The Psychology Of Moneyby Morgan Housel
Expertise in finance requires an understanding of human psychology. This book does a great job on connecting the two and making it easy to comprehend financial concepts.
Your relationship with money depends largely on your upbringing.
Even as adults, our views depend on personal experience.
Most people are poor at thinking long-term. We tend to overreact to current events, unable to keep our cool when we hear pundits making dire forecasts.
Few of us appreciate the incredible power of compounding interest.
We also fail to understand that the majority of one’s financial return comes from a minority of extraordinary successes.
You can make more bad decisions than good ones and still end up with the largest rewards.
In business, almost everything is driven by extraordinary events at the “tail” end of the distribution curve.
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