Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed. Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel. IN THIS EPISODE YOU’LL LEARN: 0:00:00 - Intro 0:01:13 - The key themes that never change in our world. 0:03:26 - Why the world is much more fragile than we’re led to believe. 0:08:23 - Why the biggest risk is the one you don’t see coming.  0:14:18 - Why successful stock picking is about so much more than the numbers. 0:17:49 - The importance of thinking probabilistically. 0:21:26 - The true power of exceptional storytelling. 0:23:49 - Why every stock valuation is a number from today multiplied by a story about tomorrow. 0:26:28 - Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected. 0:29:42 - Morgan’s investment approach. 0:32:01 - Why most investor's biggest advantage is patience. 0:35:30 - Why most competitive advantages eventually die. 0:47:38 - How the world’s most successful people utilize inefficiency and slack to achieve more. 0:52:19 - Why Morgan writes for an audience of one. 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Clay and the other community members: https://theinvestorspodcast.com/mastermind 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - 1% Action Will Change Your Life | The Psychology of Money: https://www.youtube.com/watch?v=b6lTfy1VwGM - Timeless Lessons on Wealth, Greed, and Happiness | The Psychology Of Money With Morgan Housel: https://www.youtube.com/watch?v=OP4YRSORF-U - 3 Things to Master | The Psychology of Money by Morgan Housel: https://www.youtube.com/watch?v=vLlqS6l3vkU - The Book That Changes Your Financial Life | The Psychology of Money by Morgan Housel Book Review: https://www.youtube.com/watch?v=kXNEBJ3zi6g - The Most Important Things That Will Matter is How You Behave - Morgan Housel: https://www.youtube.com/watch?v=xeRbbIN-23c 🎧 Listen to our episodes here: https://link.chtbl.com/TIP-WSB 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/same-as-ever-w-morgan-housel/ 📖  BOOKS MENTIONED: - Same as Ever by Morgan Housel: https://amzn.to/3S4ceYu - The Psychology of Money by Morgan Housel: https://amzn.to/3UbpxsN Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.