Morgan Housel

Five Lessons from History

"Stories are more powerful than statistics because they take less effort for your brain to contextualize complex issues."

Morgan Housel

Five Lessons from History

"Hard times make people do and think things they'd never imagine when things are calm."

Jason Zweig

"Being right is the enemy of staying right because it leads you to forget the way the world works."

Robert Greene

The Laws of Human Nature

"Whenever you feel unusually certain and excited about a plan or idea, you must step back and gauge whether it is a viral group effect operating on you. If you can detach yourself for a moment from your excitement, you might notice how your thinking is used to rationalize your emotions, to confirm the certainty you want to feel. Never relinquish your ability to doubt, reflect, and consider other options - your rationality as an individual is your only protection against the madness that can overcome a group."

Charlie Munger

"A great philosopher said 'A man never steps into the same river twice, the man is different, and so is the river when he goes in the second time.' That's the trouble with economics. It's not like physics. The same damn recipe done a different time gets a different result."

Charlie Munger

"This business is of controlling the costs and living simply. That was the secret. Warren and I had tiny little bits of money. We always underspent our incomes and we invested it. You live long enough, you end up rich; it's not very complicated."

Anthony Robbins

Awaken the Giant Within

"The quality of your life is a direct reflection of the quality of the questions you are asking yourself."

Albert Allen Bartlett

"The greatest shortcoming of the human race is our inability to understand the exponential function."

Carl Jung

"Until you make the unconscious conscious, it will direct your life and you will call it fate."

Robert Greene

The Laws of Human Nature

"We all know the effects of 'hyperintention': If we want and need desperately to sleep, we are less likely to fall asleep. If we absolutely must give the best talk possible at some conference, we become hyperanxious about the results, and the performance suffers. If we desperately need to find an intimate partner or make friends, we are more likely to push them away. If instead we relax and focus on other things, we are more likely to fall asleep or give a great talk or charm people. The most pleasurable things in life occur as a result of something not directly intended and expected. When we try to manufacture happy moments, they tend to disappoint us."

Ray Dalio

Ask Me Anything on Reddit on May 7, 2019

"I think the greatest tragedy of most individuals and most groups in dealing with most of their issues is that individuals are inappropriately attached to their own biased perspectives so that they don't properly stress-test their thinking through the art of thoughtful disagreement."

Robert Greene

The Laws of Human Nature

"Each human is radically unique. This uniqueness is inscribed in us in three ways - the one-of-a-kind configuration of our DNA, the particular way our brains are wired, and our experiences as we go through life, experiences that are unlike any other's."

Dr. Martin Luther King Jr.

"We have a responsibility to set out to discover what we are made for, to discover our life's work, to discover what we are called to do. And after we discover that, we should set out to do it with all the strength and all of the power that we can muster."

Dr. Martin Luther King Jr.

"The great problem facing modern man is that, that the means by which we live, have outdistanced the spiritual ends for which we live. So we find ourselves caught in a messed-up world. The problem is with man himself and man’s soul. We haven’t learned how to be just and honest and kind and true and loving. And that is the basis of our problem. The real problem is that through our scientific genius we’ve made of the world a neighborhood, but through our moral and spiritual genius we’ve failed to make of it a brotherhood."

Friedrich Nietzsche

"He who has a why to live can bear with almost any how."

Shane Parrish

"In the same way compounding interest increases our bank balance, better decisions produce exponentially better results the more of them we make. Hard decisions today, made well, prepare us to make decisions more easily in the future."

Mark Manson

The Subtle Art of Not Giving a Fuck

“A more interesting question, a question that most people never consider is, ‘What pain do you want in your life? What are you willing to struggle for?’ Because that seems to be a greater determinant of how our lives turn out.” 

Mark Manson

The Subtle Art of Not Giving A Fuck

“The backwards law [is] the idea that the more you pursue feeling better all the time, the less satisfied you become, as pursuing something only reinforces the fact that you lack it in the first place. The more you desperately want to be rich, the more poor and unworthy you feel, regardless of how much money you actually make. The more you desperately want to be sexy and desired, the uglier you come to see yourself, regardless of your actual physical appearance. The more you desperately want to be happy and loved, the lonelier and more afraid you become, regardless of those who surround you. The more you want to be spiritually enlightened, the more self-centered and shallow you become in trying to get there.” 

Jeff Bezos

2018 Amazon Shareholder Letter

"As a company grows, everything needs to scale, including the size of your failed experiments. If the size of your failures isn't growing, you're not going to be inventing at a size that can actually move the needle."

Marcus Aurelius

Meditations

“Our actions may be impeded... 
But there can be no impeding our intentions or our dispositions. Because we can accommodate and adapt. The mind adapts and converts to its own purposes the obstacle to our acting.

The impediment to action advances action.

What stands in the way becomes the way.”

Ray Dalio

Principles

"This is why many people who have endured setbacks that seems devastating at the time ended up happy as (or even happier than) they originally were after they successfully adapted to them. The quality of your life will depend on the choices you make at those painful moments. The faster one appropriately adapts, the better. No matter what you want out of life, your ability to adapt and move quickly and efficiently through the process of personal evolution will determine your success and your happiness. If you do it well, you can change your psychological reaction to it so that what was painful can become something you crave.” 

Ray Dalio

Principles

"We are all products of our genes and our environments and approach the world with biases.

I want you to work for yourself, to come up with independent opinions, to stress-test them, to be wary about being overconfident, and to reflect on the consequences of your decisions and constantly improve.

I learned that failure is by and large due to not accepting and successfully dealing with the realities of life, and that by achieving success is simply a matter of accepting and successfully dealing with all my realities."

Henrik Ibsen

"This longing to commit a madness stays with us throughout our lives. Who has not, when standing with someone by an abyss or high up on a tower, had a sudden impulse to push the other over? And how is it that we hurt those we love although we know that remorse will follow? Our whole being is nothing but a fight against the dark forces within ourselves. To live is to war with trolls in heart and soul. To write is to sit in judgment on oneself."

Arthur Schopenhauer

"This is why the same external events or circumstances affect no two people alike; even with perfectly similar surroundings every one lives in a world of his own... The world in which a man lives shapes itself chiefly by the way in which he looks at it, and so it proves different to different men; to one it is barren, dull, and superficial; to another rich, interesting, and full of meaning. On hearing of the interesting events which have happened in the course of a man's experience, many people will wish that similar things had happened in their lives too, completely forgetting that they should be envious rather of the mental aptitude which lent those events the significance they possess when he describes them. 

Robert Greene

The Laws of Human Nature

"If people improved their diet and their exercise habits, this would have a beneficial effect on all of the organs, because the body is an interconnected whole.

This seems obvious to us now, but such an organic way of thinking has great application to our psychological health as well. Now more than ever people focus on their specific problems - their depression, their lack of motivation, their social inadequacies, their boredom. But what governs all of these seemingly separate problems is our attitude, how we view the world on a daily basis. It is how we see and interpret events. Improve the overall attitude and everything else will elevate as well - creative powers, the ability to handle stress, confidence levels, relationships with people.

Yuval Noah Harari

Sapiens - A Brief History of Humankind

"Biology enables, culture forbids."

James Grant

Graham & Dodd Columbia Newsletter

"Graham & Dodd Columbia Newsletter: What advice do you have for students or investors in the early stages of their career?

 

James Grant: See the older gent walking down the street, the one not checking a mobile device? He has money, security, position. In short, he possesses everything you don’t have and desperately want. But do you know something? The elderly gent would give his money, security and position for your bounding energy, full head of hair and limitless prospects. You should enjoy them!"

Steve Jobs

2005 Stanford Commencement Speech

“Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while.”

Ludwig von Mises

"There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

James Grant

Intro to Benjamin Graham's Security Analysis 6th Edition

“[Benjamin Graham's investment partnership] came through the crash creditably: down by only 20% was, for the final quarter of 1929, almost heroic. But they gave up 50% in 1930, 16% in 1931, and 3% in 1932 (another relatively excellent showing), for a cumulative loss of 70%. 'I blamed myself not so much for my failure to protect myself against the disaster I had been predicting,' Graham writes, 'as for having slipped into an extravagant way of life which I hadn’t the temperament or capacity to enjoy. I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions'— the margin-of-safety idea applied to personal finance.” 

Peter Bevelin

Seeking Wisdom From Darwin to Munger

"Human evolution started about 4 to 7 million years ago and today's 'modern' human brain appeared on the scene some 150,000 to 200,000 years ago. For most of that time our ancestors lived in primitive hunter-gatherer societies. These societies existed until the end of the last Ice Age, around 13,000 years ago. Soon thereafter, some 10,000 years ago, agriculture was developed. This means that humans have spent more than 99% of their evolutionary history in the hunter gatherer environment. If we compress 4 million years into 24 hours, and if the history of humans began at midnight, agriculture made its appearance on the scene 23 hours and 55 minutes later."

Tim Ferriss

"For all of the most important things, the timing always sucks. Waiting for a good time to quit your job? The stars will never align and the traffic lights of life will never all be green at the same time. The universe doesn't conspire against you, but it doesn't go out of its way to line up the pins either. Conditions are never perfect. 'Someday' is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it's important to you and you want to do it 'eventually,' just do it and correct course along the way."

Robert Greene

The Laws of Human Nature

"So often we think that power has changed people, when in fact it simply reveals more of who they are."

Cheryl Strayed

Tiny Beautiful Things: Advice on Love and Life from Dear Sugar

"Anonymous: 'You give a lot of advice about what to do.  Do you have any advice about what not to do?' 

 

Cheryl Strayed: 'Don’t do what you know on a gut level to be the wrong thing to do.  Don’t stay when you know you should go or go when you know you should stay.  Don’t fight when you should hold steady or hold steady when you should fight.  Don’t focus on the short term fun instead of the long term fallout.  Don’t surrender all your joy for an idea you used to have about yourself that isn’t true anymore.  Don’t seek joy at all costs.  I know it’s hard to know what to do when you have a conflicting set of emotions and desires, but it’s not as hard as we pretend it is.  Saying it’s hard is ultimately a justification to do whatever seems like the easiest thing to do – have the affair, stay at that horrible job, end a friendship over a slight, keep loving someone who treats you terribly.  I don’t think there’s a single dumbass thing I’ve done in my adult life that I didn’t know was a dumbass thing to do while I was doing it.  Even when I justified it to myself – as I did every damn time - the truest part of me knew I was doing the wrong thing. Always as the years pass, I’m learning now to better trust my gut and not do the wrong thing, but every so often I get a harsh reminder that I’ve still got work to do.'"