The Morgan Housel Podcast

A look at the big story dominating this year: tails drive everything, and everything from businesses to careers either work extraordinarily well, or not at all. With thanks to my friends at Nitrogen: check out nitrogenwealth.com.

A look at why so many Americans think the best was better than it was: People in the past may have been poorer than we are now, but they probably did a better job keeping their expectations in check. Thanks to my friends at nitrogenwealth.com.

The world evolves faster than people's beliefs do. This episode looks at the need to change your mind, and why it's so difficult to do so. Thanks to my friends at 10 East -- check out 10east.co.

A few laws from random sciences that almost certainly apply to your own -- regardless of what you do for a living. Thanks to my friends at Nitrogen -- check out nitrogenwealth.com

If you're a student of history, you know that most things have gotten better for most people over time. But read the news and what do you hear? Pessimism, pessimism, pessimism. There are several reasons why. Special thanks to my friends at Readwise -- check out Readwise.IO/morgan.

A few easy-to-overlook skills that are so vital in today's world. Brought to you my friends at Readwise -- visit Readwise.io/morgan.

This episode digs into one of my favorite books of all time: The Big Change by Frederick Lewis Allen. Written in 1952, it's a remarkable look at how quickly the world can change, with so many profound insights that I find relevant today. Special thanks to my friends at Readwise.io/morgan for making this happen.

There's a Russian saying that I love: "The past is more unpredictable than the future." It explains so much about nostalgia, and the twisted ways we all view the economic past.This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.

A lot of mistakes in life come when you think risk is something caused by external forces, when in fact the weight of your own success is enough to pull you down without any outside help.This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.

The ultimate success metric is whether you get what you want out of life. But that’s harder than it sounds because it’s easy to try to copy someone who wants something you don’t.This episode is brought to you by my friends at 10 East – an investment platform for sophisticated investors to access private markets. To learn more visit 10east.co.

Some of the most interesting stuff I've come across lately.

In some fields our knowledge is seamlessly passed down across generations. In others, it’s fleeting. To paraphrase investor Jim Grant: Knowledge in some fields is cumulative. In other fields it’s cyclical (at best).

Jeff Bezos once said there are different kinds of smart. Distinguishing the various flavors is important because if you think smarts comes in just one form, you’ll miss dozens of other nuanced varieties.BS is the same. It comes in countless forms, some harder to spot than others. False modesty, projecting, double standards, hypocrisy, tugging at heartstrings – these aren’t lies; they’re subtle forms of BS which is why they’re so prevalent.

A few important money and life topics to make you ponder.

"Nature is not in a hurry, yet everything is accomplished,” said Chinese philosopher Lao Tzu.Giant sequoias, advanced organisms, towering mountains – it builds the most jaw-dropping features of the universe. And it does so silently, where growth is almost never visible right now but staggering over long periods of time.It’s quiet compounding, and it’s a wonder to see.I like the idea of quietly compounding your money. Just like in nature, it’s where you’ll find the most impressive results.

My deepest forecasting belief is that you can better understand the future if you focus on the behaviors that never change instead of the events that might.And those behaviors have a common denominator: They follow the path of least resistance of people trying to simplify a complex world into a few stories that make sense and make them feel good about themselves.Simple stories, feel-good stories. Those are some of history’s most seductive beliefs, and they always will be.Here are a few that stick out.

The most productive work you can do often looks like the laziest -- but it can be hard to accept that because of how the workplace has changed over the last 100 years.

Every great idea can be taken too far. Take the notion that investors should ignore the short run.It's important to recognize that the long run is just a collection of short runs, and capturing long-term growth means managing the short run effectively enough to ensure you can stick around for a long time.

I wrote letters to both of my kids the day before they were born. Here's what I wanted them to know about money. And even if you don't have, or want, kids, I think you'll find this helpful.

Hacks are hard because shortcuts rarely exist. Prizes take time and effort.The personal finance industry – filled with advice that sounds and feels good without moving the needle – needs to recognize this.These aren’t fun hacks, but no one said this was easy.