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    Collaborative FundMorgan Housel7/22/206 min
    2 reads1 comment
    9.5
    Collaborative Fund
    2 reads
    9.5
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    • deephdave
      Top reader of all time
      2 years ago

      But when optimism is taken so seriously that it assumes things will never be bad – that every period long or short will work out in your favor – it turns into complacency. It encourages leverage and promotes denial. It leaves you without backup plans. Worst, it causes you to wrongly second-guess your long-term optimism when faced with an inevitable setback.