the psychology of money by morgan - emedicodiary

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for my parents, who teach me. gretchen, who guides me. miles and reese, who inspire me. introduction: the greatest show on earth 1. no one’s crazy 2. luck & risk 3. never enough 4. confounding compounding 5. getting wealthy vs. staying wealthy 6. tails, you win 7. freedom 8. man in the car paradox 9. wealth is what you don’t see 10. save money 11. reasonable > rational 12. surprise! 13. room for error 14. you’ll change 15. nothing’s free 16. you & me 17. the seduction of pessimism 18. when you’ll believe anything 19. all together now 20. confessions postscript: a brief history of why the u.s. consumer thinks the way they do endnotes acknowledgements publishing details “a genius is the man who can do the average thing when everyone else around him is losing his mind.” —napoleon “the world is full of obvious things which nobody by any …

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s a $500 lamp and he’d have to replace it. “you want five hundred dollars?” the executive asked incredulously, while pulling a brick of cash from his pocket and handing it to the manager. “here’s five thousand dollars. now get out of my face. and don’t ever insult me like that again.” you may wonder how long this behavior could last, and the answer was “not long.” i learned years later that he went broke. the premise of this book is that doing well with money has a little to do with how smart you are and a lot to do with how you behave. and behavior is hard to teach, even to really smart people. a genius who loses control of their emotions can be a financial disaster. the opposite is also true. ordinary folks with no financial education can be wealthy if they have a handful of behavioral …

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he get all that money? it turned out there was no secret. there was no lottery win and no inheritance. read saved what little he could and invested it in blue chip stocks. then he waited, for decades on end, as tiny savings compounded into more than $8 million. that’s it. from janitor to philanthropist. a few months before ronald read died, another man named richard was in the news. richard fuscone was everything ronald read was not. a harvard-educated merrill lynch executive with an mba, fuscone had such a successful career in finance that he retired in his 40s to become a philanthropist. former merrill ceo david komansky praised fuscone’s “business savvy, leadership skills, sound judgment and personal integrity.”¹ crain’s business magazine once included him in a “40 under 40” list of successful businesspeople.² but then—like the gold-coin-skipping tech executive—everything fell apart. in the mid-2000s fuscone borrowed heavily to …

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cinating thing about these stories is how unique they are to finance. in what other industry does someone with no college degree, no training, no background, no formal experience, and no connections massively outperform someone with the best education, the best training, and the best connections? i struggle to think of any. it is impossible to think of a story about ronald read performing a heart transplant better than a harvard-trained surgeon. or designing a skyscraper superior to the best-trained architects. there will never be a story of a janitor outperforming the world’s top nuclear engineers. but these stories do happen in investing. the fact that ronald read can coexist with richard fuscone has two explanations. one, financial outcomes are driven by luck, independent of intelligence and effort. that’s true to some extent, and this book will discuss it in further detail. or, two (and i think more common), that …

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u nothing about what happens in your head when you try to do it. two topics impact everyone, whether you are interested in them or not: health and money. the health care industry is a triumph of modern science, with rising life expectancy across the world. scientific discoveries have replaced doctors’ old ideas about how the human body works, and virtually everyone is healthier because of it. the money industry—investing, personal finance, business planning—is another story. finance has scooped up the smartest minds coming from top universities over the last two decades. financial engineering was the most popular major in princeton’s school of engineering a decade ago. is there any evidence it has made us better investors? i have seen none. through collective trial and error over the years we learned how to become better farmers, skilled plumbers, and advanced chemists. but has trial and error taught us to become …

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for my parents, who teach me. gretchen, who guides me. miles and reese, who inspire me. introduction: the greatest show on earth 1. no one’s crazy 2. luck & risk 3. never enough 4. confounding compounding 5. getting wealthy vs. staying wealthy 6. tails, you win 7. freedom 8. man in the car paradox 9. wealth is what you don’t see 10. save money 11. reasonable > rational 12. surprise! 13. room for error 14. you’ll change 15. nothing’s free 16. you & me 17. the seduction of pessimism 18. when you’ll believe anything 19. all together now 20. confessions postscript: a brief history of why the u.s. consumer thinks the way they do endnotes acknowledgements publishing details “a genius …

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