AtlasShrugged
Recycles dryer sheets
- Joined
- Sep 10, 2015
- Messages
- 105
Morgan Housel regularly serves up brilliant insights in his writings. I thought his blog post from October 1st entitled, Common Causes of Very Bad Decisions, was particularly insightful. See the link below.
Here's one cause of bad decisions that's really worth remembering.
"Being influenced by the actions of people who are playing a different game than you are. The idea that advice can be good for one person and terrible for another is rarely obvious. Taking your cues and advice from people with different goals, abilities, and desires than you is an easy road to misery. But it’s common, because smart people you look up to tell you it’s good advice. The number of things that are true for everyone in finance is small; everything else is just figuring out how much risk you want to take and what you want out of life, which is different for everyone."
https://www.collaborativefund.com/blog/bad-decisions/
Here's one cause of bad decisions that's really worth remembering.
"Being influenced by the actions of people who are playing a different game than you are. The idea that advice can be good for one person and terrible for another is rarely obvious. Taking your cues and advice from people with different goals, abilities, and desires than you is an easy road to misery. But it’s common, because smart people you look up to tell you it’s good advice. The number of things that are true for everyone in finance is small; everything else is just figuring out how much risk you want to take and what you want out of life, which is different for everyone."
https://www.collaborativefund.com/blog/bad-decisions/