Same as Ever Quotes

“Investor Jim Grant once said: To suppose that the value of a common stock is determined purely by a corporation’s earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defense of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed. That’s”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“Carved on the wall at University of Chicago is a quote from Lord Kelvin that says, “When you cannot measure, your knowledge is meager and unsatisfactory.” He’s not wrong, but the danger is assuming that if something can’t be measured it doesn’t matter. The opposite is true: Some of the most important forces in the world—particularly those regarding people’s personalities and mindsets—are nearly impossible to measure and impossible to predict. Jeff Bezos once said, “The thing I have noticed is when the anecdotes and the data disagree, the anecdotes are usually right. There’s something wrong with the way you are measuring it.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“The world is driven by forces that cannot be measured. Alot of things don’t make any sense. The numbers don’t add up, the explanations are full of holes. And yet they keep happening—people making crazy decisions and reacting in bizarre ways that seem to defy rational thinking.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“They are uncomfortable questions and difficult to answer. But if you’re honest with yourself you’ll see how many people, and how many beliefs, fall into these buckets. And then you’ll see the truth—that the best story wins.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“Great books are wine,” Twain said, “but my books are water. But everybody drinks water.” He found the universal emotions that influence everyone, regardless of who they were or where they were from, and got them to nod their heads in the same direction. It’s nearly magic. Guiding people’s attention to a single point is one of the most powerful life skills.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“Or take the stock market. The valuation of every company is simply a number from today multiplied by a story about tomorrow. Some companies are incredibly good at telling stories, and during some eras investors become captivated by the wildest ideas of what the future might bring. If you’re trying to figure out where something is going next, you have to understand more than its technical possibilities. You have to understand the stories everyone tells themselves about those possibilities, because it’s such a big part of the forecasting equation.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“In a perfect world, the importance of information wouldn’t rely on its author’s eloquence. But we live in a world where people are bored, impatient, emotional, and need complicated things distilled into easy-to-grasp scenes.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“The other thing to keep in mind is to have a wider imagination. No matter what the world looks like today, and what seems obvious today, everything can change tomorrow because of some tiny accident no one’s thinking about. Events, like money, compound. And the central feature of compounding is that it’s never intuitive how big something can grow from a small beginning.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“try to keep two things in mind in a world that’s this vulnerable to chance and accident. One is highlighting this book’s premise—to base predictions on how people behave rather than on specific events. Predicting what the world will look like fifty years from now is impossible. But predicting that people will still respond to greed, fear, opportunity, exploitation, risk, uncertainty, tribal affiliations, and social persuasion in the same way is a bet I’d take. Forecasting events is hard because it’s easy to skip the question “And then what?” Saying “Higher gas prices will cause people to drive less” seems logical. But then what?”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“You want to feel a gap between what you expected and what actually happened.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“Your preparation shouldn’t make sense in a world where the biggest historical events all would have sounded absurd before they happened.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“History knows three things: 1) what’s been photographed, 2) what someone wrote down or recorded, and 3) the words spoken by people whom historians and journalists wanted to interview and who agreed to be interviewed. What percentage of everything important that’s ever happened falls into one of those three categories? No one knows. But it’s tiny. And all three suffer from misinterpretation, incompleteness, embellishment, lying, and selective memory. When your view of what’s happening and has happened in the world is so limited, it’s easy to underestimate what you don’t know, what else could be happening right now, and what could go wrong that you’re not even envisioning.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“What have you experienced that I haven’t that makes you believe what you do? And would I think about the world like you do if I experienced what you have?”
― Morgan Housel, Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life

“it’s eating more small snacks throughout the day. It’s a good example of how lots of things work. Most catastrophes come from a series of tiny risks—each of which is easy to ignore—that multiply and compound into something huge.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“carefree and stress-free life sounds wonderful only until you recognize the motivation and progress it prevents. No one cheers for hardship—nor should they—but we should recognize that it’s the most potent fuel of problem-solving, serving as both the root of what we enjoy today and the seed of opportunity for what we’ll enjoy tomorrow.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“The grass is always greener on the side”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“An artist is a sort of emotional historian.
- James Baldwin”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“An artist is a sort of emotional historian.

James Baldwin”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“What are we ignoring today that will seem shockingly obvious in the future?”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“When you focus on what never changes, you stop trying to predict uncertain events and spend more time understanding timeless behavior.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“When you first start to study a field, it seems like you have to memorize a zillion things. You don’t. What you need is to identify the core principles—generally three to twelve of them—that govern the field. The million things you thought you had to memorize are simply various combinations of the core principles.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“An important lesson from history is that the long run is usually pretty good and the short run is usually pretty bad.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“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.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“Charlie Munger once noted: “The safest way to try to get what you want is to try to deserve what you want. It’s such a simple idea. It’s the golden rule. You want to deliver to the world what you would buy if you were on the other end.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“The biggest risk and the most important news story of the next ten years will be something nobody is talking about today.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“Peter Kaufman, CEO of Glenair and one of the smartest people you will ever come across, once wrote: 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.”
― Morgan Housel, Same as Ever: A Guide to What Never Changes

“If you read good books, you'll have a better time understanding what you should or shouldn't pay attention to in the news.”
― Morgan Housel, SAME AS EVER: Timeless Lessons on Risk, Opportunity and Living a Good Life

“There are three ways to be a professional writer:
1. Lie to those who want to be lied to, and you'll get rich.
2. Tell the truth to those who want the truth and you'll make a living.
3. Tell the truth to those who want to be lied to, and you'll go broke.”
― Morgan Housel, SAME AS EVER: Timeless Lessons on Risk, Opportunity and Living a Good Life

“Incentives: the most powerful force in the world. When the incentives are crazy, the behavior is crazy. People can be lead to justify and defend nearly anything.”
― Morgan Housel, SAME AS EVER: Timeless Lessons on Risk, Opportunity and Living a Good Life

“Keep running. No competitive advantage is so powerful that it can let you rest on your laurels. In fact, the ones that appears to do so tends to see to their own demise.”
― Morgan Housel, SAME AS EVER: Timeless Lessons on Risk, Opportunity and Living a Good Life