I would struggle to pick my favourite Morgan Housel article – I was already a fan back in his Motley Fool days – but he just posted another.
Urging investors to play their own game, Housel says:
Someone recently asked how my investment views have changed in the last decade.
I said I’m less judgemental about how other people invest than I used to be.
It’s so easy to lump everyone into a category called ‘investors’ and view them as playing on the same field called ‘markets’.
But people play wildly different games.
If you view investing as a single game, then you think every deviation from that game’s rules, strategies, or skills is wrong.
But most of the time you’re just a marathon runner yelling at a powerlifter.
So much of what we consider investing debates and disagreements are actually just people playing different games unintentionally talking over each other.
As Monevator’s resident naughty investor who finds it hard to write freely on his own blog these days, I hear you Morgan.
Of course that’s my choice. I believe most people should be passive investors. So I’m wary of leading the wrong people off the right path.
Still, we’re big fans of do it yourself investing around here. For me that starts with realizing there’s no one right way to be an investor.
Lots of people have insights to share – even if it’s just to reinforce why you’re doing it your way. And soon we’ll bringing you some of these additional perspectives, courtesy of our very successful call for new writers a few weeks ago.
For now, have a great weekend! Only three sleeps to go until we can eat under a strange ceiling, like civilized human beings.
Are bonds a good investment in 2021? – Monevator
Investing for beginners: Risk, returns, time, and diversification – Monevator
From the archive-ator: Seven reasons why you shouldn’t start your own business – Monevator
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OECD calls for higher inheritance tax after pandemic – Guardian
Monzo to offer paid leave after pregnancy loss – Guardian
AirBnB sees surge from staycations and vaccinated boomers – ThisIsMoney
Hostile UK border regime traumatizes visitors from the EU – Guardian
Exodus of EU truckers leaves UK hauliers facing shortages [Search result] – FT
Eviction ban to end 1 June: what it means for renters and landlords – Which
Meet the academic who fired up moonshot investing [Search result] – FT
Products and services
TSB launches two-year fixed mortgage with a rate below 1% – ThisIsMoney
Why Britons have been buying woodland during the Covid crisis – Guardian
Bitcoin’s waning dominance stirs warnings of crypto market froth – Yahoo
High Street names pledge to keep taking cash at their tills – Which
Sign-up to Freetrade via my link and we can both get a free share worth between £3 and £200 – Freetrade
Thematic ETFs are booming in today’s manic market – Axios
Counting the cost of your lockdown subscription services – ThisIsMoney
Homes for sale near theatres, in pictures – Guardian
Comment and opinion
Perspective – Indeedably
UK property is booming, but nobody has noticed [Podcast] – Property Hub
Four investing lessons from David Swensen – Of Dollars and Data
Let’s talk about inflation – Pragmatic Capitalism
Trust fund kids are not taking over the world [Search result; disagree] – FT
Individual stocks have crashed while the US market soars – AWOCS
Beware of sci-fi portfolios – ETF.com
Women and financial literacy: more uncertain than not knowing [Research] – SSRN
Expensive US market mini-special
Various ways in which the US market looks pricey these days – Validea
Howard Marks finds nothing to buy in expensive market – Bloomberg via Yahoo
The US CAPE ratio is very high and it will matter… – The Irrelevant Investor
…which is why it makes sense to take action now – Compound Advisors
Naughty corner: Active antics
Fund managers can be ‘nudged’ into outperformance – Institutional Investor
Our best investments are often down to luck – Humble Dollar
Larry Swedroe: SPAC or SPAM? – Evidence-based Investor
England will ‘flex’ Covid vaccinations to tackle Indian variant, says minister – Guardian
Why getting vaccinated is more popular in the UK than the US – Vox
The NHS Covid legacy: long waits and lives at risk – BBC
Hankering for a hug? A guide to post-lockdown greetings… – Guardian
…and sex – Guardian
Kindle book bargains
What It Takes: Lessons in the Pursuit of Excellence by Stephen Schwarzman – £0.99 on Kindle
Radical Candour by Kim Scott – £0.99 on Kindle
Hired: Six months undercover in low-wage Britain – £0.99 on Kindle
The Future Is Faster Than You Think by Peter Diamandis and Steven Kotler – £0.99 on Kindle
How cities will fossilize – BBC
The contradiction of mining for a green energy revolution – New York Times
Tesla suspends Bitcoin payments, cites fossil fuel concerns – Coindesk
Gresham House Energy: batteries included – IT Investor
Off our beat
Selling hours – Seth’s blog
Efficiency is the enemy – Farnam Street
Two days a week is perfect for working from home – The Atlantic
The economics of movie product placement – The Hustle
The great online game – Not Boring
College is a ruthless competition divorced from learning – The Atlantic
“When you look at the results on an after-fee, after-tax basis, over reasonably long periods of time, there’s almost no chance that you end up beating the index fund.”
– David Swensen, Unconventional Success
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