Many people say that the only constant in life is change – in fact I wrote an entire book called “ChangeMasters” to help people make the changes they want to make. In small business, owners constantly must adapt to changes in the marketplace to survive and thrive.
On The Small Business Radio Show this week, I interviewed Morgan Housel who says that some things never change. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. Morgan is the author of then NYT bestselling book “Psychology of Money” which sold 4M copies. His new book is called “Same as Ever: A Guide to What Never Changes”.
Morgan explains that every investment plan under the sun is, at best, an informed speculation of what may happen in the future, based on a systematic extrapolation from the known past. In his book, “Same as Ever” he reverses the process, inviting us to identify the many things that never, ever change. Morgan believes by doing so, we may better anticipate the big stuff, and achieve the greatest success in business and life.
Here is what we talked about:
Why the first rule of happiness is low expectations.
Why people don’t want accuracy; they want certainty.
Why a good idea on steroids quickly become a terrible idea.
Why good news comes from compounding that takes time, but bad news comes from loss in confidence or error which can come in an instant.
Why progress requires pessimism and optimism to coexist.
Why “it’s supposed to be hard”.
Why competitive advantages eventually die.
Why wounds heal, but scares last.
Image: Morgan Housel