Morgan Housel's Sage Advice

By Matthew Gutierrez · January 28, 2024

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Today, we'll discuss Morgan Housel’s new interview with our very own Clay Finck, and more, in just 4 minutes to read.

— Matthew

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Morgan Housel: What Never Changes in Markets

“The behaviors that never change are history’s most powerful lessons because they preview what to expect in the future.” — Morgan Housel

What never changes is the root of Housel’s new book, Same as Ever, and the bestselling author of The Psychology of Money joined Clay Finck to discuss the behaviors that never change. Housel’s books have sold over 4.5 million copies and have been translated into over 50 languages. He writes a popular blog for the Collaborative Fund and serves on the board of directors at Markel.

Here are some highlights of their conversation, edited lightly for clarity and brevity. Tune into the full interview here .

Clay Finck: In writing your book about things that don’t change, what key overarching themes did you find?

Morgan Housel: I’ve always just been an amateur student of history, as many people are. So many things have changed, and you see those when studying history. But to me, what’s always been more fascinating is when you come across something, and it’s about an event that took place 50 or 500 years ago, and you realize, Oh, that’s exactly what people do today. It hasn’t changed at all.

You asked what some of the common denominators were. I think many of them fall under this umbrella of risk, greed, fear, uncertainty, and opportunity. And this goes way beyond investing.?

The first chapter in your book really hit home for me titled, Hanging by a thread. You really opened my eyes to just how fragile life is.

We live in this version of the world, but there are many other ways the world could have turned out. And think about just the very big, broad events. What would the modern world look like in the year 2024 if there was no...