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“Compounding doesn’t rely on earning big returns. Merely good returns sustained uninterrupted for the longest period of time—especially in times of chaos and havoc—will always win.”
― The Psychology of Money
― The Psychology of Money
“The End of History Illusion is what psychologists call the tendency for people to be keenly aware of how much they’ve changed in the past, but to underestimate how much their personalities, desires, and goals are likely to change in the future.”
― The Psychology of Money
― The Psychology of Money
“Daniel Kahneman once told me about the stories people tell themselves to make sense of the past. He said: Hindsight, the ability to explain the past, gives us the illusion that the world is understandable. It gives us the illusion that the world makes sense, even when it doesn’t make sense. That’s a big deal in producing mistakes in many fields.”
― The Psychology of Money
― The Psychology of Money
“Conservative is avoiding a certain level of risk. Margin of safety is raising the odds of success at a given level of risk by increasing your chances of survival. Its magic is that the higher your margin of safety, the smaller your edge needs to be to have a favorable outcome.”
― The Psychology of Money
― The Psychology of Money
“Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort. They are so similar that you can’t believe in one without equally respecting the other. They both happen because the world is too complex to allow 100% of your actions to dictate 100% of your outcomes. They are driven by the same thing: You are one person in a game with seven billion other people and infinite moving parts. The accidental impact of actions outside of your control can be more consequential than the ones you consciously take.”
― The Psychology of Money
― The Psychology of Money
Alexandra’s 2025 Year in Books
Take a look at Alexandra’s Year in Books, including some fun facts about their reading.
179 books
|
1 friend
24 books
|
13 friends
6 books
|
9 friends
469 books
|
14 friends
373 books
|
39 friends
120 books
|
49 friends
3 books
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27 friends
10 books
|
118 friends
More friends…
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