Morgan Housel (@morganhousel), partner at Collaborative Fund, and author of the book The Psychology of Money, joins Erik on this episode to discuss:

- Why it’s not realistic to be rational and an investor should aim to be merely reasonable instead.

- What people don’t understand about compounding.

- The difference between getting wealthy and staying wealthy.

- Bets on what is going to change vs. what is not going to change.

- Why people overestimate the benefit that money brings to them.

- The value of owning your time.

- What we can learn from the partnership of Buffett and Munger.

- His advice on resisting the allure of pessimism.

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