Morgan Housel

But I think people like a lot of comedy.

You see it like it's funny because people are like, yes, that's true.

That's how it works.

I think a lot of it is like the richer you become, you realize that the big house and the fancy car didn't do anything for you.

It didn't give you what you thought it was going to give you.

And then so you're like, look, I'm just going to go back to utility.

Like status didn't do it for me, so I'm going to go back to utility.

It can also be the case that if you're successful and rich, you can gain your admiration and your attention through the business that you built or the intelligence that you have or the friendship that you can offer others.

And therefore your desire to be like, look at my car, look at how cool my car is, just goes down from there.

Yeah.

I think you'll see that in investing that like the absolute lay person will invest in index funds.

And the extremely experienced Wall Street veteran will invest in index funds as well.

And it's a person in the middle that just has like a little bit of intelligence, a little bit of experience, a little bit of information that is trying as hard as they can to outperform the market.

Yeah.

I think there's a truth to that.

There's an optimal level of intelligence that you want for investing, where you want to be smart enough to understand the basics, but not so smart that the basics bore you.

And a lot of people get so smart that they're like, look, index funds, compound interest, it's too boring.

I need something really complex.

to satisfy the intelligence that I have.

And there's a sweet spot where like for me, I'm just like, oh, index funds and compound interest.