7/52: Don’t go changing

#CapitalAtRisk

Above: Same as Ever by Morgan Housel

The 2010s was the decade of the Entrepreneur. The 2020s will be the decade of the Investor.

“Adding to the list of things you shouldn’t say to a stranger, I said, ‘You can crash on my couch’”

Morgan Housel

The Motley Fool

Morgan Housel is one of the best writers storytellers around. Go read through a few of his blog posts — here. I’ve shared a number of them in 9others’s Weekend Reading and Twitter over the years so please, go read them. If you want a couple of pointers then try:

• It’s Supposed To Be Hard.

  • “Wouldn’t it be strange if every slightly ambitious investor could pick a few stocks and earn returns capable of generating dynastic wealth with other people’s money? Or even most of them? How and why could that world possibly exist? The reason Warren Buffett is interesting is because there’s only one of him”.

• Lifestyles (A longer version of this fascinating story is in the book, ‘A Voyage For Madmen’ by Peter Nichols).

  • “As he sailed around Cape Horn – a position Crowhurst could only dream of – Moitessier began contemplating the unthinkable: Abandoning the race and sailing somewhere else”.

• Fluke

  • “I texted my girlfriend and said, ‘I met a guy named Sham online. I just picked him up at the airport and he’s sleeping on our couch tonight’”.

• The Laws of Investing

  • “Anything that is huge, profitable, famous, or influential is the result of a tail event – an outlier, one-in-thousands or millions event”.

• The Thrill of Uncertainty

  • “So, we have a pretty good idea that stocks will reward us over time. But we have no idea when, or how, or what it will make us endure in the meantime”.