Morality binds and blinds. The central metaphor of these four chapters is that human beings are 90 percent chimp and 10 percent bee. Human nature was produced by natural selection working at two levels simultaneously. Individuals compete with individuals within every group, and we are the descendants of primates who excelled at that competition. This gives us the ugly side of our nature, the one that is usually featured in books about our evolutionary origins. We are indeed selfish hypocrites so skilled at putting on a show of virtue that we fool even ourselves.
The Righteous Mind, Jonathan Haidght
There, in 1929, is the Big Ugly Event. The Mother of all Stock Market Crashes and the beginning of the Great Depression. Over a two year period, stocks plunged from 391 to 41, losing 90% of their value along the way. Should you have been unlucky enough to have invested at the peak, your portfolio wouldn’t have fully recovered until the mid-1950s, 26 years later. Yikes. That’s enough to try the toughest investor. If you had been buying stocks on margin (that is, with money borrowed from your broker) as was all too common at the time, you would have been completely wiped out. Many speculators were. Fortunes were lost overnight. Never buy stocks on margin.
The Simple Path to Wealth, todo
Each week, I send out something that looks like this. Sign up below if you want in!