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Weekend reading: 29 quick rules about money

What caught my eye this week.

A few weeks ago we discussed [1] whether investing blogs were running out of things to say.

Perhaps this reached ace writer Morgan Housel via Chinese whispers as a death cry [2] of “FINISH HIM!”

Because as if to rub salt into the wounds, Housel has now condensed a whole blogosphere of personal finance wisdom into one short post [3].

My favourite sequence of his Short Money Rules:

3. Good investing is 50% psychology, 48% history, 2% finance.

4. Great investing is 40% skill, 20% luck, 40% inability to tell which is which.

5. Bad investing is 40% overconfidence, 40% fees, 20% denial that keeps it all going.

It’s all good stuff, so do check out Morgan’s complete article [3].

(With luck he’s dropped the mic, walked off the stage, and left the rest of us to keep on waffling these points into 1,000 word epics… 😉 )

Have a great weekend everyone!

From Monevator

Updated! Low cost index trackers that will save you money – Monevator [4]

From the archive-ator: A mortgage is just money rented from a bank – Monevator [5]

News

Note: Some links are Google search results – in PC/desktop view you can click to read the piece without being a paid subscriber. Try privacy/incognito mode to avoid cookies. Consider subscribing if you read them a lot!1 [6]

Research reveals who made the most from UK property [Search result]FT [7]

Property repossessions at lowest level since the 1980s… – BBC [8]

…but property professionals still gloomiest in a decade – ThisIsMoney [9]

Amazon to launch first checkout-free stores in London – Retail Gazette [10]

The fashion models struggling with a life of debt – BBC [11]

JP Morgan is rolling out the first US bank-backed cryptocurrency – CNBC [12]

£25m car scrappage scheme for ‘low-income families’ in London ahead of 2021 air quality clean-up – ThisIsMoney [13]

[14]

(Click to enlarge)

BOE: Business investment diverged sharply after the EU Referendum – Sky’s Ed Conway via Twitter [15]

Products and services

Should you have to pay exit fees if your investing site shuts down? – ThisIsMoney [16]

New site launched to help workers claim uncollected pay – Guardian [17]

Could you make £150 a month selling unwanted clothes on fee-free Vinted? – ThisIsMoney [18]

How to improve your credit score [Search result]FT [19]

Ratesetter will give you a free £100 [and me a cash bonus] if you invest £1,000 for a year – Ratesetter [20]

Hargreaves’ own-brand funds under-perform [Search result]FT [21]

“Our MDF furniture brought toxic fumes into our home”Guardian [22]

Mews houses for sale [Gallery]Guardian [23]

Comment and opinion

When aiming for a target, consider the accuracy of the weapon – Portfolio Charts [24]

What are the different measures of inflation, and are we being conned? – Guardian [25]

Diversify when the upside is limited – The Market Cyclist [26]

Budgeting with Cardi B – A Wealth of Common Sense [27]

Do you like what’s in the tin of your global index fund? – DIY Investor UK [28]

They Live [On big picture asset allocation biases]Epsilon Theory [29]

More evidence ‘tactical investing’ is code for ‘do worse’ – Capital Spectator [30]

How to wreck a pension plan in three easy steps – A Wealth of Common Sense [31]

Fund managers are still overweight cash and underweight shares… – Fat Pitch [32]

…but other data suggests private investors have already piled back in – Dan Lyon [33]

FTSE 100 dividend-based valuation and forecast for 2019 – UK Value Investor [34]

Sovereign bond returns since Waterloo [research, via Abnormal Returns [35]]CEPR [36]

Brexit

Britain is losing £40bn a year to Brexit, says BOE rate-setter – ThisIsMoney [37]

Porsche is asking customers to commit to 10% price hikes if no-deal Brexit – ThisIsMoney [38]

Dutch Brexit humour from outside the nuthouse – Simple Living in Somerset [39]

Cambridge academic bares all in a bid to reverse Brexit – via Twitter [40]

Kindle [41] book bargains

Antifragile: Things That Gain From Disorder by Nassim Nicholas Taleb – £1.99 on Kindle [42]

ReWork: Change the Way You Work Forever by Jason Fried – £1.99 on Kindle [43]

Unscripted: Life, Liberty, and the Pursuit of Entrepreneurship by MJ DeMarco – £0.99 on Kindle [44]

Off our beat

This man devised a formula for finding love, and followed it – BBC [45]

Fun rant about our supposedly inevitable jobless AI future – Scott Locklin [46]

The cognitive aristocracy – Of Dollars and Data [47]

Water bottle signalling [Clearly I’m ancient, news to me!]The Atlantic [48]

“I stole £30,000 from my mum to make millions”BBC [49]

Would a $249 gravity blanket help you sleep better? – 1483 [50]

And finally…

“Superior investors are people who have a better sense for what tickets are in the bowl, and thus for whether it’s worth participating in the lottery. In other words, while superior investors — like everyone else — don’t know exactly what the future holds, they do have an above-average understanding of future tendencies.”
– Howard Marks, Mastering the Market Cycle [51]

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  1. Note some articles can only be accessed through the search results if you’re using PC/desktop view (from mobile/tablet view they bring up the firewall/subscription page). To circumvent, switch your mobile browser to use the desktop view. On Chrome for Android: press the menu button followed by “Request Desktop Site”. [ [55]]