Max’s Reviews > The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness > Status Update

Finish chapter 20. Confessions. A passive investor with high savings rate and take no mortgage.

Finish chapter 19. All together now. A summary of the whole book.

Finish chapter 18. When you’ll believe anything. Appealing fictions, and why stories are more powerful than statistics.

Optimism sounds like a sales pitch.
Pessimism sounds like someone trying to help you.

Finish chapter 16. You & me. We are not playing the same investment game. Investors often innocently take cues from other investors who are playing a different game than they are.

Finish chapter 15 Nothing‘s free. Volatility is fee, not fine.

Finish chapter 14. You’ll change. Forget about sunk cost.

Finish chapter 13. Room for error. Margin of safety. You can’t prepare for what you can’t envision.

Start chapter 12 room for error. The most important part of every plan is planning on your plan not going according to plan.

Finish chapter 12. Surprise. Historians are not prophets. The intelligent investors’s formula no longer work. The further back in history you look, the more general your takeaways should be. Fat tail.