Every stock market valuation is a number from today multiplied by a story about tomorrow. Morgan Housel is the best-selling author of The Psychology of Money and Same as Ever. Robert Brokamp interviewed Housel at our member event FoolFest. This episode is a cut of their conversation. They discuss: - Why professional money managers often underperform the market. - The relationship between success and luck for investors. - Saving like a pessimist and investing like an optimist. - What spreadsheets can’t tell you about spending. - The benefit of losing money early in an investing journey. Companies/Tickers Mentioned: TSLA Host: Robert Brokamp Guest: Morgan Housel Producer: Ricky Mulvey Engineer: Tim Sparks Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.