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Blog postThomas McCrae was a young 19th Century doctor still unsure of his skills. One day he diagnosed a patient with a common, insignificant stomach ailment. McCrae’s medical school professor watched the diagnosis and interrupted with every student’s nightmare: In fact, the patient had a rare and serious disease. McCrae had never heard of it.
The diagnosis required immediate surgery. After opening the patient up, the professor realized that McCrae’s initial diagnosis was correct. The patient -
Blog postTwo weeks ago, I was scheduled to attend an annual meeting in Chicago. I caught an early morning flight into O’Hare and arrived at my hotel on Michigan Avenue shortly before noon. Knowing I had a few hours to kill before my first meeting, I decided to walk around the city to see how much it had (or had not) emerged from the Covid-19 lockdowns.
As I walked along the city’s Riverwalk, I shielded myself from the wind on a day that was unseasonably cold, even for the spring in The Windy C -
Blog postHaving your views confirmed is a powerful and addictive drug.
The worst financial decisions happen when people risk what they need in order to gain something they merely want.
Unsustainable things can last years or decades longer than people think.
Tell people what they want to hear and you can be wrong indefinitely without penalty.
Being loyal to people who deserve your loyalty is a wonderful thing.
The luckier you are the nicer you should be.
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Blog postReggie Vanderbilt was born into a family of bitter feuds, fragile egos, and impossible expectations. Everything went downhill from there.
When Reggie’s great-grandfather, Cornelius “Commodore” Vanderbilt died in 1877, the New York Daily Tribune wrote an editorial predicting the legacy of the world’s richest man:
The Vanderbilt case is an impressive lesson in the folly of attempting to “found a family” upon no better basis than the possession of money.
The ruling idea o -
Blog postPeople are very good at forecasting the future, except for the surprises, which tend to be all that matter.
Let me share a theory I have about risk and the right amount of savings required to offset it.
The biggest risk is always what no one sees coming. If you don’t see something coming you’re not prepared for it. And when you’re not prepared for it its damage is amplified when it hits you.
Look at the big news stories that move the needle – Covid, 9/11, Pearl Harbor, -
Blog postA lot of good ideas are ignored because they’re only occasionally useful. No one wants to bring them up because there are so many counterexamples of times they were wrong.
One I thought about recently after watching a few friends manage their careers is the value of staying put.
Don’t switch fields, don’t look for a new job, don’t move on.
There’s a decent chance your motivation for leaving is driven by two things: The grass-is-greener fallacy of wrongly assuming the a -
Blog postForecasting is hard because it’s easy to skip the question, “And then what?”
Saying, “higher gas prices will cause people to drive less,” seems logical.
But then what?
Well, people have to drive, so maybe they’ll look for more fuel-efficient vehicles. They’ll complain to politicians, who will offer tax breaks to buy those vehicles. Oil company CEOs are hauled before Congress; OPEC is asked to drill more. Energy entrepreneurs innovate. And the oil industry knows two spe -
Blog postMedia:
We don’t have interviews of Thomas Jefferson. There’s no interviews of Abraham Lincoln, George Washington. Why is that? Because the interview format, as we now know it, came about as a form of entertainment education in the 1950s on The Tonight Show, and then other spinoffs on daytime talk shows and so forth.
Risk:
I define risk as uncertainty about lifetime consumption broadly defined. People invest because they want to use their wealth in the future. Some migh -
Blog postOne hundred billion people have walked this planet.
Nearly eight billion of them are alive today.
Each has a story, few have a microphone.
Each has seen something different and thought something unique. Most know something you can’t fathom, and you have experienced stuff they wouldn’t believe.
But so many behaviors are universal across generations and geographies. Circumstances change, but people’s reactions don’t. Technologies evolve, but insecurities, blind s -
Blog postWe were so close.
Just when Covid-19 appeared to be fading, the largest military conflict since World War II broke out in Eastern Europe leading to devastating consequences for millions of people, spiking commodity prices, weaker equity markets, and geopolitical uncertainty.
Unsurprisingly, countless people have commented how “unbelievable” this series of events has been. But is it? It is really unbelievable? Or, is it actually completely believable? Better yet, is it somethin
Titles By Morgan Housel
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Cómo piensan los ricos: 18 claves imperecederas sobre riqueza y felicidad (No Ficción) (Spanish Edition)
Sep 1, 2021
$8.99
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La psicologia dei soldi: Lezioni senza tempo sulla ricchezza, l'avidità e la felicità (Italian Edition)
May 19, 2021
$18.99
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