Morgan Housel – The Psychology Of Money (2020)
Hoewel een groot deel van de inhoud van dit boek als algemeen bekend kan worden verondersteld (impliciet dan wel expliciet), is het de auteur gelukt om deze wijsheden invoelbaar te verwoorden. De geschetste voorbeelden zijn herkenbaar, waardoor het boek leuk is om te lezen. Inzichten vanuit de psychologie worden gebruikt om te duiden waarom bepaalde (financiële) beslissingen überhaupt worden gemaakt.
The hardest financial skill is getting the goalpost to stop moving.
Getting money requires taking risk, being optimistic, and putting yourself out there. Keeping money requires the opposite: humility, frugality and an acceptance that at least some of what you’ve made is attributable to luck, so past success can’t be relied upon to repeat indefinitely.
Anything that is huge, profitable, famous, or influential is the result of a tail event – an outlying one-in-a-thousand event. Most of our attention goes to the results of a tail, therefore it’s easy to underestimate how rare and powerful these events are.
The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays.
Doing something you love on a schedule you can’t control can feel the same as doing something you hate. It’s called ‘reactance’.
Do not aim to be coldly rational when making financial decisions. Aim to just be pretty reasonable. Reasonable is more realistic and you have a better chance of sticking with it for the long run, which is what matters most when managing money.
The ’end of history illusion’: The tendency for people to be keenly aware of how much they’ve changed in the past, but to underestimate how much their personalities, desires, and goals are likely to change in the future.
Growth is driven by compounding, which always takes time. Destruction is driven by single points of failure, which can happen in seconds, and loss of confidence, which can happen in an instant.