Impressed with the discussion about unconscious bias. I am so guilty of overstudying companies I just want to stick with, and sinking more and more intellectual and actual capital into my decision, making it harder to withdraw when things go sideways. The Market Doesn't Care, and I shouldn't be so personally invested in a decision that it makes me irrational. This is the stuff that won behavioural psychologist Daniel Kahneman a Nobel Prize in economics. I need to re-read Thinking Fast And Slow!
Agree. But on the other hand, there are also certain spaces, or companies that are under the radar, where if you actually do that research that the market isn't doing, you can get in early on great or promising companies. Seems to be a bit of a balancing act.
Such a great discussion. I think the most important part of this discussion was to pick a style of investing that you are comfortable and interested in. I don’t think I’ll ever invest in rental property just because I have zero interest in it despite that it’s possible to get great returns.
Greatest thing about the market and great content like this, is that a year later, 50 years from now, this is still a very relevant discussion! Thank you guys!
As always, great video. I was hoping someone could point me to the source material for the Vanguard study/paper. The closest thing I found was the July 2013 paper "The bumpy road to outperformance" but the paper does not include the graphic that was displayed onscreen showing that 72% of the 14% of funds that survived and outperformed over the 15-year period ended December 31, 2016 had underperformed for 3 consecutive years. This is a great statistic/study to share with clients/investors who still hold onto the misguided belief that they can successfully identify a successful active manager in advance, or stick with them through the tough times. The data would indicate otherwise.
1:52 Maybe Robert De Niro had to watch "The Godfather" so many times because he wasn't in the first won. But at least the effort got him the Best Supporting Actor win for the sequel.
Love this discussion with Housel. I agree that a lot of investment quandries only have personal solutions, that's a great insight. As for the Dalbar studies, I really have no faith in their conclusions. The behavior gap exists, but sizing it is another story.
I had a bankroll and told myself I needed to make $X or Y% as a daily average return to "make a living." Then I drove myself into a mental breakdown attempting to produce those returns, either through programming algorithms or trading by hand. Had I simple purchased an index fund on day 1, I'd have realized a 400% return by the time I was in tears over all the years I had thrown at it, trying to be clever.
Investing is like women, putting more effort into your relationship doesn’t correlate to better results. Back off and stop trying and you will do better.
I'm classic passive that also is too conservative in my investments.. my wife is the same way.. I'm 9 years out, and she is 15 years out from retiring.
It might sound bizarre, but I actually have generated over $680,000 in net profits over a 4 month trading period from a capital of $215,000, all from the financial markets. Of course making money in the stock market is an uphill task, but there are a lot of ways to work your around that.
@@ritagaby4266 Well I hired an accredited and regulated portfolio manger, her name is ‘Karen Alice Hartz’ , you can look her up, she is quite known for her work. She aided me achieve that but i'm taking the credit : ) You can look her up and leave her a message, hopefully she replies because she is a really busy Individual.
Impressed with the discussion about unconscious bias. I am so guilty of overstudying companies I just want to stick with, and sinking more and more intellectual and actual capital into my decision, making it harder to withdraw when things go sideways. The Market Doesn't Care, and I shouldn't be so personally invested in a decision that it makes me irrational.
This is the stuff that won behavioural psychologist Daniel Kahneman a Nobel Prize in economics. I need to re-read Thinking Fast And Slow!
Agree. But on the other hand, there are also certain spaces, or companies that are under the radar, where if you actually do that research that the market isn't doing, you can get in early on great or promising companies. Seems to be a bit of a balancing act.
Such a great discussion. I think the most important part of this discussion was to pick a style of investing that you are comfortable and interested in. I don’t think I’ll ever invest in rental property just because I have zero interest in it despite that it’s possible to get great returns.
Congratulations. This is the best finance podcast out there. Thanks for the content
Thanks, glad you enjoy it!
I think this guy is the best you guys have interviewed so far.
A combination of Morgan, Chamath and Saurabh Mukherjea make for the perfect investor.
Greatest thing about the market and great content like this, is that a year later, 50 years from now, this is still a very relevant discussion! Thank you guys!
Great discussion. Some great reminders here (or new stuff newbies should know about.)
LOVE these open and honest discussions!
This is JUST what I needed. Great chat. Thanks!
Great content and discussion.
Red Panda Nation learning and listening....you guys breakdown complex investing theories with simple analogies...thank you
What an energetic coversation!
Wow this was an awesome conversation.
Barry is my favorite market guy bar-none.
Big thumbs up and thank you for all the great videos you guys do!
Awesome content gentleman- keep it up.
Very insightful discussion..thanks guyz :)
very interesting.
My mistake was not watching the Clip sooner..... HolyShitballs the knowledge is awesome !!
What a jinx on Renaissance Technologies by the way!
Really good discussion.
Quality content.
As always, great video.
I was hoping someone could point me to the source material for the Vanguard study/paper. The closest thing I found was the July 2013 paper "The bumpy road to outperformance" but the paper does not include the graphic that was displayed onscreen showing that 72% of the 14% of funds that survived and outperformed over the 15-year period ended December 31, 2016 had underperformed for 3 consecutive years. This is a great statistic/study to share with clients/investors who still hold onto the misguided belief that they can successfully identify a successful active manager in advance, or stick with them through the tough times. The data would indicate otherwise.
I would love the source of Vanguard study as well
dude is very intelligent
1:52 Maybe Robert De Niro had to watch "The Godfather" so many times because he wasn't in the first won. But at least the effort got him the Best Supporting Actor win for the sequel.
i could watch this for 8 hours
that 20% cash is probably pretty nice right about now. I was the same.
Wish I had seen this a few years ago.
Don't try hard, buy stock , stock goes up, use spider sense to exit before crash. Got it.
Checked my settings to see if it was playing at 1.25x speed lol
I love GOOOOOOOOOOOOOLD
Love this discussion with Housel. I agree that a lot of investment quandries only have personal solutions, that's a great insight. As for the Dalbar studies, I really have no faith in their conclusions. The behavior gap exists, but sizing it is another story.
Warren Buffet earns through dividends, price appreciation is a thing of past for him.
I had a bankroll and told myself I needed to make $X or Y% as a daily average return to "make a living."
Then I drove myself into a mental breakdown attempting to produce those returns, either through programming algorithms or trading by hand.
Had I simple purchased an index fund on day 1, I'd have realized a 400% return by the time I was in tears over all the years I had thrown at it, trying to be clever.
IMMEDIATE upvote for morgan housel
Watching Barry squint makes me think you need a light diffuser for that light. :P
I don’t think Ackman spent 25million researching Herbalife in an investor sense but rather 50 million in the Herbalife battle or so he says.
How come Goldman never gets any slack for its stock performance since 2007?
20% cash was too high for Barry… lol I wonder how he did in March?
man you guys are not letting him finish jezzzzs
Indexing..one of the next bubbles
👍👍👍!!!
Investing is like women, putting more effort into your relationship doesn’t correlate to better results. Back off and stop trying and you will do better.
"The market does not give a shit about you."-Morgan Housel 2019
The market will soon make a huge crash, and then it will go up again quickly - that's a recency bias, acquired during the last big crash.
Buying Ethereum in 2016 is pretty low effort tbf
Bet too much on one stock to hit big.....
I'm classic passive that also is too conservative in my investments.. my wife is the same way.. I'm 9 years out, and she is 15 years out from retiring.
It might sound bizarre, but I actually have generated over $680,000 in net profits over a 4 month trading period from a capital of $215,000, all from the financial markets. Of course making money in the stock market is an uphill task, but there are a lot of ways to work your around that.
Oh wow, those are really huge gains, what kind of securities did you buy?, what methods did you use?
@@ritagaby4266 Well I hired an accredited and regulated portfolio manger, her name is ‘Karen Alice Hartz’ , you can look her up, she is quite known for her work. She aided me achieve that but i'm taking the credit : ) You can look her up and leave her a message, hopefully she replies because she is a really busy Individual.
@@grahamstephan1229 What are her fees like? Does she manage or tutor?
@@laizanicole5335 I just looked her up on google and I’m really impressed with what I’m seeing, I left her a message . Im so excited about this!
@@ritagaby4266 I hope you arent being serious about this cuz this is obviously nonsense.
Yo TALK SLOWER