Here are three lessons from this conversation with investment writer Morgan Housel:
Lesson #1: Great investors need patience and humility.
Lesson #2: Read broadly.
Don’t just read books about finance and investing. Read from a broad multi-disciplinary array of subjects, so that you can form a latticework of ideas.
Lesson #3: Play a strong defense.
On the surface, it seems like playing defense is a conservative strategy. Emergency funds and a strong income-producing allocation, for example, both sound conservative.
But in the long-term it could prove to be the opposite.
Enjoy this interview, which originally aired in April 2018.