⭐ Rating: 8/10
3 Big Ideas from Same as Ever by Morgan Housel 💡
Here are the ideas I learned that can be best applied in the workplace:
Predictability of Human Behavior Over Events: Same as Ever by Morgan Housel emphasizes the importance of basing decisions on consistent human behavior patterns rather than trying to predict specific events. History and personal experiences repeatedly show that while events are often unpredictable and subject to change, human behavior tends to follow certain predictable patterns. This idea is particularly relevant in financial decision-making, where understanding human nature can be more valuable than trying to forecast market fluctuations.
Adaptability to Change While Recognizing Timeless Principles: Same as Ever by Morgan Housel underscores the importance of distinguishing between what changes and what stays constant in a rapidly evolving world. For business leaders, this means recognizing and adapting to market trends and technological advancements, while also grounding their strategies in the timeless idea that teams want autonomy, to pursue mastery, and to have a purpose. Regardless of the technological advancement, these things will always remain true. Focus more on what is not changing, rather than only on what is changing.
Importance of Risk Management and Preparedness: The stories and lessons in Same as Ever by Morgan Housel emphasize how unpredictable events can have significant impacts. This idea is vital for business leaders in terms of risk management and being prepared for unforeseen circumstances. It highlights the need for businesses to have contingency plans, diversify their assets, and maintain a level of flexibility to navigate through unpredictable challenges. Morgan Housel offers up an interesting definition of risk which is: “Risk is what’s left over after you think you’ve thought of everything.” That’s the real definition of risk—what’s left over after you’ve prepared for the risks you can imagine. Risk is what you don’t see.
2 Best Quotes from Same as Ever by Morgan Housel 💬
"What was the best-selling candy bar in 1962? Do you know?” “No,” his friend replied. “Snickers,” Warren said. “And do you know what candy bar sells best today? Snickers.”
This quote, illustrating a conversation with Warren Buffett, encapsulates the theme in Same as Ever of focusing on what remains constant in a changing world. It highlights the importance of recognizing enduring patterns and behaviors over time, which is a crucial insight for decision-making in finance and life. What is the Snickers in your business and life?
“People think they want an accurate view of the future, but what they crave is certainty.”
This quote highlights one of the key human desires that had and will never change. Instead of focusing on accuracy, focus on providing certainty. For example, when selling an idea to your manager, don’t focus on the facts and figures. Tell a story about how this will help them.
Tobys Top Takeaway ✅
For business leaders, a top takeaway from Same as Ever by Morgan Housel is the enduring importance of understanding human behavior and psychology in decision-making. In a world where technological advancements and market dynamics are rapidly evolving, the constant factor remains human nature. The book's insights encourage leaders to focus on the timeless aspects of human behavior, such as risk perception, response to change, and the influence of narratives. By grounding business strategies in a deep understanding of these enduring human patterns, leaders can make more resilient and effective decisions, navigate uncertainties more adeptly, and connect more profoundly with their customers and teams. This approach offers a valuable perspective in balancing the pursuit of innovation with the wisdom of timeless principles that will never change.
The bottom line, spend more time focusing on what is not going to change, rather than what is.