Morgan Housel: No One Hires a Luck Manager

<p>Our guest for this week's installment of <em>The Long View</em> podcast is Morgan Housel. Morgan is a partner at the Collaborative Fund, a venture capital firm that makes investments in firms that in its words are "at the intersection of for-profit and for-good." A former columnist at The Motley Fool and <em>The Wall Street Journal</em>, Morgan has become one of the most prolific and insightful writers on the investment decision-making process, as evidenced by his impressive body of work on <a href="https://www.collaborativefund.com/blog/" target="_blank">the Collaborative Fund website's blog</a>.<br /> <br /> Morgan joined us in this live recording of <em>The Long View</em> from the 31st annual Morningstar Investment Conference in Chicago. Our interview covered a lot of ground, from how Morgan found his way into the finance world, to the role he plays at Collaborative Fund, to a host of other personal and behavioral finance topics that draw on his work.</p> <p><strong>Show Notes<br /> </strong>The accidental writer: Morgan's background and how he came to write about financial topics (0:55-3:04)</p> <p>"The ability to write a check is no longer a competitive advantage": What Collaborative Fund does, why Morgan was drawn to it, and the role content plays in its strategy (3:05-5:05)<br /> <br /> Authorial license: "It's really important to write what … you yourself would find interesting" (5:06-5:58)<br /> <br /> Transparency and impact: "We're looking for companies whose ability to do good is their competitive economic advantage" (5:59-8:21)<br /> <br /> Public vs. private investing: "If I made a Venn diagram of public and privates, the overlap is much greater than I ever thought it would be" (8:22-9:19)<br /> <br /> Theory vs. practice: How private-market "lock-ups" can make sense for individual investors but are still inappropriate for the vast majority (9:20-10:24)<br /> <br /> The future of public-private investing: "There's some liquidity in private markets but it’s not very efficient" (10:25-11:16)<br />