Steven

So compound interest is the most misunderstood thing about investing because that's what builds wealth. If you look at like Warren Buffett, he wouldn't want to get haircuts because if he invested that money and leave it alone for 50 years, in his mind, a haircut would cost $10,000.

Thank you, Steve. It's so good to be back. I think what I like about what you just said, and thank you for that, is that you said the book changed how you think. And that's important because the book does not tell you what to do. Nowhere in the book do I say, this is how you should invest your money. This is how you should spend your money. Because you're different from me and everyone else.

Thank you, Steve. It's so good to be back. I think what I like about what you just said, and thank you for that, is that you said the book changed how you think. And that's important because the book does not tell you what to do. Nowhere in the book do I say, this is how you should invest your money. This is how you should spend your money. Because you're different from me and everyone else.

We're all different. I've always just been interested in how people think. Like what's going through your head when you're making investing decisions? And if you can understand greed, fear, risk, envy, jealousy, those topics, that is way more important than anything they will teach you in a PhD finance course at Harvard.

We're all different. I've always just been interested in how people think. Like what's going through your head when you're making investing decisions? And if you can understand greed, fear, risk, envy, jealousy, those topics, that is way more important than anything they will teach you in a PhD finance course at Harvard.

Not that the technical stuff doesn't matter, but the psychological stuff with money is everything. I mean, so many money problems in the real world have to do with impatience, envy, greed, That's it. It's not that people don't know the formulas, don't know the data, don't know how to calculate compound interest by hand. None of that matters. It's envy. It's impatience.

Not that the technical stuff doesn't matter, but the psychological stuff with money is everything. I mean, so many money problems in the real world have to do with impatience, envy, greed, That's it. It's not that people don't know the formulas, don't know the data, don't know how to calculate compound interest by hand. None of that matters. It's envy. It's impatience.

And so that, as a writer, that's what I was always interested in. I'm tired of people giving advice and saying, these are the stocks you should buy. And here's what the economy is going to do next quarter. No one was any good at it. But I was always just fascinated in what's going on in people's heads. And you asked why is that important right now. Well, I think it's always important.

And so that, as a writer, that's what I was always interested in. I'm tired of people giving advice and saying, these are the stocks you should buy. And here's what the economy is going to do next quarter. No one was any good at it. But I was always just fascinated in what's going on in people's heads. And you asked why is that important right now. Well, I think it's always important.

Like those topics of – the subtitle is timeless lessons because I think a lot of these things were as true 1,000 years ago as they will be 1,000 years from now. Like greed and envy and impatience is just ingrained in how people think. It always has been. And so you see what's going on right now with – tariffs in the economy, stock market's gone up a lot, Bitcoin's gone up a lot.

Like those topics of – the subtitle is timeless lessons because I think a lot of these things were as true 1,000 years ago as they will be 1,000 years from now. Like greed and envy and impatience is just ingrained in how people think. It always has been. And so you see what's going on right now with – tariffs in the economy, stock market's gone up a lot, Bitcoin's gone up a lot.

So these points have always been true, but a lot of them are magnified right now. A lot of people have made a lot of money on Bitcoin. A lot of people are losing a lot of money on tariffs. So greed, fear, envy, it all kind of just collides. It is right now.

So these points have always been true, but a lot of them are magnified right now. A lot of people have made a lot of money on Bitcoin. A lot of people are losing a lot of money on tariffs. So greed, fear, envy, it all kind of just collides. It is right now.

It has the potential to be the biggest economic story of our lives. It doesn't have to be. One thing that's very interesting about the tariff story is that if you compare it to 9-11 or COVID or 2008, the banking crisis, the tariff... issue that we're going through right now can be ended in one minute. There's a button on the president's desk that says, end it right now.

It has the potential to be the biggest economic story of our lives. It doesn't have to be. One thing that's very interesting about the tariff story is that if you compare it to 9-11 or COVID or 2008, the banking crisis, the tariff... issue that we're going through right now can be ended in one minute. There's a button on the president's desk that says, end it right now.

And even if that did happen, there would still be some lingering damage in terms of trust and reputation. But there was no button on the president's desk for COVID that said, end this all right now. It didn't exist. And 9-11 and Lehman Brothers in 2008, once those risks hit, we just had to deal with them through their finish. This is different because it can and is changing by the day.

And even if that did happen, there would still be some lingering damage in terms of trust and reputation. But there was no button on the president's desk for COVID that said, end this all right now. It didn't exist. And 9-11 and Lehman Brothers in 2008, once those risks hit, we just had to deal with them through their finish. This is different because it can and is changing by the day.

So when people have a take on what's going on right now, that take might be stale an hour from now. But it's absolutely true that the global economy, to an extent that I think people don't appreciate enough, is a very complicated, intricate machine. And most economic problems come when people like try to fiddle with that machine a little bit.

So when people have a take on what's going on right now, that take might be stale an hour from now. But it's absolutely true that the global economy, to an extent that I think people don't appreciate enough, is a very complicated, intricate machine. And most economic problems come when people like try to fiddle with that machine a little bit.

They're like, oh, let's turn this dial by one degree and see what happens. And then like, oh, it blows up. Oh, I shouldn't have done that. Tariffs is like, let's hit it with a baseball bat a couple times. Let's hit it with like a crowbar and see what happens. Like the global economy is so interconnected.