Morgan Housel on the New Way We Think About Money | Odd Lots

When generations undergo any kind of collective life-changing event, it shapes how people think about money -- and how they think about spending and investing. Past upheavals like the Great Depression, the World Wars, the inflation of the 1970s, and Weimar-era hyperinflation, had profound effects on the cohorts that lived through them. So what will be the effect of the pandemic on current generations? And what is the combined effect on people who lived through the pandemic, the Great Financial Crisis, and 9/11 in a span of less than 20 years? On this episode, we speak to Morgan Housel, personal finance expert and author of the bestselling book The Psychology of Money, on the lasting impact from these recent societal disruptions.

Intro -- 0:00

The rise of financial blogging during the GFC — 3:28

Skipping cold coins into the ocean — 6:11

How major events shape entire generations — 8:50

Is speculation optimistic or pessimistic? — 7:42

Is the economy normal now or is this the anomaly? — 15:30

How the pandemic divided the country, economically — 20:24

Should savings accounts always pay 5%? — 24:29

Tribal mentality in investing — 25:53

Keeping up with the Joneses to keeping up with the Kardashians — 30:04?

How to focus on the things that never change — 34:08

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Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.

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