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The cover of Same as Ever

Same as Ever

Morgan Housel, 2023

What stays true no matter how the world changes? Morgan Housel uses stories about risk, expectations, incentives and lasting scars to show the parts of human behavior that hold steady.

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7 parts, about 20 minutes to read.

Why read it

  • Argues that the future is easier to face by studying what never changes, like greed, fear and envy, than by forecasting events
  • Helps you plan for risks you cannot picture, keep expectations in check, and see how incentives shape your own views
  • Short chapters that each stand alone, built on stories from history, investing and the author's own life

Who it is for

  • Investors tired of market forecasts
  • Readers who want to worry less about an uncertain future
  • Savers unsure how much of a cushion is enough

What the summary covers

  1. The Little Laws of Life3 min
  2. Hanging by a Thread4 min
  3. Risk Is What You Don't See3 min
  4. Expectations and Reality3 min
  5. Incentives: The Most Powerful Force in the World3 min
  6. Wounds Heal, Scars Last3 min
  7. Questions1 min

Recommended by

  • Arthur C. BrooksHarvard professor and social scientist
  • Arthur C. BrooksHarvard professor and social scientist
    Want to understand the changing world? Start with what stays the same. That’s the amazing conclusion of Morgan Housel’s fascinating, useful, and highly-entertaining book.

About the author

  • Morgan HouselPartner at Collaborative Fund and author of The Psychology of Money
    • Partner at The Collaborative Fund
    • Former columnist at The Motley Fool and The Wall Street Journal
    • Twice won the Best in Business Award from the Society of American Business Editors and Writers
    • Won the New York Times Sidney Award
    • Twice a finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism
    • Named by MarketWatch in 2022 one of the 50 most influential people in markets
    • Serves on the board of directors at Markel
    • Lives in Seattle with his wife and two kids

Read it alongside

  • Goes deeperThinking, Fast and Slow

    Morgan Housel says happiness depends on expectations, which rise as fast as circumstances. Daniel Kahneman's prospect theory supplies a mechanism: people judge outcomes as gains and losses from a reference point, so people with equal wealth can evaluate the same outcome differently.

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