Morgan Housel

But when a majority of people expect a top 5% outcome the result is guaranteed mass disappointment.

Cycles are so hard to predict, because it’s easier to forecast in straight lines.

The internet is unique in the history of technology because there’s a list of things it improved (communication, access to information) but another list of things it likely made worse for almost everybody

you start to see it as a constraint on the asset that matters most: having options and flexibility

I think this is the most practical way to think about debt: As debt increases, you narrow the range of outcomes you can endure in life.

you want to learn the big lessons about why things behave the way they do without assuming the past is a direct guide to the future, because it’s not – most of the details are not repeatable

It’s so important to know the difference between the two when attempting to learn from someone. You want to try to emulate skills that are repeatable.

There is no such thing as an objective level of wealth. Everything is relative to someone else.

Unspent money buys something intangible but valuable: freedom, independence, autonomy, and control over your time.

There are two ways to use money. One is as a tool to live a better life. The other is as a yardstick of status to measure yourself against others.