Morgan Housel

It's supposed to be the tippity top of the best.

And it's the same in investing.

Like there should not be a world in which every –

ambitious stock picker can beat the market.

Of course, whenever you hear the statistics about 95% of mutual funds underperform their benchmark, I'm like, yeah, what would you expect?

Do you expect it to be 100%?

Like everyone who tries just prints money?

Of course, it's hard.

And so a lot of that, but of course, in that situation, everybody thinks they're part of the 1% who can do it.

But it shouldn't surprise anyone that very few people can.

It makes sense if it's the right neighborhood for you and your family, where you want to live for a long period of time, and is within reason of your household budget.

Now, that's a completely different topic of what percentage it should be.

That's a different thing.

But you should not do it because you have – even if you don't define it like this in your head because you have some level of FOMO.

of man, housing prices have gone up a lot and like, oh, that house looks so nice and things would be, and we can't really afford it.

Oh, it's going to be a huge stretch, but oh, life will be so much better in there.

That's the worst reason to own a house.

Part of this that I have a lot of empathy for, and I think actually explains a lot of the fertility crisis in the Western world is that most parents, even if they don't actually vocalize this,

want to check a couple boxes before they have a child the first child one of the biggest one is own a house and as housing becomes more unaffordable all over the western world it's like this in the uk it's like this in canada it's like this in australia the more unaffordable it gets the more you're going to have good people with good jobs and solid marriages and they're 28 29 years old

And in any other era would start having a family.