H I

“The solution is simple: Use room for error when estimating your future returns. This is more art than science. For my own investments, which I’ll describe more in chapter 20, I assume the future returns I’ll earn in my lifetime will be ⅓ lower than the historic average.”
― Morgan Housel, The Psychology of Money

“To put it another way”
― William F. Katz, Phonetics For Dummies

“But astrophysics is a field of precision. It isn’t impacted by the vagaries of human behavior and emotions, like finance is. Business, economics, and investing, are fields of uncertainty, overwhelmingly driven by decisions that can’t easily be explained with clean formulas, like a trip to Pluto can. But we desperately want it to be like a trip to Pluto, because the idea of a NASA engineer being in 99.99998% control of an outcome is beautiful and comforting.”
― Morgan Housel, The Psychology of Money

“Charlie Munger put it well: “The first rule of compounding is to never interrupt it unnecessarily.”
― Morgan Housel, The Psychology of Money