The Psychology Of Money - Morgan Housel | Chapter-1 |Trading Psychology

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Published Jan 6, 2024

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The Psychology of Money was written by Morgan Housel. It’s a series of psychological principles about money management. It explains that money is as much a mental game as it is a financial game. I learned that we should make a financial plan that aligns with our goal and psychology, not one that aligns with mere numbers.

Everything is there: luck, risk, asymmetry, the long tail, the Barbell Strategy, the Black Swan (rare high-impact event), the fact that the future shouldn’t be based on the past, the Russian Roulette example, narratives. Even the difference between variation and performances (noise and information) is there.

The author goes as far as taking examples from the Black Swan (“life is a Black Swan”) and quoting directly from Fooled by Randomness.

You will also recognize Warren Buffett’s awful get-rich-slow strategy, Ben Graham’s Intelligent Investor, Daniel Kahneman’s Thinking Fast and Slow, and Ben Hardy’s Personality Isn’t Permanent.

Said otherwise, the Psychology of Money teaches nothing new if you have read these.

As a reminder, the only way to get rich is to:

Provide a lot of value
Capture the value you provide
Spend less than you earn

No One’s Crazy
The decisions you make with your money are based on your experience. People that grew up during a bull market will positively look at the stock market, while people that grew up during a crisis will not.

Your experience and behavior with money are unique, and they are your own.

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