Success and failure in finance are deeply influenced by randomness. Bill Gates succeeded not just because of skill, but also because of access, timing, and luck. Risk works the same way in reverse. Housel emphasizes humility and caution in financial planning.
Grounded in probabilistic thinking and narrative fallacy.
53
360 reads
CURATED FROM
IDEAS CURATED BY
A behavioral look at how we think and act about money. Morgan Housel reveals that financial success is less about IQ and more about mindset like humility, patience, and long-term thinking matter more than spreadsheets or stock picks.
“
Similar ideas to 2. Luck & Risk
Nothing is as good or as bad as it seems. Every outcome in life is guided by forces other than individual effort. Bill Gates had a competitive advantage over millions of other students because he attended one of the only high schools in the world that had the cash and foresig...
Luck-skill attribution error distorts how we understand financial outcomes. This cognitive bias manifests because:
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates