Finished Psychology of Money by @morganhousel

Just phenomenal. Here’s some favorite highlights

It’s a soft skill, where how you behave is more important than what you know.

To grasp why people bury themselves in debt you don’t need to study interest rates; you need to study the history of greed, insecurity, and optimism.

To get why investors sell out at the bottom of a bear market you don’t need to study the math of expected future returns; you need to think about the agony of looking at your family and wondering if your investments are imperiling their future.

I love Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money.

Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.

The challenge for us is that no amount of studying or open-mindedness can genuinely recreate the power of fear and uncertainty.