services. Marcellus Investment Managers is also regulated in the United States as an Investment Advisor.

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