The Investment Strategy To Build Generational Wealth (ft. Morgan Housel)

Earning average returns for an above average period of time is way more lucrative than trying to earn superior returns for a shorter period of time.

What are the three biggest economic stories of our adult lives. By far, by an order of magnitude, it's September 11th, Lehman Brothers collapsing, and COVID ... And the common denominator is no one saw them coming.

This is where moderation in finance is actually going to lead to the biggest returns—because what matters is not necessarily what are the best returns you can earn this year? That's what everyone chases, but that's not what matters. What matters is what are the best returns that you can sustain for the longest period of time?

If you can earn average returns for 50 years, you're going to end up in the top 1% of all investors—and you do it with zero effort.

We have two young kids, and we are pretty hell-bent on not spoiling them. They live an amazing life. And we live in a great house. They'll have a great education. They'll live the top .01% of lives. But we don't want to raise spoiled little pricks.

In all of evolution, what matters is not how much success you have; it matters that you have more success than the other person.

Outside of India and Africa, almost the entire world is shrinking population-wise ... China's working-age population, age 16 to 64, will decline by 200 million people between now and 2050.

I think the closest analogy to the book industry is probably professional sports where 99.9% of high school basketball players will never make the NBA.... but then you have a couple of LeBron James/Michael Jordan's who go on to make a billion-dollars doing it.

I'm pretty sure there are more billionaire authors than there are billionaire athletes—even in a world in which 99.9% of books will sell, you know, a couple thousand copies or less, if that.