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Same as Ever: A Guide to What Never Changes
“Want to understand the changing world? Start with what stays the same. That’s the amazing conclusion of Morgan Housel’s fascinating, useful, and highly-entertaining book.”
— Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and #1 New York Times bestselling author
From the author of the international blockbuster, THE PSYCHOLOGY OF MONEY, a powerful new tool to unlock one of life’s most challenging puzzles.
Every investment plan under the sun is, at best, an informed speculation of what may happen in the future, based on a systematic extrapolation from the known past.
Same as Ever reverses the process, inviting us to identify the many things that never, ever change.
With his usual elan, Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living your best life. Through a sequence of engaging stories and pithy examples, he shows how we can use our newfound grasp of the unchanging to see around corners, not by squinting harder through the uncertain landscape of the future, but by looking backwards, being more broad-sighted, and focusing instead on what is permanently true.
By doing so, we may better anticipate the big stuff, and achieve the greatest success, not merely financial comforts, but most importantly, a life well lived.
— Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and #1 New York Times bestselling author
From the author of the international blockbuster, THE PSYCHOLOGY OF MONEY, a powerful new tool to unlock one of life’s most challenging puzzles.
Every investment plan under the sun is, at best, an informed speculation of what may happen in the future, based on a systematic extrapolation from the known past.
Same as Ever reverses the process, inviting us to identify the many things that never, ever change.
With his usual elan, Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living your best life. Through a sequence of engaging stories and pithy examples, he shows how we can use our newfound grasp of the unchanging to see around corners, not by squinting harder through the uncertain landscape of the future, but by looking backwards, being more broad-sighted, and focusing instead on what is permanently true.
By doing so, we may better anticipate the big stuff, and achieve the greatest success, not merely financial comforts, but most importantly, a life well lived.
240 pages, Hardcover
First published November 7, 2023
About the author
Morgan Housel
23 books2,333 followersMorgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.
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Displaying 1 - 30 of 1,195 reviews
November 9, 2023
Enjoyable read, but nothing new or exceptionally insightful was shared. Housel essentially compiled a summary of the ideas original to Nassim Taleb (Anti-Fragile and Skin in the Game) Matt Ridley (The Rational Optimist, How Innovation Works, The Red Queen, etc), Ray Dalio (Principles), Robert Greene (The Laws of Human Nature) and others. You’ll get more out of reading those original works.
Obviously, Morgan Housel is a skilled writer and artful story teller, so most curious people will find this book entertaining. However, it doesn’t come close to “The Psychology of Money” or the works he endlessly paraphrases in each chapter.
Obviously, Morgan Housel is a skilled writer and artful story teller, so most curious people will find this book entertaining. However, it doesn’t come close to “The Psychology of Money” or the works he endlessly paraphrases in each chapter.
December 2, 2023
This book reminds us that the world is constantly changing but certain things never change.
Reading more books will develop better filters and frameworks that will help us make better sense of the news.
We should be planning like a pessimist and dreaming like an optimist.
Same as Ever is a must-read for anyone who wants to make better decisions about their lives.
It is a reminder that the future is uncertain, but that there are certain things that we can always count on.
We are better off focusing on what we can control and ignoring what we can't.
Reading more books will develop better filters and frameworks that will help us make better sense of the news.
We should be planning like a pessimist and dreaming like an optimist.
Same as Ever is a must-read for anyone who wants to make better decisions about their lives.
It is a reminder that the future is uncertain, but that there are certain things that we can always count on.
We are better off focusing on what we can control and ignoring what we can't.
November 15, 2023
Morgan Housel takes his blog posts, expands on some of them and creates a book. I was familiar with most of the short essays in this book, nonetheless, his ideas and thoughts always make me stop and think. In this short and succinct book, he talks about a bunch of topics with relevant stories. Housel wants to emphasize that human behavior does not really change much no matter which period of time we choose to examine.
A few points from the book:
• If you do not know history, you cannot know the present or the future.
• Risk is something which you do not see coming.
• If you want to be happy, you should start with low expectations.
• One person can be brilliant in one thing and terrible in another.
• People always crave certainty, no matter how false it may be.
• Stories are more powerful than any reason or data.
• There are always events happening in the world which are of low probability.
• In uncertain times, stress can be channeled in positive ways.
• Progress takes time while catastrophes occur suddenly.
• Always leave room for error in whatever you do.
• Compounding can turn tiny into huge, over the long run.
• Anything worthwhile takes time to grow and pain is inevitable.
• Most of things in the world are driven by incentives.
• The experience you had is more convincing than anything else.
• “The best financial plan is to save like a pessimist and invest like an optimist.”
Some short chapters differ from the theme of the book and some are derived from his previous book 'The Psychology of Money'. Recognizing what changes and what does not is crucial to taking risks and living a satisfied life. According to the author predictable human behavior provides a stable guide for making choices. Psychology and repetitive behavior dominate everything, from investing decisions to our shared history.
A few points from the book:
• If you do not know history, you cannot know the present or the future.
• Risk is something which you do not see coming.
• If you want to be happy, you should start with low expectations.
• One person can be brilliant in one thing and terrible in another.
• People always crave certainty, no matter how false it may be.
• Stories are more powerful than any reason or data.
• There are always events happening in the world which are of low probability.
• In uncertain times, stress can be channeled in positive ways.
• Progress takes time while catastrophes occur suddenly.
• Always leave room for error in whatever you do.
• Compounding can turn tiny into huge, over the long run.
• Anything worthwhile takes time to grow and pain is inevitable.
• Most of things in the world are driven by incentives.
• The experience you had is more convincing than anything else.
• “The best financial plan is to save like a pessimist and invest like an optimist.”
Some short chapters differ from the theme of the book and some are derived from his previous book 'The Psychology of Money'. Recognizing what changes and what does not is crucial to taking risks and living a satisfied life. According to the author predictable human behavior provides a stable guide for making choices. Psychology and repetitive behavior dominate everything, from investing decisions to our shared history.
November 27, 2023
A collection of barely insightful platitudes. Each of them could have a counter-chapter written that successfully argues the opposite concept. Although each chapter is written as rock-solid wisdom hewn from the experience of all mankind, there are hardly any truisms that aren't dependent on context; these "lessons" included. The uniting theme of "these things are true and have always been true" is weak at best and untrue/misleading at worst. The text consists of anecdotal experiences from the author's own life augmented with disparate, cherry-picked quotes and situations from anyone/anything famous. It's like quote/history/business-story roulette. Each chapter ends with an annoyingly pathetic interchangeable segue into the next chapter. I might have found this book more interesting/enlightening when I was a teenager, though I hope I would have been smart enough then to realize this "guide" is highly situational.
I wouldn't recommend this book to anyone unless they were planning to write a counter-arguments for each section as a mental exercise in well-roundedness.
I wouldn't recommend this book to anyone unless they were planning to write a counter-arguments for each section as a mental exercise in well-roundedness.
November 7, 2023
Morgan Housel loves stories. The lesson he wants us to learn follows the story. I loved listening to Morgan speaking about stories and his writing style to David Perell on the Write of Passage podcast.
Warren Buffett & Morgan Housel are my favourite writers and I've loved reading Annual letter to shareholders of Berkshire Hathaway. Both of them focus on easy to understand language and short paragraphs. I never get stuck anywhere wondering what is the meaning of a word or get lost in the rambling of a long sentence or paragraph.
I 'm enjoying reading Same as Ever and I've finished the first 2 chapters . There are so many anecdotes that really show that there isn't a rational explanation for many of twists and turns our world has taken. The role of luck should tell us why we shouldn't make predictions about the future.
This book, as Morgan Housel rightly pointed out, is not about Finance. It is about our behaviour across the past across different situations. Most of our instincts are unlikely to change even if the situations where they get played out change all the time. No one predicted the Great Depression, 9/11 or Covid-19.
I'm sure I'll finish reading Same as Ever by this weekend. I hope to share many highlights in the Add a Quote section of Goodreads. Take care!
Warren Buffett & Morgan Housel are my favourite writers and I've loved reading Annual letter to shareholders of Berkshire Hathaway. Both of them focus on easy to understand language and short paragraphs. I never get stuck anywhere wondering what is the meaning of a word or get lost in the rambling of a long sentence or paragraph.
I 'm enjoying reading Same as Ever and I've finished the first 2 chapters . There are so many anecdotes that really show that there isn't a rational explanation for many of twists and turns our world has taken. The role of luck should tell us why we shouldn't make predictions about the future.
This book, as Morgan Housel rightly pointed out, is not about Finance. It is about our behaviour across the past across different situations. Most of our instincts are unlikely to change even if the situations where they get played out change all the time. No one predicted the Great Depression, 9/11 or Covid-19.
I'm sure I'll finish reading Same as Ever by this weekend. I hope to share many highlights in the Add a Quote section of Goodreads. Take care!
November 13, 2023
Embarrassingly bad - seems more like a dump of notes with a title on top.
January 4, 2024
When I finished the book, my immediate thought was, “I want to read it again”. And take notes. I shouldn’t have been surprised, I loved “the psychology of money”. This book is more “the psychology of people” - that is what never changes. We will still be driven by envy and greed in 50 or 100 or 500 years. How the world will change in 50, 10 or even 5 years we can’t really know. We cannot foresee the next pandemic, war or black swan even that will turn the world topsy-turvy. Even in the late 1990’s after I had bought my first Nokia I didn’t expect to be surfing on a phone 10 years later. I didn’t really think I would even as late as 2006.
Also, chance plays a much larger role trying anyone would like to admit. Where would we be now if Al Gore had won the election in 2000? What would the world be like if we didn’t all have to suffer the scars of 9/11 (just think airport security), an attack that could have failed or turned out differently.
The author says that the best strategy is to be both a pessimist and an optimist. Don’t fall down one way or the other. Save like a pessimist, invest like an optimist and keep the horizon long. After “the psychology of money”, I jacked up my savings. I did it again now. It’s a combination of both high interest bank account savings and stock funds. The latter is long term - I save more every month and I don’t touch it. Every decade there will be a disaster that badly affects the stock market. I’ve had two hits and watched my stock funds dip and then recover and continue to increase after a few weeks or months. Making money fast is much more difficult. Don’t take up as much debt as you think you can handle either. (I have none for now, but this is not a given.)
The world will change in unexpected ways. Human nature stays the same. Read the book, I promise you will learn something good.
Also, chance plays a much larger role trying anyone would like to admit. Where would we be now if Al Gore had won the election in 2000? What would the world be like if we didn’t all have to suffer the scars of 9/11 (just think airport security), an attack that could have failed or turned out differently.
The author says that the best strategy is to be both a pessimist and an optimist. Don’t fall down one way or the other. Save like a pessimist, invest like an optimist and keep the horizon long. After “the psychology of money”, I jacked up my savings. I did it again now. It’s a combination of both high interest bank account savings and stock funds. The latter is long term - I save more every month and I don’t touch it. Every decade there will be a disaster that badly affects the stock market. I’ve had two hits and watched my stock funds dip and then recover and continue to increase after a few weeks or months. Making money fast is much more difficult. Don’t take up as much debt as you think you can handle either. (I have none for now, but this is not a given.)
The world will change in unexpected ways. Human nature stays the same. Read the book, I promise you will learn something good.
November 17, 2023
This book is a collection of seemingly smart articles which will look so great at the beginning but one you read a bit of it, you will realise it lacks depth. Morgan Housel did a fantastic job with his earlier book but he has goofed up big time this time.
February 4, 2024
This was an interesting perspective about an ever changing world that essentially stays the same. A lot of it felt repetitive but my favorite concept was about how the most successful people and business use BOTH optimism and pessimism.
June 14, 2024
ไม่มีอะไรใหม่ ถ้าอ่านปรัชญามาสักพักใหญ่ๆ ก็จะพบว่าทุกเรื่องในเล่มเป็นสิ่งที่เขียนมาเนิ่นนานแสนนาน ซึ่งจริงๆ มันก็ควรเป็นอย่างงั้นแหละเพราะชื่อหนังสือคือ same as ever มันจะเป็นอย่างนั้นเสมอมาและตลอดไปในหน้าประวัติศาสตร์มนุษย์ บางเรื่องจะไม่มีทางเปลี่ยนแปลงแม้ว่าเทคโนโลยีจะเปลี่ยนไป และเราจะก้าวหน้าขนาดไหนก็ตาม เศรษฐกิจจะตก และขึ้นเหมือนเดิม คนจะโลภเหมือนเดิม และเรื่องเล่าชนะใจคนได้มากกว่าหลักการเหตุผลเพียวๆ (แต่ถูกต้องหรือไม่อีกเรื่อง)
มันเลยไม่ใหม่ แต่มันช่วยย้ำเตือนถึงสิ่งที่บางทีเรามองข้ามไป เรื่องที่เคยคิดว่าเข้าใจอยู่แล้วหรือจังหวะที่ต้องการให้มีคนเตือนในสิ่งที่เรากำลังทำอยู่ มันช่วยให้เราได้หันกลับมาทบทวนตัวเองได้อย่างรวดเร็ว เพราะวิธีการเขียนที่สั้น กระชับ เข้าใจง่าย เข้าประเด็นอย่างรวดเร็ว
โดยรวมแล้วจึงเป็นเล่มที่ว่าก็ดีที่ได้อ่าน ถึงไม่ได้อ่านก็ไม่ได้เป็นไร เพราะอ่านเล่มอื่นๆ มาก่อนแล้ว เช่น The Almanack of Naval Ravikant: A Guide to Wealth and Happiness หรือ The Black Swan: The Impact of the Highly Improbable ไปจนถึง Thinking, Fast and Slow เป็นต้น แต่ถ้าเราอ่านเล่มพวกนี้อยู่แล้ว การจะอ่านเล่มสั้นๆ บางๆ เล่มนี้เพิ่มอีกเล่มเป็นการทบทวนอีกรอบแบบสั้นๆ ง่ายๆ ก็ไม่เลวเหมือนกัน
มันเลยไม่ใหม่ แต่มันช่วยย้ำเตือนถึงสิ่งที่บางทีเรามองข้ามไป เรื่องที่เคยคิดว่าเข้าใจอยู่แล้วหรือจังหวะที่ต้องการให้มีคนเตือนในสิ่งที่เรากำลังทำอยู่ มันช่วยให้เราได้หันกลับมาทบทวนตัวเองได้อย่างรวดเร็ว เพราะวิธีการเขียนที่สั้น กระชับ เข้าใจง่าย เข้าประเด็นอย่างรวดเร็ว
โดยรวมแล้วจึงเป็นเล่มที่ว่าก็ดีที่ได้อ่าน ถึงไม่ได้อ่านก็ไม่ได้เป็นไร เพราะอ่านเล่มอื่นๆ มาก่อนแล้ว เช่น The Almanack of Naval Ravikant: A Guide to Wealth and Happiness หรือ The Black Swan: The Impact of the Highly Improbable ไปจนถึง Thinking, Fast and Slow เป็นต้น แต่ถ้าเราอ่านเล่มพวกนี้อยู่แล้ว การจะอ่านเล่มสั้นๆ บางๆ เล่มนี้เพิ่มอีกเล่มเป็นการทบทวนอีกรอบแบบสั้นๆ ง่ายๆ ก็ไม่เลวเหมือนกัน
December 21, 2023
Es totalmente cierto eso de “no es lo que digan, sino cómo lo digan” y Morgan Housel es el gran ejemplo de ello.
Es uno de los mejores storytellers que hay hoy en día y este libro vuelve a ser prueba de ello, porque lo que dice no es especialmente nuevo, pero cómo lo dice y las historias que intercala con lo que dice convierten a este libro en una lectura fascinante y entretenida.
Creo que se va a convertir en uno de mis escritores de cabecera y espero que siga publicando libros por muchos años.
Es uno de los mejores storytellers que hay hoy en día y este libro vuelve a ser prueba de ello, porque lo que dice no es especialmente nuevo, pero cómo lo dice y las historias que intercala con lo que dice convierten a este libro en una lectura fascinante y entretenida.
Creo que se va a convertir en uno de mis escritores de cabecera y espero que siga publicando libros por muchos años.
January 10, 2024
Easy read but could have been a blog. Housel is a good storyteller though truisms in some of his essays may be misleading in different context. Disappointed considering how I much enjoyed his Psych of Money.
March 7, 2024
"If you traveled in time to five hundred years ago or five hundred years from now, you would be astounded at how much technology and medicine has changed. The geopolitical order would make no sense to you. The language and dialect might be completely foreign.
But you’d notice people falling for greed and fear just like they do in our current world..."
I wasn't sure what to expect from Same as Ever. In my experience, books like these can be hit-or-miss. A cursory glance at some of the top reviews here seems to indicate as much. Many people did not like the writing here. Now that I've finished the book, I can't understand why...
I am happy to report that the book far exceeded any expectations I had of it going in. There was some super-interesting material covered here. It's one of the best books that I've read in a while.
I love reading books that are a little unorthodox, which can get my gears churning with ideas and lines of thinking I have not explored before. This book did a great job of just that.
Author Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.
Morgan Housel:
Housel gets the book going with a great intro. He's got a lively writing style that's succinct and to the point. This one was very readable, and won't have trouble holding even the finicky reader's attention. Good stuff!
For those who may be wondering (as I did when I read the book's description) what this book is all about; it's a compilation of writing that underlines common threads of both history and human behaviour.
The quote from the start of this review continues:
The author expands upon the thesis of the book in this short quote:
And the scope of the writing here:
Early on, the book talks about seemingly random small choices that end up having outsized impact. This alone is a fascinating topic that was explored in more depth in the book Fluke: Chance, Chaos, and Why Everything We Do Matters, which was also an excellent read. The author contextualizes the role of chance within his own life, and includes a tragic story about his friend's ill-fated off-trail ski tragedy.
Small, seemingly chance events have drastically weighed down the scale of causality throughout all of history. I'm sure that anyone reading this book also has an anecdotal experience with chance or fate in this regard. I know that my own life also contains many of these small, innocuous happenstances that ended up drastically shaping my future.
The author drops this incredible quote, speaking further to the above point
********************
Same as Ever was a super thought-provoking read. I read a fair bit, and it's always a treat when I come across a book like this. One that introduces me to lines of thinking I have not considered before, or read about elsewhere. The author did a fantastic job putting this one together.
I would definitely recommend it.
5 stars, and a spot on my favorites shelf.
But you’d notice people falling for greed and fear just like they do in our current world..."
I wasn't sure what to expect from Same as Ever. In my experience, books like these can be hit-or-miss. A cursory glance at some of the top reviews here seems to indicate as much. Many people did not like the writing here. Now that I've finished the book, I can't understand why...
I am happy to report that the book far exceeded any expectations I had of it going in. There was some super-interesting material covered here. It's one of the best books that I've read in a while.
I love reading books that are a little unorthodox, which can get my gears churning with ideas and lines of thinking I have not explored before. This book did a great job of just that.
Author Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.
Morgan Housel:
Housel gets the book going with a great intro. He's got a lively writing style that's succinct and to the point. This one was very readable, and won't have trouble holding even the finicky reader's attention. Good stuff!
For those who may be wondering (as I did when I read the book's description) what this book is all about; it's a compilation of writing that underlines common threads of both history and human behaviour.
The quote from the start of this review continues:
"...You’d see people persuaded by risk, jealousy, and tribal affiliations in ways that are familiar to you.
You’d see overconfidence and shortsightedness that remind you of people’s behavior today.
You’d find people seeking the secret to a happy life and trying to find certainty when none exists in ways that are entirely relatable.
When transported to an unfamiliar world, you’d spend a few minutes watching people behave and say, “Ah. I’ve seen this before. Same as ever.”
Change captures our attention because it’s surprising and exciting. But the behaviors that never change are history’s most powerful lessons, because they preview what to expect in the future. Your future. Everyone’s future. No matter who you are, where you’re from, how old you are, or how much money you make, there are timeless lessons from human behavior that are some of the most important things you can ever learn."
The author expands upon the thesis of the book in this short quote:
"Things that never change are important because you can put so much confidence into knowing how they’ll shape the future. Bezos said it’s impossible to imagine a future where Amazon customers don’t want low prices and fast shipping—so he can put enormous investment into those things.
The same philosophy works in almost all areas of life.
I have no clue what the stock market will do next year (or any year). But I’m very confident about people’s penchant for greed and fear, which never changes. So that’s what I spend my time thinking about.
I have no idea who will win the next presidential election. But I’m confident about the ways people’s attachment to tribal identities influences their thinking, which is the same today as it was a thousand years ago and will be a thousand years from now."
And the scope of the writing here:
"That’s what this book is about: In a thousand parallel universes, what would be true in every single one?
Each of the following twenty-three chapters can be read independently, so there is no harm in skipping and choosing as you wish. What they have in common is that I’m confident each of these topics will be as relevant hundreds of years from now as they were hundreds of years ago.
None of the chapters are long, and you’re welcome for that. Many are derived from my blog at the Collaborative Fund, where I write about the intersection of money, history, and psychology.
The first looks at how fragile the world is, with a personal story about the scariest day of my life."
Early on, the book talks about seemingly random small choices that end up having outsized impact. This alone is a fascinating topic that was explored in more depth in the book Fluke: Chance, Chaos, and Why Everything We Do Matters, which was also an excellent read. The author contextualizes the role of chance within his own life, and includes a tragic story about his friend's ill-fated off-trail ski tragedy.
Small, seemingly chance events have drastically weighed down the scale of causality throughout all of history. I'm sure that anyone reading this book also has an anecdotal experience with chance or fate in this regard. I know that my own life also contains many of these small, innocuous happenstances that ended up drastically shaping my future.
The author drops this incredible quote, speaking further to the above point
"Compelled to save money, Captain William Turner shut down the fourth boiler room on his giant steamship for its passage from New York to Liverpool. The decision would slow the ship’s voyage by one day—an annoyance, but worth the savings as the passenger-ship industry struggled economically.
Little did he or anyone else know how fateful the decision would be. The delay meant Turner’s ship—the Lusitania—would now sail directly into the path of a German submarine.
The Lusitania was hit with a torpedo, killing nearly twelve hundred passengers and becoming the most important trigger to rally U.S. public support for entering World War I.
Had the fourth boiler room been operating, Turner would have reached Liverpool a day before the German submarine had even entered the Celtic Sea, where it crossed paths with the Lusitania. The ship likely would have avoided attack. A country may have avoided a war that became the seed event for the rest of the twentieth century..."
********************
Same as Ever was a super thought-provoking read. I read a fair bit, and it's always a treat when I come across a book like this. One that introduces me to lines of thinking I have not considered before, or read about elsewhere. The author did a fantastic job putting this one together.
I would definitely recommend it.
5 stars, and a spot on my favorites shelf.
February 13, 2024
Seemed hurried to the market. Ideas also felt not well thought out, with lots of generalizations derived from simple stories
September 14, 2024
Review incoming
Interesting read- good story telling
Interesting read- good story telling
September 4, 2024
Same as Ever helps one understand what doesn’t change in this ever-changing world. When we think about the future, we think about forecasting, which is hard to predict every single time. However, things that never change are significant because once you recognise them, you can understand how they influence the future.
The book contains insightful advice on taking risks, seizing opportunities, and living to the fullest. The stories are easy to follow and will make you ponder as you flip through the pages.
My top 5 lessons from the book are:
1. Invest in preparedness, not prediction: The biggest risk is always what no one sees coming because if no one sees it coming, no one's prepared for it; and if no one's prepared for it, its damage will be amplified when it arrives. The biggest news, the biggest risks, the most consequential events are always what you don’t see coming.
2. How much money is too much money?: Money buys happiness in the same way drugs bring pleasure: incredible if done right, dangerous if used to mask a weakness, and disastrous when no amount is enough. We tend to take every precaution to safeguard our material possessions because we know what they cost. But at the same time, we neglect things which are much more precious because they don't come with price tags attached: The real value of things like our eyesight or relationships or freedom can be hidden to us because money is not changing hands (Peter Kaufman).
3. People you admire aren't perfect: Something that's built into the human condition is that people who think about the world in unique ways you like almost certainly also think about the world in unique ways you won't like.
4. Pessimism Sells: Bad news gets more attention than good news because pessimism is seductive and feels more urgent than optimism. The odds of a bad news story, a fraud, a corruption, a disaster occurring in your local town at any given moment is low. When you expand your attention nationally, the odds increase. When they expand globally, the odds of something terrible happening in any given moment are 100 percent. Optimism and Pessimism seem like conflicting mindsets, so it's more common for people to prefer one or the other. But knowing how to balance the two has always been, and always will be, one of life's most important skills.
5. Stress focuses your attention in ways good times can't: A constant truth you see throughout history is that the biggest changes and the most important innovations don't happen when everyone is happy and things are going well. They tend to occur during, and after, a terrible event. When people are a little panicked, shocked, worried, and when the consequences of not acting quickly are too painful to bear. Militaries are engines of innovation because they occasionally deal with problems so important- so urgent, so vital- that money and manpower are removed as obstacles, and those involved collaborate in ways that are hard to emulate during calm times.
The book contains insightful advice on taking risks, seizing opportunities, and living to the fullest. The stories are easy to follow and will make you ponder as you flip through the pages.
My top 5 lessons from the book are:
1. Invest in preparedness, not prediction: The biggest risk is always what no one sees coming because if no one sees it coming, no one's prepared for it; and if no one's prepared for it, its damage will be amplified when it arrives. The biggest news, the biggest risks, the most consequential events are always what you don’t see coming.
2. How much money is too much money?: Money buys happiness in the same way drugs bring pleasure: incredible if done right, dangerous if used to mask a weakness, and disastrous when no amount is enough. We tend to take every precaution to safeguard our material possessions because we know what they cost. But at the same time, we neglect things which are much more precious because they don't come with price tags attached: The real value of things like our eyesight or relationships or freedom can be hidden to us because money is not changing hands (Peter Kaufman).
3. People you admire aren't perfect: Something that's built into the human condition is that people who think about the world in unique ways you like almost certainly also think about the world in unique ways you won't like.
4. Pessimism Sells: Bad news gets more attention than good news because pessimism is seductive and feels more urgent than optimism. The odds of a bad news story, a fraud, a corruption, a disaster occurring in your local town at any given moment is low. When you expand your attention nationally, the odds increase. When they expand globally, the odds of something terrible happening in any given moment are 100 percent. Optimism and Pessimism seem like conflicting mindsets, so it's more common for people to prefer one or the other. But knowing how to balance the two has always been, and always will be, one of life's most important skills.
5. Stress focuses your attention in ways good times can't: A constant truth you see throughout history is that the biggest changes and the most important innovations don't happen when everyone is happy and things are going well. They tend to occur during, and after, a terrible event. When people are a little panicked, shocked, worried, and when the consequences of not acting quickly are too painful to bear. Militaries are engines of innovation because they occasionally deal with problems so important- so urgent, so vital- that money and manpower are removed as obstacles, and those involved collaborate in ways that are hard to emulate during calm times.
November 29, 2023
ذات مرة، اشترى جون ماينارد كينز مجموعة من الأوراق الأصلية لإسحاق نيوتن في مزاد علني.
لم تتم رؤية الكثير منها من قبل، حيث كانت مخبأة في كامبريدج لعدة قرون.
ربما يكون نيوتن أذكى إنسان عاش على الإطلاق. لكن كينز اندهش عندما وجد أن الكثير من العمل كان مخصصًا للكيمياء والشعوذة ومحاولة العثور على جرعة للحياة الأبدية.
كتب كينز:
لقد ألقيت نظرة سريعة على كمية كبيرة من هذه الكلمات، بما لا يقل عن 100.000 كلمة. من المستحيل تمامًا إنكار أن أغلبها عن السحر وخالية تمامًا من القيمة العلمية؛ ومن المستحيل أيضًا عدم الاعتراف بأن نيوتن كرس سنوات من العمل عليها.
وأتساءل: هل كان نيوتن عبقريًا على الرغم من إدمانه للبحث في السحر، أم أن الفضول تجاه الأشياء التي تبدو مستحيلة هو جزء من ما جعله ناجحًا إلى هذا الحد؟
أعتقد أنه من المستحيل أن نعرف. لكن فكرة أن العباقرة مجانين تبدو أحياناً أمرا لا مفر منه.
هناك مشهد في فيلم (باتون) يقوم فيه الممثل بدور الجنرال الأسطوري في الحرب العالمية الثانية جورج باتون عندما يلتقي بنظيره الروسي بعد الحرب. يتحدث الجنرال الروسي من خلال مترجم، ويقترح نخبًا.
يقول باتون: "تحياتي للجنرال، لكن من فضلك أبلغه أنني لا أهتم بالشرب معه أو مع أي ابن عاهرة روسي آخر".
ذهل المترجم وقال إنه لا يستطيع نقل هذه الرسالة. أصرّ باتون.
يرد الجنرال الروسي من خلال المترجم بأنه يعتقد أن باتون هو أيضًا ابن عاهرة.
يضحك باتون بشكل هستيري، ويرفع كأسه، ويقول: «الآن هذا شيء يمكنني أن أشرب نخبا له. من ابن عاهرة إلى ابن عاهرة آخر!»
قد يلخص هذا تمامًا كيفية عمل عقول الأشخاص الناجحين للغاية. بالطبع لديهم خصائص غير طبيعية. ولهذا السبب هم ناجحون! ولا يوجد عالم ينبغي لنا أن نفترض فيه أن كل تلك الخصائص غير الطبيعية إيجابية، أو مهذبة، أو محببة، أو جذابة.
.
Morgan Housel
Same as Ever
Translated By #Maher_Razouk
لم تتم رؤية الكثير منها من قبل، حيث كانت مخبأة في كامبريدج لعدة قرون.
ربما يكون نيوتن أذكى إنسان عاش على الإطلاق. لكن كينز اندهش عندما وجد أن الكثير من العمل كان مخصصًا للكيمياء والشعوذة ومحاولة العثور على جرعة للحياة الأبدية.
كتب كينز:
لقد ألقيت نظرة سريعة على كمية كبيرة من هذه الكلمات، بما لا يقل عن 100.000 كلمة. من المستحيل تمامًا إنكار أن أغلبها عن السحر وخالية تمامًا من القيمة العلمية؛ ومن المستحيل أيضًا عدم الاعتراف بأن نيوتن كرس سنوات من العمل عليها.
وأتساءل: هل كان نيوتن عبقريًا على الرغم من إدمانه للبحث في السحر، أم أن الفضول تجاه الأشياء التي تبدو مستحيلة هو جزء من ما جعله ناجحًا إلى هذا الحد؟
أعتقد أنه من المستحيل أن نعرف. لكن فكرة أن العباقرة مجانين تبدو أحياناً أمرا لا مفر منه.
هناك مشهد في فيلم (باتون) يقوم فيه الممثل بدور الجنرال الأسطوري في الحرب العالمية الثانية جورج باتون عندما يلتقي بنظيره الروسي بعد الحرب. يتحدث الجنرال الروسي من خلال مترجم، ويقترح نخبًا.
يقول باتون: "تحياتي للجنرال، لكن من فضلك أبلغه أنني لا أهتم بالشرب معه أو مع أي ابن عاهرة روسي آخر".
ذهل المترجم وقال إنه لا يستطيع نقل هذه الرسالة. أصرّ باتون.
يرد الجنرال الروسي من خلال المترجم بأنه يعتقد أن باتون هو أيضًا ابن عاهرة.
يضحك باتون بشكل هستيري، ويرفع كأسه، ويقول: «الآن هذا شيء يمكنني أن أشرب نخبا له. من ابن عاهرة إلى ابن عاهرة آخر!»
قد يلخص هذا تمامًا كيفية عمل عقول الأشخاص الناجحين للغاية. بالطبع لديهم خصائص غير طبيعية. ولهذا السبب هم ناجحون! ولا يوجد عالم ينبغي لنا أن نفترض فيه أن كل تلك الخصائص غير الطبيعية إيجابية، أو مهذبة، أو محببة، أو جذابة.
.
Morgan Housel
Same as Ever
Translated By #Maher_Razouk
January 27, 2024
The wisdom per page ratio in this book is off the charts. I love the concept of trying to distill it down to things that will always be true. The idea comes from a Warren Buffett investing strategy where it’s a lot easier to figure out what was true in the past and what will always be true rather than trying to guess the next big future thing. I also really appreciate a book trying to identify universal truths because living in the lousy “post-truth” modern world is exhausting.
July 6, 2024
Educating read that was able to pack a lot into a short(er), well written book. Three interesting fields, biology, history, and math intersected in this book to highlight the constants in our world. The main constant is that things are always changing, but understanding that allows you to take a step back in the chaos and make more informed decisions.
Some interesting tidbits I learned:
Biology/Ecology:
- Record rainfall in California in the 2010s lead to unprecedented vegetation growth. The following years of drought lead to a lot of dead vegetation, causing the worst wildfires seen in years. Good things cause bad things, and in some cases need to cause bad things, for those good things to happen again. Circle of life stuff
Math/Statistics:
- "In any normal person's life, miracles should occur at the rate of roughly one per month: The proof of the law is simple. During the time we are awake and actively engage in living our lives, roughly for eight hours each day, we see and hear things happening at a rate of one per second. So the total number of events that happen to us is about 30,000 per day, or about a million per month". One in a million events happen every month. "One hundred year" events happen every year, just in different categories. Something crazy is always around the corner
History:
- If the winds were blowing in a different direction after the Battle of Long Island during the Revolutionary War, the British would most certainly have destroyed the Revolutionary Army. History is filled with other examples of how randomness has dictated the course of our lives.
Quotes:
"The ones who thrive long-term, are those who understand the real world is a never-ending chain of absurdity, confusion, messy relationships, and imperfect people."
"The trick in any field - from finance to careers to relationships - is being able to survive the short-run problems so you can stick around long enough to enjoy the long-term growth."
Some interesting tidbits I learned:
Biology/Ecology:
- Record rainfall in California in the 2010s lead to unprecedented vegetation growth. The following years of drought lead to a lot of dead vegetation, causing the worst wildfires seen in years. Good things cause bad things, and in some cases need to cause bad things, for those good things to happen again. Circle of life stuff
Math/Statistics:
- "In any normal person's life, miracles should occur at the rate of roughly one per month: The proof of the law is simple. During the time we are awake and actively engage in living our lives, roughly for eight hours each day, we see and hear things happening at a rate of one per second. So the total number of events that happen to us is about 30,000 per day, or about a million per month". One in a million events happen every month. "One hundred year" events happen every year, just in different categories. Something crazy is always around the corner
History:
- If the winds were blowing in a different direction after the Battle of Long Island during the Revolutionary War, the British would most certainly have destroyed the Revolutionary Army. History is filled with other examples of how randomness has dictated the course of our lives.
Quotes:
"The ones who thrive long-term, are those who understand the real world is a never-ending chain of absurdity, confusion, messy relationships, and imperfect people."
"The trick in any field - from finance to careers to relationships - is being able to survive the short-run problems so you can stick around long enough to enjoy the long-term growth."
March 9, 2024
Thoroughly enjoyable. Housel is such a good writer - you do not want to put this book down. Pure, simple and effective writing.
As the title notes, it is a book on things that never change. None of these things will probably surprise you, because you have heard or seen it before. Still, we tend to forget about some timeless truths. A few things I would like to remember:
- Forget hacks, tricks and tips. It is good old consistent hard work which gets the results. Do the simple, but not easy thing, and work at it consistently. Do not feel bad if you do not always enjoy it. It is supposed to be like that.
- Build in some inefficiency in your life. Do not listen to podcasts at every free moment, or put in some other "productive" activity. Good ideas come to you when you loiter around (preferably while walking in a park).
- Satisfaction is all about expectations management. Most of us reading this live the greatest of lives in human history, yet many are mired in mental health issues, feeling that life is hard. This often comes from comparison against other people (whose lives you actually do not know in detail). Manage your expectations.
Save like a pessimist, invest like an optimist. Endure the short term pain to enjoy long term benefits. Yes, it is cheesy. And yes, it is true.
As the title notes, it is a book on things that never change. None of these things will probably surprise you, because you have heard or seen it before. Still, we tend to forget about some timeless truths. A few things I would like to remember:
- Forget hacks, tricks and tips. It is good old consistent hard work which gets the results. Do the simple, but not easy thing, and work at it consistently. Do not feel bad if you do not always enjoy it. It is supposed to be like that.
- Build in some inefficiency in your life. Do not listen to podcasts at every free moment, or put in some other "productive" activity. Good ideas come to you when you loiter around (preferably while walking in a park).
- Satisfaction is all about expectations management. Most of us reading this live the greatest of lives in human history, yet many are mired in mental health issues, feeling that life is hard. This often comes from comparison against other people (whose lives you actually do not know in detail). Manage your expectations.
Save like a pessimist, invest like an optimist. Endure the short term pain to enjoy long term benefits. Yes, it is cheesy. And yes, it is true.
February 16, 2024
It’s fine. Surface level examination of the topics described.
I agree with a lot of it, but the actual content is so shallow as to be almost worthless. Almost all the anecdotes come from longer form content and the paraphrasing misses a ton of nuance. Which is fine as a review of the topics if you’re familiar, and a really superficial and annoying skim if you’re not.
I bet this book was a ton of fun to write and research, reading it is kind of lame unless you just want to be able to regurgitate some talking points that will make you seem smart at your next cocktail party, or want a refresher on Talib, Ridley and similar thinkers
I agree with a lot of it, but the actual content is so shallow as to be almost worthless. Almost all the anecdotes come from longer form content and the paraphrasing misses a ton of nuance. Which is fine as a review of the topics if you’re familiar, and a really superficial and annoying skim if you’re not.
I bet this book was a ton of fun to write and research, reading it is kind of lame unless you just want to be able to regurgitate some talking points that will make you seem smart at your next cocktail party, or want a refresher on Talib, Ridley and similar thinkers
February 22, 2024
I consider Morgan Housel one of the best storytellers in the financial media. I have read a lot of the work on his blog and listened to his podcast, so a lot of the information in this book is quite familiar to me.
Same as Ever uses several illustrations from fields as diverse as biology to politics to make the case that there are non-changing principles which an investor can take advantage of. Morgan's work is always entertaining to read but I did not find his arguments convincing. For instance the fact that a tree exposed to too much sunlight early on can grow fast but not live as long does not mean a business which grows fast will die just as fast. And even if you could find some examples to support this, are we not trying to fit some correlation into where it does not belong?
Although I am unconvinced for the most part, I do think his argument about the importance of personal experience in defining our views and values is quite accurate. I also think the general message of learning from the past instead of spending countless hours forecasting the fine details of the future is important.
Overall an enjoyable read. But my final gripe is that Morgan seems to cite somebody every few paragraphs but I don't recall him citing any women. Read more women, Morgan!
Same as Ever uses several illustrations from fields as diverse as biology to politics to make the case that there are non-changing principles which an investor can take advantage of. Morgan's work is always entertaining to read but I did not find his arguments convincing. For instance the fact that a tree exposed to too much sunlight early on can grow fast but not live as long does not mean a business which grows fast will die just as fast. And even if you could find some examples to support this, are we not trying to fit some correlation into where it does not belong?
Although I am unconvinced for the most part, I do think his argument about the importance of personal experience in defining our views and values is quite accurate. I also think the general message of learning from the past instead of spending countless hours forecasting the fine details of the future is important.
Overall an enjoyable read. But my final gripe is that Morgan seems to cite somebody every few paragraphs but I don't recall him citing any women. Read more women, Morgan!
December 4, 2023
It was always going to be hard to stack up to his first book, but this fell far short despite tempered expectations.
In an interview, Housel mentioned that a mentor claimed you should only write a book if not writing the book is keeping you up at night.
Ironically, this doesn't adhere to that. The book is largely pulled from his blog posts on the topics and organized around a unifying theme.
There is some wisdom and a few great stories, but I knew most thanks to his blog. Unfortunately, Housel is talking about the best new stories in his interview tour.
In short, if you are a reader of the blog and listen to an interview or two that he did while marketing (Feriss) the book becomes redundant.
In an interview, Housel mentioned that a mentor claimed you should only write a book if not writing the book is keeping you up at night.
Ironically, this doesn't adhere to that. The book is largely pulled from his blog posts on the topics and organized around a unifying theme.
There is some wisdom and a few great stories, but I knew most thanks to his blog. Unfortunately, Housel is talking about the best new stories in his interview tour.
In short, if you are a reader of the blog and listen to an interview or two that he did while marketing (Feriss) the book becomes redundant.
December 4, 2023
I don’t know how Morgan Housel does it, but this is easily one of the best books of the year, and I’m sure it’ll be as popular as his previous book The Psychology of Money. In this book, Housel hits the nail right on the head. His overall thesis is that you don’t need to be a mastermind super forecaster to predict the future. Instead, you just need to understand human nature to know what’s going to happen in the future and what you can do to become a better decision-maker with this knowledge.
This is a fantastic book, and I’ll be reading it again in the future.
This is a fantastic book, and I’ll be reading it again in the future.
November 14, 2023
Felt like a compilation of already widely shared views and lost interest half way through and had to push myself to complete. Which is unfortunate for such a short book.
The book also talks about it, and compares books being water vs wine, but this felt like being someone filling and giving you a bottle from a stream right in front of you.
The book also talks about it, and compares books being water vs wine, but this felt like being someone filling and giving you a bottle from a stream right in front of you.
November 30, 2023
Psychology of Money is great. But this is a lazy book written by playing madlibs with a collection of the most banal Yogi Berra/Charlie Munger/Mark Twain type quotes imaginable.
Also it presupposes the reader thinks Elon Musk is basically admirable rather than a racist and conspiracy theorist.
Also it presupposes the reader thinks Elon Musk is basically admirable rather than a racist and conspiracy theorist.
March 22, 2024
I first heard Morgan Housel during Mark Manson’s Subtle art podcast. I loved the way he talked and the wisdom that came from him.
This book could’ve been more but it’s not as awesome I’d have expected it to be. It is a collection of good blogs.
This book could’ve been more but it’s not as awesome I’d have expected it to be. It is a collection of good blogs.
November 10, 2023
Good stuff. My proper review is here: https://patricksherriff.com/2023/11/1...
December 20, 2023
This was one of those books that doesn't just have one or two things to take from it but is full of learning points - I think that it is second only to Jim Collins "Good to Great" in that regard.
Here are some of what I learned from it:
Technology and medicine change over the years but human nature does not.
We'll always see greed, fear, jealousy, tribal affiliation, overconfidence, short sightedness,etc
We think that we are in control but we're not - it's impossible to predict the future.
Low expectations are the first rule of happiness - don't compare to what others have or what you think others have (see next point).
Everyone only tells you about what is going right for them and not the bad stuff. Most success has been harder work and less fun that it looks. Social media only exacerbates that.
Good news comes from compounding and takes time. Bad news can happen in an instant.
The secret to success is surviving short term problems so you are still around to benefit from progress in the long term.
Humans have a bias towards pessimism. The probability of really bad things happening is very low but with the internet now the sample size is huge as we know about everything happening all over the world so we think that everything is terrible and getting worse.
Most important innovations happen in response to terrible events when people are panicked, shocked, worried and the consequences of not acting are high but they may take a while afterwards to appear.
Story telling is vital.
The best story wins, not necessarily the best idea.
People are busy and emotional and influenced by a good story and being able to see a vision of the future much more than by statistics/facts.
Some real nuggets of wisdom.
The book is also a very easy to follow read because of the many practical examples given of each idea happening in history - it has a lot of quotes from the late Charlie Munger in it as well which is another big plus for me!
Here are some of what I learned from it:
Technology and medicine change over the years but human nature does not.
We'll always see greed, fear, jealousy, tribal affiliation, overconfidence, short sightedness,etc
We think that we are in control but we're not - it's impossible to predict the future.
Low expectations are the first rule of happiness - don't compare to what others have or what you think others have (see next point).
Everyone only tells you about what is going right for them and not the bad stuff. Most success has been harder work and less fun that it looks. Social media only exacerbates that.
Good news comes from compounding and takes time. Bad news can happen in an instant.
The secret to success is surviving short term problems so you are still around to benefit from progress in the long term.
Humans have a bias towards pessimism. The probability of really bad things happening is very low but with the internet now the sample size is huge as we know about everything happening all over the world so we think that everything is terrible and getting worse.
Most important innovations happen in response to terrible events when people are panicked, shocked, worried and the consequences of not acting are high but they may take a while afterwards to appear.
Story telling is vital.
The best story wins, not necessarily the best idea.
People are busy and emotional and influenced by a good story and being able to see a vision of the future much more than by statistics/facts.
Some real nuggets of wisdom.
The book is also a very easy to follow read because of the many practical examples given of each idea happening in history - it has a lot of quotes from the late Charlie Munger in it as well which is another big plus for me!
November 15, 2023
A collection of stories, a mindflow, a list of anecdotes. No coherent narrative whatsoever. Looks like it was born out of a lucrative deal that Morgan got after writing his super successful Psychology of Money, so he had to write about something.
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