Morgan Housel - Tim Ferris - ‘Every successful business is a loosely functioning disaster’


A great interview with Morgan Housel on the Tim Ferris Show – here.


Housel’s book the Psychology of Money was mentioned at a number of meetings during our recent trip to the Berkshire Hathaway AGM.


Some really good resources are listed below – I got stuck going down a rabbit hole on ‘The Rabbit Hole’ (this guy is hardcore)


Lachie.


Businesses: Friend Brent Beshore says … ‘every successful business is a loosely functioning disaster’


Leverage: Buffett quote ‘if you’re smart you don’t need it … if you’re dumb you shouldn’t use it’


Planning for risks: The biggest risk is always something that nobody sees coming – all the big events – no one saw them coming. Therefore you have to have a level of savings .. that doesn’t make sense … you need a level of conservatism that seems a bit too much


Kindle audible hack: you can listen to the audible through the kindle app – which allows you to ‘clip’ parts of the book you want to note and then log onto your Amazon account and copy those clips into a doc to then review – very fast way to read and take notes on a book


People you always read: ‘The mount Rushmore’


Those less known:

  • Nick Maggiulli – Writes Of Dollars and Data – very clear thinker

  • Josh Brown – as funny as he is smart - understands the human side of investing better than anyone

  • Dereck Thompson – Atlantic – one of the smartest

  • Jason Zweig – greatest financial journalist of modern times (don’t think this is an exaggeration)

  • Carl Richards – used to write for the NY Times – now independent – very good at simplifying the complex – writes on behavioral finance


Those well-known:

  • James Clear – Atomic Habits

  • Ryan Holliday – The daily stoic

  • Tim Ferris


Content: Is a meritocracy – people who have sold millions of books – have typically earnt it


Ideas: Every good idea has come when it hasn’t been forced – 90% of writing comes when not sitting at a desk


Writer’s block: The majority of the time you have writers' block it is because your ideas suck – good ideas are very easy to write


Great resources:

  • Abnormal Returns: Is the best financial news aggregator – visit this site every day

  • The Rabbit Hole: Blast.com – reads more than anyone – makes a detailed summary of every book he has read – does a better job of this than anyone Housel has come across