#287 — Why Wealth Matters

#287 — Why Wealth Matters

Making Sense with Sam Harris

Sam Harris speaks with Morgan Housel about the psychology of money and investing. They discuss how personal history shapes one’s view of economic risk, the implications of not understanding the future, being rich vs being wealthy, how we measure success, the problem of social comparison, happiness vs life satisfaction, saving and investing, Warren Buffett and the power of compounding, rational vs reasonable decisions, the role of luck, optimism vs pessimism, dollar-cost averaging, and other topics. If the Making Sense podcast logo in your player is BLACK, you can SUBSCRIBE to gain access to all full-length episodes at samharris.org/subscribe .   Learning how to train your mind is the single greatest investment you can make in life. That’s why Sam Harris created the Waking Up ap
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Transcript

SpeakerA
0m 7s
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0m 39s

Welcome to the Making Sense podcast. This is Sam Harris. Just a note to say that if you're hearing this, you are not currently on our subscriber feed and will only be hearing the first part of this conversation. In order to access full episodes of the Making Sense podcast, you'll need to subscribe@samharris.org. There you'll find private RSS feed to add to your favorite podcatcher, along with other subscriber only content. We don't run ads on the podcast, and therefore it's made possible entirely through the support of our subscribers. So if you enjoy what we're doing here, please consider becoming one.

SpeakerB
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0m 50s

Okay, well, it's been a big week for news.

SpeakerC
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0m 53s

There are many things happening in the world.

SpeakerB
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0m 56s

Of course, there were the January 6.

SpeakerC
0m 56s
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1m 13s

Hearings, which are not at all the partisan witch hunt that Republicans are claiming. Most of the witnesses have been Republicans. That should be a pretty obvious point. And most have been avid Trump supporters.

SpeakerB
1m 14s
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1m 17s

Most of them did this lunatics bidding.

SpeakerC
1m 17s
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1m 34s

Up until the last moment when they were staring into the abyss. Some of them, like Cassidy Hutchinson, whose testimony was the most damaging to Trump, have everything to lose from coming forward. No doubt.

SpeakerB
1m 34s
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1m 36s

She and her family are now besieged.

SpeakerC
1m 36s
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1m 51s

By death threats and very real security concerns. She was an extremely compelling witness. She was obviously a republican partisan down to her toes, and yet she recognized.

SpeakerB
1m 51s
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1m 52s

That what happened in the run up.

SpeakerC
1m 52s
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2m 3s

To January 6, all the cultic hysteria whipped up by the big lie, and then what happened on the day itself, was an abomination.

SpeakerB
2m 4s
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2m 7s

Perhaps I should emphasize for the hundredth.

SpeakerC
2m 7s
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2m 27s

Time that political partisanship has nothing to do with this. Liz Cheney is one of the people running these hearings. She is a conservative Republican. She is pro life and against gay marriage. She is, by my lights, a religious extremist.

SpeakerB
2m 28s
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2m 30s

I am sure I disagree with 95%.

SpeakerC
2m 30s
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2m 34s

Of her politics, but she is a.

SpeakerB
2m 34s
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2m 36s

Straight up american hero.

SpeakerC
2m 36s
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2m 44s

In my book, on a bad day, she's doing more to support and defend the Constitution of the United States than.

SpeakerB
2m 44s
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2m 50s

The rest of the republican party has done in years. She is standing between us and the.

SpeakerC
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2m 58s

Utter dismantling and desecration of our democracy. This is not a partisan point.

SpeakerB
2m 59s
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3m 4s

For instance, I'll concede that almost anything bad that is said about the Democrats.

SpeakerC
3m 4s
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3m 21s

Now is probably true. Biden appears unfit for office. Whether he's actually senile, I don't know. But he simply can't communicate the way the president needs to.

SpeakerB
3m 21s
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3m 24s

You watch these speeches and interviews and.

SpeakerC
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3m 39s

Press conferences insofar as they even take place. Every sentence is a death defying feat. It's like watching your mom do parkour. You're just waiting for the worst thing.

SpeakerB
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3m 42s

That has ever happened every fucking second.

SpeakerC
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4m 12s

And he is totally unfit to run again in 2024. And Kamala Harris is probably worse. Though she might be fine neurologically, she still manages to speak in word salad in an apparent effort to talk down to people. Have you seen these snippets of her circulating? Many of the things she says are completely mystifying. It's like someone trained an AI on woke Twitter and had it talk to.

SpeakerB
4m 12s
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4m 14s

Itself for the equivalent of a thousand.

SpeakerC
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4m 32s

Years, and it went properly insane. And as a political candidate, she manages to convey a disingenuousness that makes Hillary Clinton seem like Will Rogers. This administration is doomed, right?

SpeakerB
4m 32s
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4m 35s

And has been doomed almost since the very beginning.

SpeakerC
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4m 41s

But Biden and Harris saved our democracy by beating Trump.

SpeakerB
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4m 44s

And as odious and as incompetent as.

SpeakerC
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4m 49s

The democrats have become, there is simply no comparison between them and what the.

SpeakerB
4m 49s
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4m 52s

Republicans have become under Trump.

SpeakerC
4m 53s
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5m 3s

Trump and Trumpism is not just a symptom of a deeper problem. They are that, too. But they are also a cancer that.

SpeakerB
5m 3s
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5m 5s

Has been actively destroying our politics.

SpeakerC
5m 7s
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5m 29s

You have to cut out the cancer. Trump has always been and remains a litmus test. The real Trump derangement syndrome is to not see how abnormal he is as a person, and to not see or to not care how abnormal it is.

SpeakerB
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5m 33s

That such a person could have ever become the president of the United States.

SpeakerC
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6m 14s

That's the real Trump derangement syndrome. To say or to think things like, well, all politicians lie, right? What's the difference with Trump? There's no both sides to this political moment. Making Trump president was like making Alex Jones the lead anchor on the nightly news. Whatever you want to say about the media, whatever you want to say about CNN, for instance, about the errors of journalism they make over there and about how woke everyone is, it would be orders of magnitude worse.

SpeakerB
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6m 17s

And the degradation of our journalistic standards would be complete.

SpeakerC
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6m 34s

If they swapped in Alex Jones for Anderson Cooper. That would be a totally different world, journalistically speaking. And that's where we are with the republican party, apart from the few brave people like Liz Cheney who are trying.

SpeakerB
6m 34s
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To save it from itself.

SpeakerC
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Anyway.

SpeakerB
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If you haven't been following the hearings.

SpeakerC
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For whatever reason, you're missing something.

SpeakerB
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The window they have opened onto the.

SpeakerC
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Last days of the Trump administration is beyond unflattering. And the prospect that we may 1.

SpeakerB
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6m 52s

Day see the orange man in an.

SpeakerC
6m 52s
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7m 6s

Orange jumpsuit seems to have grown a little. It's hard to imagine him not being prosecuted now after what we've learned. That is, of course, if he doesn't become president again in the meantime, which.

SpeakerB
7m 6s
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Remains a real possibility.

SpeakerC
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Now, of course, the biggest development in.

SpeakerB
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7m 12s

Recent weeks was the overturning of Roe.

SpeakerC
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7m 28s

V. Wade by the Supreme Court. Some people have asked for my thoughts on that and about the ethics of abortion generally. Perhaps I'll do a podcast on that at some point. But briefly, I guess the first thing.

SpeakerB
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7m 29s

To say about Roe is that the.

SpeakerC
7m 29s
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7m 33s

Writing was always on the wall for Roe, right?

SpeakerB
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It has always seemed like a dubious.

SpeakerC
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Judicial decision and just the wrong way to enshrine abortion rights at the federal level. And the fact that we've been relying on it for 50 years has been a failure of governance.

SpeakerB
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7m 54s

The Democrats knew how precarious Roe was.

SpeakerC
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8m 4s

And yet they completely failed to pass legislation, much less an amendment to the constitution, to properly guarantee this right for women.

SpeakerB
8m 4s
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8m 5s

So there's a lot of blame to.

SpeakerC
8m 5s
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8m 11s

Go around, and the Democrats share in that blame. That said, I think repealing Roe is.

SpeakerB
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Going to be unambiguously bad for women.

SpeakerC
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In particular, poor women in red states. And it'll be bad for the red states, too. I think the spectacle of having desperate women prosecuted as murderers for going out of state to terminate a pregnancy or taking illegal medication at home, this will.

SpeakerB
8m 32s
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Be bad for business.

SpeakerC
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8m 36s

I think you'll find that corporations don't.

SpeakerB
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Much like being associated with a real.

SpeakerC
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8m 52s

Life version of the handmaid's tale. But again, this will only hurt red states. But I don't think the problem necessarily stops here. I do think there's a larger concern about creeping theocracy.

SpeakerB
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8m 54s

Let's call this for what it is.

SpeakerC
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8m 55s

Right what happened here.

SpeakerB
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8m 59s

The unjustified and unjustifiable religious beliefs of.

SpeakerC
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9m 12s

Catholics on the Supreme Court have delivered this change in our society. This is religion, pure and simple. There is simply no valid ethical argument.

SpeakerB
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9m 14s

That privileges the interests of a single.

SpeakerC
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9m 17s

Fertilized ovum over those of a woman.

SpeakerB
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Whose life is going to be completely.

SpeakerC
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9m 22s

Deranged by being forced to have a child.

SpeakerB
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9m 29s

It's not just that pro life absolutists have bad arguments. They have no arguments for banning abortion.

SpeakerC
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9m 44s

At the earliest stages. But then prochoice absolutists are also extremists. Anyone who would argue for abortion as an absolute right of a woman at every stage of pregnancy, as though terminating.

SpeakerB
9m 44s
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9m 52s

A fetus in the third trimester had no ethical implications beyond a woman's bodily autonomy. Such people are just not making contact.

SpeakerC
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10m 0s

With the real ethical terrain here. So our political debate about abortion seems pretty confused, and

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