Sunday, October 11, 2020
Volume 1, Issue 44
There is virtue in simplicity.
Having a complicated life is often confused with having an interesting life, but often complexity just gets in the way of doing interesting things.
Personal finance is a topic that most people approach with a certain level of apprehension because it is perceived to be complicated. Furthermore, much of what one reads about the topic involves a certain level of unpleasantness. Being told to save more and spend less is, not surprisingly, not a message that most people want to hear!
Normally, referring to a book as a “quick read” isn’t necessarily a compliment. Morgan Housel’s new book, The Psychology of Money, is indeed a quick read, but I mean that as a compliment. Those who are familiar with Housel’s writing know that he has a talent for taking complex subjects and distilling them into articles that are both clear and concise. Now he has done the same in a book that approaches personal finance from the perspective of human psychology.
I’ve not had much time to read lately, but I took the book along on a recent flight. Many of the points Housel makes seem “obvious” to those of us who have a frugal mindset and some background in value investing. But the points he makes are not obvious for the vast majority of people. And he makes the points in a convincing way that’s likely to resonate widely.
I wrote a review of the book this morning which goes into more detail. I highly recommend reading the book!
Subscribers may notice that today’s email is slightly different than the 43 issues of Rational Reflections that have been published since the newsletter started in January. I have moved the newsletter to Substack, a platform that will allow me to publish content more frequently in a cost-effective manner. I plan to continue publishing a weekly curated collection of links to interesting articles each Wednesday. In addition, I will send out short emails, like this one, when I post longer format content on The Rational Walk.
Substack also offers the ability to introduce paid content. It is possible that additional content might be published behind a paywall in the future but for now everything will remain free. The archive of Rational Reflections is now available on substack as well as The Rational Walk’s newsletter page.
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