On today’s episode, Clay shares the most important lessons he’s learned from Morgan Housel.
Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:24 - Why the best story wins.
09:35 - Why the biggest risk is the one nobody sees coming. 
23:03 - The seduction of pessimism and why it pays to be an optimist.
27:18 - The importance of understanding ‘enough’.
44:42 - The importance of patience and investing with a long time horizon.
52:34 - The impact of debt. 
And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
<li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">TIP Mastermind Community</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
<li>Morgan’s books: <a href="https://amzn.to/47hJ4w3">The Psychology of Money</a> & <a href="https://amzn.to/4dOfdhu">Same as Ever</a>.</li>
<li>Morgan's <a href="https://collabfund.com/blog/podcast-with-howard-marks/">podcast on debt with Howard Mark</a>.</li>
<li>Related Episode: Listen to <a href="https://link.chtbl.com/WSB602">TIP602: Same as Ever w/ Morgan Housel</a>, or watch the <a href="https://www.theinvestorspodcast.com/episodes/same-as-ever-w-morgan-housel/">video</a>.</li>
<li>Related Episode: Listen to <a href="https://link.chtbl.com/WSB351">TIP351: The Psychology of Money w/ Morgan Housel</a>, or watch the <a href="https://www.theinvestorspodcast.com/episodes/psychology-of-money-w-morgan-housel/">video</a>.</li>
<li>Mentioned Episode: <a href="https://www.theinvestorspodcast.com/richer-wiser-happier/the-best-of-the-best-w-francois-rochon/">RWH016: The Best of the Best w/ Francois Rochon</a>.</li>
<li>Mentioned Episode: <a href="https://www.theinvestorspodcast.com/richer-wiser-happier/move-slow-win-big-w-thomas-russo/">RWH013: Move Slow, Win Big w/ Thomas Russo</a>.</li>
<li>Mentioned Episode: <a href="https://www.theinvestorspodcast.com/episodes/mastering-the-market-cycle-by-howard-marks/">TIP559: Mastering the Market Cycle w/ Howard Marks</a>.</li>
<li>Follow Clay on <a href="https://twitter.com/Clay_Finck">Twitter</a>.</li>
<li>Check out all the books mentioned and discussed in our podcast episodes <a href="https://prodcast.io/wsb">here</a>.</li>
<li>Enjoy ad-free episodes when you subscribe to our <a href="https://premium.theinvestorspodcast.com/">Premium Feed</a>.</li>
</ul>
<h3></h3>
<h3>NEW TO THE SHOW?</h3>
<ul>
<li>Follow our official social media accounts: <a href="https://twitter.com/TIP_Network">X (Twitter)</a> | <a href="https://www.linkedin.com/company/the-investor's-podcast/">LinkedIn</a> | <a href="https://www.instagram.com/theinvestorspodcastnetwork/">Instagram</a> | <a href="https://www.facebook.com/TheInvestorsPodcast">Facebook</a> | <a href="https://www.tiktok.com/@theinvestorspodcast">TikTok</a>.</li>
<li>Check out our <a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/">We Study Billionaires Starter Packs</a>.</li>
<li>Browse through all our episodes (complete with transcripts) <a href="https://www.theinvestorspodcast.com/we-study-billionaires/">here</a>.</li>
<li>Try our tool for picking stock winners and managing our portfolios: <a href="https://www.theinvestorspodcast.com/tip-finance/">TIP Finance Tool</a>.</li>
<li>Enjoy exclusive perks from our <a href="https://www.theinvestorspodcast.com/affiliates/">favorite Apps and Services</a>.</li>
<li>Stay up-to-date on financial markets and investing strategies through our daily newsletter, <a href="https://www.theinvestorspodcast.com/newsletters/">We Study Markets.</a>
</li>
<li>Learn how to better start, manage, and grow your business with the <a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/">best business podcasts</a>.</li>
</ul>

SPONSORS
Support our free podcast by supporting our <a href="https://theinvestorspodcast.com/sponsors">sponsors</a>:
<ul>
<li><a href="https://river.com/fundamentals">River</a></li>
<li><a href="https://buyatoyota.com/">Toyota</a></li>
<li><a href="https://landroverusa.com/">Range Rover</a></li>
<li><a href="https://www.thesoundadvisory.com/">Sound Advisory</a></li>
<li><a href="https://americanexpress.com/businessgoldcard">American Express</a></li>
<li><a href="https://www.thebitcoinway.com/tip">The Bitcoin Way</a></li>
<li><a href="https://vacasa.com/">Vacasa</a></li>
<li><a href="https://usps.com/advantage">USPS</a></li>
<li><a href="https://onrampbitcoin.com/">Onramp</a></li>
<li><a href="https://simplemining.io/preston">SimpleMining</a></li>
<li><a href="https://public.com/">Public</a></li>
<li><a href="https://fundrise.com/WSB">Fundrise</a></li>
<li><a href="https://bamcapital.com/billionaire">BAM Capital</a></li>
<li><a href="https://shopify.com/wsb">Shopify</a></li>
</ul>

HELP US OUT!
Help us reach new listeners by leaving us a <a href="https://docs.google.com/presentation/d/1Rnl5KGxmrYISQ7UfbEREMN-AD6b40i6CwWUbXaTabmI/edit">rating and review</a> on<a href="https://podcasts.apple.com/us/podcast/we-study-billionaires-the-investors-podcast-network/id928933489"> Apple Podcasts</a>! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! <a href="https://theinvestorspodcastnetwork.supportingcast.fm/">https://theinvestorspodcastnetwork.supportingcast.fm</a>

Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>
Support our show by becoming a premium member! <a href="https://theinvestorspodcastnetwork.supportingcast.fm">https://theinvestorspodcastnetwork.supportingcast.fm</a>

Stig T. Brodersen

Preston Pysh

William Green

Clay Finck

TIP657: Morgan Housel's Lessons to Build Wealth w/ Clay Finck

On today’s episode, Clay shares the most important lessons he’s learned from Morgan Housel. Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 [&hellip;]

We Study Billionaires Episode #927

TIP657: Morgan Housel's Lessons to Build Wealth w/ Clay Finck