Same As Ever
Jul 2024
3 min read
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In Same As Ever, author Morgan Housel shares 24 short stories about the ways that life, behaviour, and business will always be the same. Here are some key insights from this popular book.
1. What makes life mean something is purpose, a goal. The battle, the struggle - even if you don’t win it.
2. We are very good at predicting the future, except for the surprises - which tends to be all that matters.
3. Invest in preparedness, not in prediction.
4. The first rule of happiness is low expectations.
5. Stories are always more powerful than statistics.
6. Great ideas explained poorly can go nowhere, while old or wrong ideas told compellingly can ignite a revolution.
7. The best financial plan is to save like a pessimist and invest like an optimist.
8. In finance, spending less than you make, saving the difference, and being patient is perhaps 90% of what you need to know to do well.
9. Every investment price, every market valuation, is just a number from today multiplied by a story about tomorrow.
10. Being right instils confidence that you can't be wrong, which is a devastating characteristic where being an outlier of success has a target on its back.
11. Some success is owed to being in the right place at the right time.
12. Incentives: the most powerful force in the world. When the incentives are crazy, the behaviour is crazy. People can be lead to justify and defend nearly anything.
13. Stress focuses your attention in ways good times can’t. It kills procrastination and indecision, taking what you need to get done and shoving it so close to your face that you have no choice but to pursue it, right now and to the best of your ability.
14. When you focus on what never changes, you stop trying to predict uncertain events and spend more time understanding timeless behaviour.
15. An important lesson from history is that the long run is usually pretty good and the short run is usually pretty bad.
16. There’s a delicate balance between helpful stress and crippling disaster. The latter prevents innovation as resources are sapped and people turn their attention from getting out of a crisis to merely surviving it.
17. It’s a natural part of how the world works, driven by the fact that good news comes from compounding, which always takes time, but bad news comes from a loss in confidence or a catastrophic error that can occur in the blink of an eye.
18. People don’t want accuracy. They want certainty.
19. An important thing about this topic is that most great things in life - from love to careers to investing - gain their value from two things: patience and scarcity. Patience to let something grow, and scarcity to admire what it grows into.
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All the Mutual Fund investors have to go through a one-time KYC (Know Your Customers) process. Investor should deal only with the Registered Mutual Funds (RMF). For more info on KYC, RMF and procedure to lodge/redress any complaints, visit https://www.pgimindiamf.com/ieid.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Read more
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