#707 - Morgan Housel - 9 Timeless Lessons About Human Psychology

Tim Ferriss

The Tim's post on 13 reasons not to get famous. We'll make your jaw drop.

Michael Lewis

I just finished Going Infinite, the book about FTX.

Morgan Housel

Your ability to weave a story into a lesson is ungodly and everybody needs to go and buy Same As Ever right now.

Guest: Morgan Housel

Episode summary

Morgan Housel is a partner at The Collaborative Fund, an investor and an author. The world continues to change, but the hairless apes that inhabit it stay the same. So there must be some laws of human psychology which remain true, no matter what time and place you're in, and today we get to go through some of the most fascinating ones. Expect to learn the problem with the way most people make predictions, who exactly are the reasonable optimists, whether anyone was able to predict the great depression, just how different median income for families differs from the 1950s to today, why trajectory is much more important than position, why stories are more powerful than statistics and much more...

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Tim Ferriss

The host mentions '13 Reasons Not to Get Famous' as a significant piece that highlights the negative aspects of fame.…

Michael Lewis

The host mentions 'Going Infinite' to highlight Michael Lewis's exceptional storytelling ability, particularly in the…

Morgan Housel

The host praises the book 'Same As Ever' for its insightful storytelling and valuable lessons. They emphasize its rel…

Why Buddhism is True

Robert Wright

The host discusses the concept of unsatisfactoriness as presented in Robert Wright's book, 'Why Buddhism is True', to…

The Revolutionary War

David McCullough

The host mentions 'The Revolutionary War' by David McCullough to illustrate how small, seemingly insignificant events…

Happiness

Gad Saad

The host discusses the importance of managing expectations in relation to happiness and risk. They reference Gad Saad…

Psychology of Money

Morgan Housel

The host discusses the unpredictability of risk and how even the most meticulously planned missions can overlook crit…

The Intelligent Investor

Benjamin Graham

The host mentions 'The Intelligent Investor' to highlight that while it contains timeless wisdom, much of its advice…

fragility of history(2)relationship with risk(2)traits of successful individuals(2)book recommendation(1)downsides of fame(1)expectations and happiness(1)fame and success(1)Hemingway's personal life(1)

Book mentions13

Media mentions3

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The conversation centers on fragility of history.
A second recurring theme is relationship with risk.
Referenced books include 13 Reasons Not to Get Famous by Tim Ferriss and Going Infinite by Michael Lewis.
The strongest audience signal points to Individuals interested in fame and its consequences and Readers interested in business storytelling and narrative techniques..

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13 Reasons Not to Get Famous by Tim Ferriss, Going Infinite by Michael Lewis, and Same As Ever by Morgan Housel are the clearest linked books in this episode, each tied back to transcript timestamps and quote cards.

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Top triggers

Mention sentiment

Deep Dive(6)Critical Analysis(4)Highly Recommended(3)

Audience signals

Individuals interested in fame and its consequencesReaders interested in business storytelling and narrative techniques.Readers interested in finance, economics, and life principlesIndividuals interested in philosophy and psychologyHistory enthusiasts and those interested in the unpredictability of historical events.Individuals interested in personal finance and psychology

Books Mentioned

The full list below is ranked by how useful each mention is to a listener: stronger recommendation language, clearer quote context, and better timestamp support rise first.

Tim Ferriss

Best for Individuals interested in fame and its consequencesOften cited around downsides of fame

“The mention of '13 reasons not to get famous' refers to a blog post that discusses the downsides of fame, highlighting its negative impact on individuals.”

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Sentiment: Highly Recommended

Trigger: downsides of fame

For: Individuals interested in fame and its consequences

Key quote: “The Tim's post on 13 reasons not to get famous. We'll make your jaw drop.”

The host mentions '13 Reasons Not to Get Famous' as a significant piece that highlights the negative aspects of fame. They emphasize that the insights from the book resonate with many, suggesting that fame comes with substantial downsides that are often overlooked.

Direct Amazon listing · affiliate link

Michael Lewis

Best for Readers interested in business storytelling and narrative techniques.Often cited around storytelling in business

“I just finished Going Infinite, the book about FTX. Even if there are parts where I thought he was being unfair, his storytelling is so good that I will read it all day long.”

View mention details

Sentiment: Highly Recommended

Trigger: storytelling in business

For: Readers interested in business storytelling and narrative techniques.

Key quote: “I just finished Going Infinite, the book about FTX.”

The host mentions 'Going Infinite' to highlight Michael Lewis's exceptional storytelling ability, particularly in the context of complex business narratives like FTX. Despite some criticisms of his perspective, the host emphasizes that Lewis's writing captivates readers through its poetic structure and engaging delivery.

Direct Amazon listing · affiliate link

Morgan Housel

Best for Readers interested in finance, economics, and life principlesOften cited around book recommendation

“The speaker praises the book 'Same As Ever' for its ability to weave a story into a lesson, suggesting it explains the underlying principles and rules of life that don't change.”

View mention details

Sentiment: Highly Recommended

Trigger: book recommendation

For: Readers interested in finance, economics, and life principles

Key quote: “Your ability to weave a story into a lesson is ungodly and everybody needs to go and buy Same As Ever right now.”

The host praises the book 'Same As Ever' for its insightful storytelling and valuable lessons. They emphasize its relevance in understanding the unchanging principles of life amidst the unpredictability of various fields.

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Why Buddhism is True

Robert Wright

Best for Individuals interested in philosophy and psychologyOften cited around expectations and happiness

“The excerpt discusses a mistranslation of the Buddha's teachings as presented in Robert Wright's book, explaining the concept of 'dukkha' as unsatisfactoriness rather than suffering.”

View mention details

Sentiment: Deep Dive

Trigger: expectations and happiness

For: Individuals interested in philosophy and psychology

Key quote: “But scholars contest that the translation is actually wrong.”

The host discusses the concept of unsatisfactoriness as presented in Robert Wright's book, 'Why Buddhism is True', to illustrate how societal expectations can lead to personal dissatisfaction. This perspective helps to explain the paradox of increased wealth and innovation not necessarily leading to greater happiness.

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The Revolutionary War

David McCullough

Best for History enthusiasts and those interested in the unpredictability of historical events.Often cited around fragility of history

“The speaker recounts a historical anecdote from David McCullough regarding a pivotal moment in the Revolutionary War that could have changed the course of American history.”

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Sentiment: Deep Dive

Trigger: fragility of history

For: History enthusiasts and those interested in the unpredictability of historical events.

Key quote: “If the winds were blowing in the other direction that night, would there be a United States of America? And he said, no, it never would have happened.”

The host mentions 'The Revolutionary War' by David McCullough to illustrate how small, seemingly insignificant events can drastically alter the course of history. By recounting a pivotal moment in the Revolutionary War, the host emphasizes the unpredictability of historical outcomes and the importance of humility in understanding the future.

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Happiness

Gad Saad

Best for Individuals interested in personal finance and psychologyOften cited around relationship with risk

“The mention of Gad Saad's new book on happiness discusses the relationship between sex and happiness, emphasizing the importance of relative satisfaction.”

View mention details

Sentiment: Deep Dive

Trigger: relationship with risk

For: Individuals interested in personal finance and psychology

Key quote: “The first rule of happiness is low expectations.”

The host discusses the importance of managing expectations in relation to happiness and risk. They reference Gad Saad's book 'Happiness' to illustrate how low expectations can lead to greater joy in life.

Direct Amazon listing · affiliate link

Psychology of Money

Morgan Housel

Best for Individuals interested in finance and risk managementOften cited around relationship with risk

“Morgan Housel's first book, Psychology of Money, was a beast. And this next one is going to be out in January.”

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Sentiment: Deep Dive

Trigger: relationship with risk

For: Individuals interested in finance and risk management

Key quote: “If you are only planning for and saving for, the risks that you can envision, by definition, you're going to miss the surprise every single time.”

The host discusses the unpredictability of risk and how even the most meticulously planned missions can overlook critical factors. He references 'Psychology of Money' to illustrate the importance of understanding risk in financial planning.

Direct Amazon listing · affiliate link

The Intelligent Investor

Benjamin Graham

Best for investors and financial enthusiastsOften cited around investing strategies and history

“One of the most famous investing books is The Intelligent Investor by Benjamin Graham. It was first written in the 1930s and contains timeless wisdom, but also specific advice relevant to that time period.”

View mention details

Sentiment: Critical Analysis

Trigger: investing strategies and history

For: investors and financial enthusiasts

Key quote: “there's also a lot in those books that is like hyper-specific to the economy in the 1930s and the 1940s.”

The host mentions 'The Intelligent Investor' to highlight that while it contains timeless wisdom, much of its advice is specific to the economic context of the 1930s and 1940s. They caution against applying its principles universally in today's market, suggesting that such strategies may not yield success now.

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psychology money

Best for Writers and individuals interested in the psychology of fameOften cited around fame and success

“The speaker reflects on an observation made while working as a valet, discussing how people's perceptions of wealth and status can influence expectations and happiness.”

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Sentiment: Deep Dive

Trigger: fame and success

For: Writers and individuals interested in the psychology of fame

Key quote: “Like when I'm 66, how am I going to feel knowing that I peaked at age 36 when psychology money came out?”

The host discusses the pressures of fame and the expectations that come with success, referencing the book 'Psychology of Money' to illustrate the mental challenges associated with achieving high levels of recognition. This connection highlights the emotional toll that can accompany financial and personal success in the public eye.

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The Great Depression

Best for Individuals interested in history and economicsOften cited around fragility of history

“The speaker discusses the Great Depression in the context of predicting economic events, emphasizing that no one accurately predicted it.”

View mention details

Sentiment: Deep Dive

Trigger: fragility of history

For: Individuals interested in history and economics

Key quote: “How many people were able to predict the depression? Zero.”

The host discusses the unpredictability of historical events and how the Great Depression exemplifies this fragility. They emphasize that despite being well-informed, no one could foresee the chain of events that led to such a significant economic downturn.

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Finnegan's Wake

James Joyce

Best for Readers interested in the complexities of success and the personal lives of famous figures.Often cited around traits of successful individuals

“James Joyce, guy that wrote Finnegan's Wake and Ulysses, masterful author, but also posthumously a bunch of fart fetish love letters that he wrote to his wife, got released.”

View mention details

Sentiment: Critical Analysis

Trigger: traits of successful individuals

For: Readers interested in the complexities of success and the personal lives of famous figures.

Key quote: “James Joyce, guy that wrote Finnegan's Wake and Ulysses, masterful author, but also posthumously a bunch of fart fetish love letters that he wrote to his wife, got released.”

The host mentions 'Finnegan's Wake' to illustrate the complex nature of highly successful individuals, highlighting that their achievements often come with significant personal flaws. This serves as a cautionary note about idolizing public figures without acknowledging their full humanity.

Direct Amazon listing · affiliate link

Ulysses

James Joyce

Best for Readers interested in the complexities of genius and the personal sacrifices behind success.Often cited around traits of successful individuals

“James Joyce, guy that wrote Finnegan's Wake and Ulysses, masterful author, but also posthumously a bunch of fart fetish love letters that he wrote to his wife, got released.”

View mention details

Sentiment: Critical Analysis

Trigger: traits of successful individuals

For: Readers interested in the complexities of genius and the personal sacrifices behind success.

Key quote: “James Joyce, guy that wrote Finnegan's Wake and Ulysses, masterful author, but also posthumously a bunch of fart fetish love letters that he wrote to his wife, got released.”

The host mentions 'Ulysses' to illustrate the complex nature of highly successful individuals, highlighting that their achievements often come with significant personal flaws. By referencing James Joyce, the host emphasizes that even great writers have troubling aspects to their lives that are not often celebrated.

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The Ken Burns documentary on Ernest Hemingway

Best for Readers interested in the complexities of literary figures and the realities behind their successes.Often cited around Hemingway's personal life

“I just finished. The Ken Burns documentary on Ernest Hemingway. And here's another, he was the author of the century.”

View mention details

Sentiment: Critical Analysis

Trigger: Hemingway's personal life

For: Readers interested in the complexities of literary figures and the realities behind their successes.

Key quote: “I don't think that's an exaggeration. And his personal life was the most despicable, miserable, immoral, drunken life that you can imagine.”

The host mentions 'The Ken Burns documentary on Ernest Hemingway' to illustrate the stark contrast between Hemingway's literary genius and his troubled personal life. This serves as a cautionary tale about idolizing public figures without acknowledging their flaws and struggles.

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13 Reasons Not to Get Famous

Modern Wisdom · 1:33:44

The Tim's post on 13 reasons not to get famous. We'll make your jaw drop.

Going Infinite

Modern Wisdom · 1:06:46

I just finished Going Infinite, the book about FTX.

Same As Ever

Modern Wisdom · 0:12

Your ability to weave a story into a lesson is ungodly and everybody needs to go and buy Same As Ever right now.

One useful email a week. Unsubscribe anytime.

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Buy links stay tied to the same book cards and timestamps shown above.

Mentioned at 1:33:44

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Tim Ferriss

The host mentions '13 Reasons Not to Get Famous' as a significant piece that highlights the negative aspects of fame. They emphasize that the insig…

Direct Amazon listing · affiliate link

Mentioned at 1:06:46

Check price Jump to mention

Michael Lewis

The host mentions 'Going Infinite' to highlight Michael Lewis's exceptional storytelling ability, particularly in the context of complex business n…

Direct Amazon listing · affiliate link

Mentioned at 0:12

Check price Jump to mention

Morgan Housel

The host praises the book 'Same As Ever' for its insightful storytelling and valuable lessons. They emphasize its relevance in understanding the un…

Direct Amazon listing · affiliate link

Movies & Documentaries Mentioned

Documentary

Ken Burns' Civil War

Confidence: 100%

“Ken Burns' Civil War documentary came out in 1990, and more Americans watched it that year than watched the Super Bowl. The storytelling is so captivating that it moves mountains.”

Documentary

The Ken Burns documentary on Ernest Hemingway

Confidence: 90%

“The documentary explores the life of Ernest Hemingway, highlighting the contrast between his literary success and his troubled personal life, including alcoholism and depression.”

Documentary

Lewis Capaldi

Confidence: 90%

“A documentary about Scottish singer Lewis Capaldi, focusing on the pressures of fame and the challenges he faces while writing his second album after the success of his first.”