It Was Always Burning Since the World's Been Turning: Bogleheads and Morgan Housel

My friend, and DS reader, Gouri always sends insightful material. He sent me an interview he did with Morgan Housel for NYC Bogleheads, a society dedicated to the legacy of John Bogle, founder of Vanguard and pioneer of passive index investing.

It's worth a listen here. or read Morgan's latest blog: Common Causes of Very Bad Decisions. 

My notes below from the podcast:

• We always think that the upcoming election is the most important election of our lifetime! But it can’t always be true.

• Why don't people learn their lesson after a market crash? They learn too precise a lesson. They might learn a lesson about lax mortgage underwriting or dot com IPOs without revenue. But they don’t learn the more general lesson that the world breaks every 5 to 10 years.

• Morgan explains why he aims for financial independence so that he has the ultimate wealth: Control over your time: this is the most enduring indicator of happiness over time.

• How luck is the flip side of risk. Some people get lucky. People hate attributing success to luck because it’s seen as negative. Elements of luck are impossible to emulate. 

From Declarative Statements w.63 ‘We Didn’t Start The Fire’