Morgan Housel

So you have to be very careful not anchoring too much to that to the extent that you can.

The vast majority is the Vanguard Total Stock Market Index, VTI.

Not all of it, but the vast, vast majority is that.

It is as broad as you can get.

It basically owns every stock in every company, in every industry, in every size in the U.S.

I really don't own much of any.

No, I don't own any international funds.

Part of that is I don't think you necessarily need to because even among U.S.-based companies, they're doing half their revenue or more overseas.

And so you get international exposure even within that.

I know some people would push back at that and disagree that different markets have cycles at different times, so you should diversify.

But I just want to keep it simple.

I think that's maybe the point.

Even when people would be like, oh, you shouldn't own VTI.

You should own this index.

You should own international exposure.

I'm like, we could twist that wheel all day.

Like, I just want to keep it simple.

I own a slice of US capitalism and that is totally adequate for me and just keep it going from there.

So I just, the purpose is to keep it as brainless as possible so that I can focus all of my attention on what I think actually matters, which is endurance and longevity.

The correlation between the S&P 500, 500 companies, and VTI, 7,000 companies, is very, very high.