Quotes by Morgan Housel

"Financial outcomes are driven more by behavior than intelligence — doing reasonable things consistently beats doing genius things occasionally."

"Luck and risk are siblings — both are the byproduct of the fact that not all outcomes are driven by individual effort."

"Compounding works best when it's given the most time, not necessarily the highest returns."

"Wealth is the money you don't spend — it's an option, not a possession."

""Enough" isn't too little — knowing your finish line prevents reckless risk-taking."

"People make financial decisions based on their own unique history, not universal logic."

"A "reasonable" plan you'll stick with beats an "optimal" plan you'll abandon in a downturn."

"Room for error (margin of safety) lets you survive the unpredictable middle so compounding can do the work."

"Nothing is as good or as bad as it seems — extreme outcomes rarely persist."

"You will change as a person over time — avoid financial decisions with permanent, irreversible consequences."