Morgan Housel

And so it's one thing to say, I will be greedy when others are fearful.

It's way different to actually do it.

And most people, if you ask them the question,

how would you feel psychologically right now if the stock market fell 50%?

In that exercise, what they do is they imagine a world where everything is exactly the same as it is today, except stocks are half the price.

And in that context, you're like, that's great.

It's wonderful.

But the reason that there is volatility is because there is something going on in the world

for which nobody knows what's going to happen next, that probably nobody saw coming, that probably is a legitimate threat to you and your family's well-being, if not your health well-being and whatnot.

And in that context, it's much more difficult to be like, oh, take the long term and buy.

You can do it.

The good people do it.

The good investors do it.

But that's why it should be that way.

It should not be the case where everyone who reads The Intelligent Investor can go out and exploit the deepest opportunities.

Of course it's hard.

And I use this analogy a lot of like what percentage of college athletes make it to the NBA, let's say.

I don't know the number, but I bet it's like 1%, maybe 3%, something like that.

And people are like, yeah, that's how it should work.

Like there's no world in which everyone who wants to be a pro basketball player can do it.