Key Takeaways
- Risk is what remains after you’ve tried to mitigate everything you can think of. Risk is what you don’t (or can’t) see
- The first rule of happiness is low expectations
- People who think about the world and unique ways you like will also think about the world and unique way you don’t like
- Beware relational economics – don’t compare yourself with the Joneses
- People don’t want accuracy, they want certainty
- Stories always more powerful than statistics (especially when things are complex)
- New way of looking at things leads to far more innovation than new ways of doing things
- The world is driven by forces that cannot be measured
- Calm isn’t crazy, crazy is normal
- A good idea on steroids often becomes a terrible idea
- Stress focuses your attention in ways good times can’t
- Slow growth in early years tends to aid in duration
- Good things take time but bad things can come immediately
- Be an optimist in the long run but a pessimist in the short run
- There is a huge advantage to being a little imperfect – A little inefficiency is wonderful
- Everything worth pursuing comes with some pain. The trick is not minding it
- All competitive advantages eventually die
What I got out of it
- Before we can understand what is changing in our world we have to first understand what is staying the same. Housel explains how we can use what we already know to help better understand what may happen and prepare for it.
