9 Timeless Lessons About Human Psychology - Morgan Housel - #707

**Chris Williamson** (0:00)
Hello friends, welcome back to the show. My guest today is Morgan Housel. He's a partner at The Collaborative Fund, an investor and an author. The world continues to change, but the hairless apes that inhabit it stay the same. So there must be some laws of human psychology which remain true no matter what time and place you're in. And today we get to go through some of the most fascinating ones. Expect to learn the problem with the way most people make predictions, who exactly are the responsible optimists, whether anyone was able to predict the Great Depression, just how different median income for families differs from the 1950s to today, why trajectory is more important than your position, why stories are more powerful than statistics and much more. Morgan is an absolute beast. This is his fourth time on the show, maybe his fifth, but his first time in three years. And I adore this man. I love his writing. I've always loved his writing. And there is so much cool stuff that we go through today. And his new book has 23 lessons in it, I think, and we go through nine today, but he's coming out to see me in Austin in January. So you'll get another 14, you'll get another 14 in 2024 But yeah, there's so much cool stuff to take away from today. Just sit back and enjoy this one. Recently, I went and got a gut microbiome analysis. And one of the products that they suggested I start using was a colostrum product. The brand they recommended was Armra. So I actually decided to partner with them. I've started drinking it with a cold glass of water on a daily basis and it improves my gut health. That's really important for me. I'm kind of focusing on gut health at the moment. And Armra's colostrum product is literally what my doctor suggested that I should get. Unlike most colostrums, Armra leverages their proprietary process that guarantees the highest potency and bioavailability of any colostrum available on the market. They've got thousands upon thousands of five-star reviews, offer a 30-day return policy, and you can get 15% off your first order by going to tryarmra.com/modernwisdom and using the code MODERNWISDOM at checkout. That's tryarmra.com/modernwisdom and modern wisdom at checkout. Nomatic is offering an exclusive 20% discount on your first purchase when you go to nomatic.com/modernwisdom and use the code MODERNWISDOM at checkout. And for a limited time, you can get free expedited shipping on orders over 150 bucks in the US., but they also ship to the UK. That's nomatic.com/modernwisdom and modern wisdom at checkout. This episode is brought to you by 8 Sleep. I am currently dying in Austin because it's too hot all the time. And I'm being kept alive by my 8 Sleep pod cover. It actively cools and heats each different side of the bed. So if you sleep hot or if you sleep cold, this fixes the problem. It is an absolute game changer. If you find yourself waking up in the middle of the night or feeling extra groggy in the morning, temperature is almost always to blame. Also, it tracks your sleep, tells you how long you've been asleep, it gives you advice about how to get to sleep better. It'll even adjust the temperature of your bed as your sleep stages change throughout the night. On top of all of that, there is a 90 day money back guarantee. So you can buy it and sleep on it for 89 days. And if you do not like it, they will give you your money back. Head to 8sleep.com/modernwisdom to save $150 or 150 pounds on the pod cover. That's the best offer that you will find, but you must go to eightsleep.com/modernwisdom. But now, ladies and gentlemen, please welcome Morgan Housel.
Dude, I gotta say, before we get started, your new book is absolutely phenomenal. It feels like it was written purposefully for me. Your ability to weave a story into a lesson is ungodly, and everybody needs to go and buy Same As Ever right now. It's one of the best things that I've read in a very long time.

**Morgan Housel** (4:16)
That makes me so happy to hear. And maybe it was written for the show. Maybe I wrote it just for this episode right now that we're doing.

**Chris Williamson** (4:21)
Yes, yes, I knew it, I knew it. I knew that you dedicated years of your life to just me, my only child, my inner only child is coming out again. Also got to show the Rangers going to the World Series, so I am repping appropriately. The purpose of your book, Same As Ever, is to kind of, as far as I can see, explain to people the underlying principles and rules, like the thermodynamics of life that doesn't change, but a lot of the time people focus on things that they think won't change but will. So what do most people get wrong when they're making predictions?