Decision Making
The Reasonable Optimist
The long run is much better than today and the path there is a chain of setbacks. Hold both, and keep room for error.
people who believe that the future will be much better than it is today
Partner at Collaborative Fund, author of The Psychology of Money and Same as Ever
Morgan Housel wrote The Psychology of Money, Same as Ever and The Art of Spending Money. His biggest lesson from Warren Buffett is time: Buffett was a good investor for 80 years, and 99% of his net worth came after his 60th birthday. His own rule is to save like a pessimist and invest like an optimist, so you survive long enough to enjoy the compounding of the long run.
My First Million 00:00 02:05 02:18 02:30 02:41 Greg Isenberg 20:55 39:06 39:29
Decision Making
The long run is much better than today and the path there is a chain of setbacks. Hold both, and keep room for error.
people who believe that the future will be much better than it is today
Morgan Housel
holds that the destination is better and the path there is a continuous chain of setbacks, so you budget for the wreckage in between. Room for error is what keeps you in the game long enough to collect the long-run return.
Phil Knight
ran Nike the other way, reinvesting every cent into inventory and growth and living in permanent tension with his bankers, on the view that a company growing slower than its demand hands the market to someone else.
My First Million
Greg Isenberg