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    Collaborative FundMorgan Housel6/1/1843 min
    13 reads9 comments
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    Collaborative Fund
    13 reads
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    • DellwoodBarker
      Top reader this weekReading streakScoutScribe
      7 months ago

      Much less mundane, Much more Readable and Entertaining Read on Money than I expected on the subject.

      He whispered, “You see, I don’t mind what happens.”

      Great 😊 Closer.

      • SEnkey7 months ago

        I really think that is wisdom! Decide what matters, care about that, and understand most things don't matter so you shouldn't mind.

      • jeff
        Top reader this weekScribe
        7 months ago

        I had the same takeaway! Some parts even made me laugh.

        When most people say they want to be a millionaire, what they really mean is “I want to spend a million dollars,” which is literally the opposite of being a millionaire.

        • SEnkey7 months ago

          That was such a great line!

    • deephdave
      Top reader this weekTop reader of all timeReading streakScout
      7 months ago

      Anchored-to-your-own-history bias: Your personal experiences make up maybe 0.00000001% of what’s happened in the world but maybe 80% of how you think the world works.

      A tendency to be influenced by the actions of other people who are playing a different financial game than you are.

      Denial of inconsistencies between how you think the world should work and how the world actually works, driven by a desire to form a clean narrative of cause and effect despite the inherent complexities of everything involving money.

      • SEnkey7 months ago

        Gold. I remind myself of this a lot. Everyone has different starting points. It's like in Hamilton (go with me here) - Hamilton has to hustle because of where he started, he can't afford to sit back and wait. Burr hustling would look wrong/desperate. My friends are going to graduate school, my friends can afford to go to graduate school (meaning their parents can afford to send them). It's a different track and a different game.

      • justinzealand7 months ago

        “Boring is good. If you want to frame this as a strategy, remind yourself: opportunity lives where others aren’t, and others tend to stay away from what’s boring.”

    • [user]7 months ago

      This comment was deleted on 9/17/2021

    • SEnkey7 months ago

      But not realizing that your long-term investing goals could remain intact, unharmed, even if we have another big plunge, is the dangerous byproduct of recency bias. “Markets tend to recover over time and make new highs” was not a popular takeaway from the financial crisis; “Markets can crash and crashes suck,” was, despite the former being so much more practical than the latter.