Morgan Housel

having a fight about money, they're debating about money.

It's two investors who have differing views.

Nine times out of 10, the people are not actually debating.

They just have different preferences and they're talking over each other.

And what they're saying is like, and if I believe X and you believe Y, a lot of times it's like, I view your opinion as a threat to me.

Because I know my views have a lot of uncertainty and they may or may not be right.

And if you believe something different, that's like an indication that I might be wrong and that makes me really uncomfortable.

That's exactly it, yes.

And people understand with food, like I like Mexican food.

You like Italian food.

Good, like great, like to each their own.

But with money, there is this feeling that there should be one right answer.

And if your answer is different than mine, one of us must be wrong.

And I think that's why finance can be more contentious than other fields like food, where it's just like, just figure out what works for you and go do it.

But we don't make that leap with finance.

All that matters in finance is it's not about what you know.

It's not about how smart you are.

It's not about how much information you have.

It's just about how you behave.

And there's almost no other field where that's the case, where somebody with no education and no experience and no background can massively outperform the person who has the highest education and the highest background.