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Barry Ritholtz was once asked the greatest financial lesson he’s ever learned. “You’re a monkey. It all comes down to that. You are a slightly clever, pants-wearing primate.” - Morgan Housel

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Michael Batnick once told the story of billionaire Stanley Druckenmiller, who was promoted to a senior executive in his second year at an investment firm: When he asked why he was promoted above the others around him … the reason he was given was because he didn’t yet carry the burden of experience … His boss said, “We around here have been in a bear market since 1968.’ This was 1978. ‘I think a big secular bull market’s coming. We’ve all got scars. We’re not going to be able to pull the trigger. So I need a young, inexperienced guy to go in there and lead the charge.” A full reset of ideas and expectations. - Morgan Housel