Courtesy of Joshua Brown, The Reformed Broker
My friend Morgan Housel is one of the best finance writers around. He totally gets it. I hate him a little because he’s figured out the really important stuff at a way younger age than I did. 
After writing about finance for the better part of a decade, the biggest change in my thinking has been becoming more skeptical of almost everything I see. Even the smartest people only know a fraction of what’s out there. But I’ve become pretty sure of a few things.
My biggest takeaway from economics is that the past wasn’t as good as you remember, the present isn’t as bad as you think, and the future will be better than you anticipate.
Investing is an epic battle between your goals, your temperament, and the self-interest of middlemen. Problems are easier solved when you break them down into those three groups.
There are now almost twice as many hedge funds as there are Taco Bells, which explains why the quality of each product has reached parity.
The most powerful trick is learning how to change your mind. But it's so hard. The resistance to admitting past efforts were wrong keeps people making poor decisions for longer than they need to. [Last two included by me. ~ Ilene]
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