Episode

#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
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3:07:17
Published: Wed Mar 02 2022
Description

Brought to you by Athletic Greens all-in-one nutritional supplement, Allform premium, modular furniture, and Tonal smart home gym. Morgan Housel (@morganhousel) is a partner at the Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He serves on the board of directors at Markel Corporation. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.His book The Psychology of Money has sold more than one million copies and has been translated into more than 30 languages.Please enjoy!This episode is brought to you by Allform! If you’ve been listening to the podcast for a while, you’ve probably heard me talk about Helix Sleep mattresses, which I’ve been using since 2017. They also launched a company called Allform that makes premium, customizable sofas and chairs shipped right to your door—at a fraction of the cost of traditional stores. You can pick your fabric (and they’re all spill, stain, and scratch resistant), the sofa color, the color of the legs, and the sofa size and shape to make sure it’s perfect for you and your home.Allform arrives in just 3–7 days, and you can assemble it yourself in a few minutes—no tools needed. To find your perfect sofa and receive 20% off all orders, check out Allform.com/Tim.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Tonal! Tonal is the world’s most intelligent home gym and personal trainer. It is precision engineered and designed to be the most advanced strength studio on the market today. Tonal uses breakthrough technology—like adaptive digital weights and AI learning—together with the best experts in resistance training so you get stronger, faster. Every program is personalized to your body using AI, and smart features check your form in real time, just like a personal trainer.Try Tonal, the world’s smartest home gym, for 30 days in your home, and if you don’t love it, you can return it for a full refund. Visit Tonal.com for $100 off their smart accessories when you use promo code TIM100 at checkout.*Warren Buffett vs. Jim Simons. [06:43]What do people get wrong about the partnership between Warren Buffett and Charlie Munger? [13:45]The size is the strategy. [16:59]Six years after writing his “Financial Advice for My New Son” article for The Motley Fool, are there any points Morgan would add or amend? [20:27]While there’s no way of knowing what kind of adults our kids will grow up to be, how might we instill in them the value of money and the ability to control how it affects their lives? [23:43]What unorthodox career decision did Morgan’s father make in his 30s, and how did the family’s life change as a result? How did earlier lessons of frugality give Morgan’s parents more options later on than their more steadily affluent peers? [28:28]How Morgan’s career path meandered from Denny’s greeter to investment banker to reluctant writer. [34:18]After finally hitting his stride as a writer at The Motley Fool, what compelled Morgan to join the Collaborative Fund team? [42:15]What’s a Markel and how did Morgan get involved with it? What was it hoped he could bring to the table there? [49:07]How does Morgan approach risk? [56:32]What “fin tweet” game is Morgan playing, and what are the rules? Who are the top players in this space, and what makes them worth your attention no matter the medium? [58:59]Investors Morgan respects — even if he wouldn’t try to emulate them. [1:03:33]Don’t beat yourself up too badly if you’ve ever been gamed by the market. Even Warren Buffett still makes mistakes. But would his younger version have made the same decisions he makes today? What made the early days of the pandemic such an uncertain time for even the most seasoned investors — Buffett and Housel alike? [1:09:37]Sometimes it’s the counterintuitive bets that elevate an investor into deity or demigodhood in the pantheon of the money-minded — whether it’s Benjamin Graham, Walt Disney, or Michael Moritz. [1:19:11]Notes on leverage and the “buy, borrow, die” approach to investing, and making sense of conflicting, diametrically opposed advice from seemingly intelligent, rational parties with differing opinions. [1:28:37]Sometimes peace of mind matters more than profit. [1:33:44]Is it better to be an antediluvian penny pincher who dies rich, or a high-roller who casts fistfuls of dollars into the sea only to pass away penniless? Maybe the middle ground is healthier than either extreme. [1:36:01]How does Morgan recommend someone of means ensure their children don’t grow up to be horrible, entitled, and generally useless to society? [1:40:13]Biographies and memoirs Morgan recommends (and what they can teach us about current events). [1:48:19]How can you increase the likelihood that you will not respond in moments of panic by doing what cripples you financially? Morgan weighs in. [1:52:26]In Morgan’s experience, how does someone who comes into money effectively allow themselves to enjoy it without succumbing to the all-too-common temptation to sink it all under a mountan of status symbols nobody really cares about? For his own part, what does his financial comfort allow him to enjoy, and how does he scratch the itch when he’s pestered by such temptations? [1:57:27]Preparing for financially bumpy long hauls, and “understanding the difference between a fee and a fine.” [2:07:15]A handful of journalists and writers Morgan would choose as trusted informants in a world without Twitter or in-depth news sources. [2:10:37]Morgan’s hall of fame for books about investing and finance, and how Dan Gardner’s book The Science of Fear has made him think about fear. [2:17:02]Morgan’s advice for helping someone (like me) regain a regular cadence of writing if COVID or other life interruptions have derailed such efforts, and a glimpse into what his own writing process looks like. [2:19:18]Tolerance for petty annoyance as a valuable life skill. [2:25:48]How did training as a competitive ski racer prepare Morgan for USC and, eventually, a world-class writer for The Motley Fool? [2:30:53]What does Morgan think is true, but is actually just good marketing? [2:39:17]What looks unsustainable, but is actually a new trend we haven’t accepted yet? [2:40:57]What has been true for decades that will stop working, but will drag along stubborn adherence because it has such a long track record of success? [2:43:50]Which of our current views would change if our incentives were different? [2:45:46]What are we ignoring today that will seem shockingly obvious in a year? [2:48:11]Money is not spreadsheets. It’s dopamine and cortisol. [2:49:06]Thoughts on near-future innovations both frightening and fascinating. [2:50:10]Websites Morgan thinks are worth your while. [2:55:23]Stories or points in The Psychology of Money Morgan wishes people paid more attention to. [2:57:39]Parting thoughts. [2:59:02]*For show notes and past guests, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsors.Sign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Margaret Atwood, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Balaji Srinivasan, Sarah Silverman, Dr. Andrew Huberman, Dr. Michio Kaku, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chapters
This podcast episode discusses the benefits of agile furniture that can quickly and easily be transformed to fit your home, and the Tonal digital home gym machine that adjusts to your strength to provide a full-body workout.
00:00 - 04:07 (04:07)
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Home gym equipment
Summary

This podcast episode discusses the benefits of agile furniture that can quickly and easily be transformed to fit your home, and the Tonal digital home gym machine that adjusts to your strength to provide a full-body workout.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The greatest investor of all time in terms of long-term average annual returns is not necessarily the one with the highest returns, as endurance and consistency also play a crucial role.
04:07 - 12:03 (07:55)
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Investing
Summary

The greatest investor of all time in terms of long-term average annual returns is not necessarily the one with the highest returns, as endurance and consistency also play a crucial role. Warren Buffett may not have the highest annualized returns, but his longevity and consistency make him the wealthiest and most enduring investor of all time.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Warren Buffett only became a household name in the early and mid 2000s when his net worth skyrocketed, leading many individuals to think they can pick good businesses and read balance sheets just like him, despite his unique advantage of being able to do things other people can't due to his position and size.
12:03 - 18:38 (06:35)
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Warren Buffett
Summary

Warren Buffett only became a household name in the early and mid 2000s when his net worth skyrocketed, leading many individuals to think they can pick good businesses and read balance sheets just like him, despite his unique advantage of being able to do things other people can't due to his position and size.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The desire for expensive possessions often comes from the desire to be respected and admired by others, rather than the practical use of the items.
18:38 - 23:29 (04:51)
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Psychology
Summary

The desire for expensive possessions often comes from the desire to be respected and admired by others, rather than the practical use of the items. People tend to overestimate how much others think about them and prioritize their own desires for social validation over practicality.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The vast majority of people want independence and autonomy in their lives, and money can provide a path to achieving that.
23:29 - 31:01 (07:32)
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Money management
Summary

The vast majority of people want independence and autonomy in their lives, and money can provide a path to achieving that. However, events like the COVID-19 pandemic have highlighted how quickly financial stability can be lost and how easily people can be thrown into insolvency.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Some individuals who live extremely frugal lifestyles for extended periods of time can develop difficulty spending money on themselves, even in retirement.
31:01 - 37:02 (06:00)
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Frugality
Summary

Some individuals who live extremely frugal lifestyles for extended periods of time can develop difficulty spending money on themselves, even in retirement. The podcast hosts share personal anecdotes on this topic.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
After five to seven years of experimenting and trying to figure out how to put the pieces together, financial journalist and host, Michael Batnick, discovered his aptitude for writing and financial analysis.
37:02 - 40:57 (03:55)
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Financial Analysis
Summary

After five to seven years of experimenting and trying to figure out how to put the pieces together, financial journalist and host, Michael Batnick, discovered his aptitude for writing and financial analysis. His career path eventually led to writing at Motley Fool, taking him away from the investment banking and private equity career paths that he had previously aspired to.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
In this podcast, Joe Rogan interviews Craig Hemke, the founder of the website "TF Metals Report", on topics ranging from investing and inflation to the precious metals market.
40:57 - 44:20 (03:22)
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Investing, Inflation, Precious Metals
Summary

In this podcast, Joe Rogan interviews Craig Hemke, the founder of the website "TF Metals Report", on topics ranging from investing and inflation to the precious metals market. Athletic Greens sponsors the episode with a special offer.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
In this podcast episode, the speaker emphasizes the significance of personal branding in content creation.
44:20 - 49:10 (04:49)
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Personal branding
Summary

In this podcast episode, the speaker emphasizes the significance of personal branding in content creation. He believes that branding content is important as people nowadays want to interact with a person and therefore, it's necessary to show the world how you think, what you think, and who you are.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Markel is an insurance company that uses profits to buy whole, industrial businesses that it plans on holding forever.
49:10 - 53:35 (04:25)
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Markel
Summary

Markel is an insurance company that uses profits to buy whole, industrial businesses that it plans on holding forever. A board member's job is not to micromanage the company or set grand strategy.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The episode features a discussion on risk with the founder of Ritholtz Wealth Management, Barry Ritholtz, who explains how he views risk in investing and the importance of having a board with diverse perspectives.
53:35 - 57:55 (04:20)
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Investing
Summary

The episode features a discussion on risk with the founder of Ritholtz Wealth Management, Barry Ritholtz, who explains how he views risk in investing and the importance of having a board with diverse perspectives.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The discussion revolves around the different goals, aims, and priorities of people when it comes to personal finance, leading to a plethora of advice and opinions.
57:55 - 1:03:44 (05:49)
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Personal Finance
Summary

The discussion revolves around the different goals, aims, and priorities of people when it comes to personal finance, leading to a plethora of advice and opinions. Housel emphasizes the importance of restraint on social media and only sharing worthwhile content.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
While many admire the success of Warren Buffett and Jim Simons, one should also take into account the costs they had to pay for their achievement.
1:03:44 - 1:10:12 (06:28)
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Success
Summary

While many admire the success of Warren Buffett and Jim Simons, one should also take into account the costs they had to pay for their achievement. The biography "The Snowball" unveils Buffett's imperfect life, revealing that success does not come without a price.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The mistakes made in investing often involve selling at the wrong time due to emotions such as fear.
1:10:12 - 1:20:33 (10:20)
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Investing
Summary

The mistakes made in investing often involve selling at the wrong time due to emotions such as fear. It is important to imagine hypothetical scenarios in advance in order to make rational investment decisions during times of market volatility.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Around 40% of the companies listed on the Russell 3000 Index, which contains large public stocks in the US, went bankrupt from 1980 to 2010, not including those bought or merged, highlighting the risk of investing in public companies.
1:20:33 - 1:31:18 (10:45)
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Bankruptcy
Summary

Around 40% of the companies listed on the Russell 3000 Index, which contains large public stocks in the US, went bankrupt from 1980 to 2010, not including those bought or merged, highlighting the risk of investing in public companies.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
This podcast discusses the historical evidence of earning extra returns through two times leverage, and the importance of understanding the real world and people's behavior when it comes to investing.
1:31:18 - 1:34:54 (03:36)
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Investing
Summary

This podcast discusses the historical evidence of earning extra returns through two times leverage, and the importance of understanding the real world and people's behavior when it comes to investing.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Many people view investing as a cold, spreadsheet endeavor rather than as a way to use capital to improve their quality of life.
1:34:54 - 1:38:13 (03:18)
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Investing
Summary

Many people view investing as a cold, spreadsheet endeavor rather than as a way to use capital to improve their quality of life. In order to think of investing as a tool for improving quality of life, individuals must shift their mindset towards viewing investments as a means of allocating capital rather than hoarding it.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The goal for those who want to accumulate wealth is to leave behind just the right amount of money for their children, enough to do anything but not so much that they will do nothing, as stated by the guest speaker in the podcast.
1:38:13 - 1:46:03 (07:49)
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Wealth management
Summary

The goal for those who want to accumulate wealth is to leave behind just the right amount of money for their children, enough to do anything but not so much that they will do nothing, as stated by the guest speaker in the podcast.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The Vanderbilt family, along with other wealthy families during the Gilded Age, aimed to constantly one up each other through their excessive spending on homes and staff.
1:46:03 - 1:48:23 (02:20)
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Vanderbilt Family
Summary

The Vanderbilt family, along with other wealthy families during the Gilded Age, aimed to constantly one up each other through their excessive spending on homes and staff. Anderson Cooper, the first Vanderbilt to not inherit wealth, went on to build his own successful career.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The discussion revolves around Book Recommendations about the Great Depression and the discussion also covers how the 1920s, the Roaring Twenties led to the stock market bubble and the ultimate calamity in 1929.
1:48:23 - 1:52:34 (04:10)
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Book Recommendations, Great Depression, 1920s, Roaring Twenties, Stock Market Bubble, Calamity, Personalities
Summary

The discussion revolves around Book Recommendations about the Great Depression and the discussion also covers how the 1920s, the Roaring Twenties led to the stock market bubble and the ultimate calamity in 1929. They emphasize on how people lived through the Great Depression and how it affected their personalities.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The biggest risks are usually the ones we don't envision, and only planning for risks that are imaginable would often result in missing the actual biggest risk that could hit us.
1:52:34 - 1:59:33 (06:59)
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Risk Management
Summary

The biggest risks are usually the ones we don't envision, and only planning for risks that are imaginable would often result in missing the actual biggest risk that could hit us.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The only way to achieve true financial independence is by detaching from societal expectations and goals, and instead focusing on personal happiness and fulfillment.
1:59:33 - 2:04:43 (05:10)
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Financial Independence
Summary

The only way to achieve true financial independence is by detaching from societal expectations and goals, and instead focusing on personal happiness and fulfillment.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The difference between investing and trading is discussed, with emphasis on the importance of setting aside play money for impulsive and unbridled passion for picking stocks, to avoid guilt and karma associated with going all in.
2:04:43 - 2:08:54 (04:10)
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investing
Summary

The difference between investing and trading is discussed, with emphasis on the importance of setting aside play money for impulsive and unbridled passion for picking stocks, to avoid guilt and karma associated with going all in.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
View the ups and downs of investing and career as a fee rather than a fine to make it more manageable.
2:08:54 - 2:14:43 (05:48)
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Coping
Summary

View the ups and downs of investing and career as a fee rather than a fine to make it more manageable. Coping with life's volatility can make it more palatable over time.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
In Dan Gardner's book, "The Science of Fear", he examines the differences between slow, thoughtful processing of future risks and the immediate, reactive response to fear.
2:14:43 - 2:19:13 (04:29)
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Behavioral Finance
Summary

In Dan Gardner's book, "The Science of Fear", he examines the differences between slow, thoughtful processing of future risks and the immediate, reactive response to fear. He addresses behavioral tendencies and how they impact decision-making in uncertain situations.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Taking breaks while writing can often lead to better results and breakthrough ideas, especially if you are feeling stuck or struggling with your writing.
2:19:13 - 2:24:11 (04:58)
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Writing
Summary

Taking breaks while writing can often lead to better results and breakthrough ideas, especially if you are feeling stuck or struggling with your writing. This is particularly important when writing for a deadline, as taking breaks can ultimately help improve the quality of the final piece.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
In this episode, the hosts discuss a variety of formats for telling a story, including an A to Z single piece and a chapter-based approach, and explore the benefits and drawbacks of each format through anecdotal examples.
2:24:11 - 2:30:21 (06:10)
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Storytelling
Summary

In this episode, the hosts discuss a variety of formats for telling a story, including an A to Z single piece and a chapter-based approach, and explore the benefits and drawbacks of each format through anecdotal examples.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Growing up as a competitive ski racer, the interviewee did not view high school as important, and instead participated in an independent study program designed for juvenile delinquents that was not academically rigorous.
2:30:21 - 2:34:48 (04:27)
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Ski Racing
Summary

Growing up as a competitive ski racer, the interviewee did not view high school as important, and instead participated in an independent study program designed for juvenile delinquents that was not academically rigorous.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The speaker reflects on their early attempts at writing and recognizes a small seed of talent in storytelling, even if the initial output was not very good.
2:34:48 - 2:38:24 (03:35)
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Writing
Summary

The speaker reflects on their early attempts at writing and recognizes a small seed of talent in storytelling, even if the initial output was not very good.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The predicted depletion of oil reserves has been disrupted by innovation, incentives, and financial feasibility, as technology has driven productivity and efficiency to make previously inaccessible oil reserves profitable.
2:38:24 - 2:43:48 (05:24)
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Innovation, Hydrocarbons
Summary

The predicted depletion of oil reserves has been disrupted by innovation, incentives, and financial feasibility, as technology has driven productivity and efficiency to make previously inaccessible oil reserves profitable.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Investors should be cautious of individuals who develop a brand for themselves that they are compensated for, whether financially or reputationally, as they may be unwilling to change their position.
2:43:48 - 2:49:02 (05:13)
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Investing
Summary

Investors should be cautious of individuals who develop a brand for themselves that they are compensated for, whether financially or reputationally, as they may be unwilling to change their position. The rise of certain tech stocks and impressive rates of growth have caused value investing to take a hit, leading to a shift towards more active investing strategies.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
GPT-3 technology may soon be able to generate synthetic, inconspicuous interviews using deep-fake audio, and drones will become more readily available and deadly with compressed technological development cycles.
2:49:02 - 2:55:33 (06:31)
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Futuristic technology
Summary

GPT-3 technology may soon be able to generate synthetic, inconspicuous interviews using deep-fake audio, and drones will become more readily available and deadly with compressed technological development cycles. The potential of synthetic interviews could be dangerous while drone technology remaining dangerous in the present.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The most important lesson we can learn from personal finance is that everyone is different, meaning what works for one person may not work for another, even if they have the same education and information.
2:55:33 - 3:00:20 (04:47)
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Personal Finance
Summary

The most important lesson we can learn from personal finance is that everyone is different, meaning what works for one person may not work for another, even if they have the same education and information. It's crucial to embrace this diversity and avoid debates about who is doing it right or wrong.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
The speaker suggests starting with a smaller couch and then adding to it, giving an example of an L-sectional couch that can turn into a straight couch with a separate ottoman.
3:00:20 - 3:05:11 (04:51)
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Furniture
Summary

The speaker suggests starting with a smaller couch and then adding to it, giving an example of an L-sectional couch that can turn into a straight couch with a separate ottoman. The speaker also mentions his website's newsletter that shares various gadgets and tech tricks.

Episode
#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
Podcast
The Tim Ferriss Show
Tonal is a smart home gym that uses patented digital weights and 17 sensors to provide real-time feedback on your form and technique.
3:05:11 - 3:07:10 (01:58)
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Smart Home Gym
Summary

Tonal is a smart home gym that uses patented digital weights and 17 sensors to provide real-time feedback on your form and technique.

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Podcast
The Tim Ferriss Show