Published on 15 Aug 2017. My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short. Morgan shifted from public markets to the private markets a year ago when he joined the Collaborative Fund, so we begin with what he has learned about venture capital in his first year on the job.For comprehensive show notes on this episode go to http://investorfieldguide.com/writersFor more episodes go to InvestorFieldGuide.com/podcast.To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.Follow Patrick on Twitter at @patrick_oshagBooks ReferencedThe Devil's Financial DictionaryModern Monopolies: What It Takes to Dominate the 21st Century EconomyThinking, Fast and SlowShoe Dog: A Memoir by the Creator of NikeLife and FateOnline ReferencesA Rediscovered Masterpiece by Benjamin GrahamRishi Ganti podcastSmall Companies Are Gone, But Should they Be Forgotten (Zweig Column)Show Notes1:43 – (First question) – Morgan on why he got disenchanted with the investment industry and shifted to venture capital4:05 – Jason’s thoughts about investing in the private markets5:19 - A Rediscovered Masterpiece by Benjamin Graham7:57 – Morgan’s thoughts on how private market investments differ from public market investments10:24 – Exploring valuations of businesses and what they say about broader trends in the market13:21 – How much does Jason think about individual companies when exploring the overall market trends18:41 – The Devil's Financial Dictionary19:28 –What does it take to be a successful founder23:40 – How does Jason look at activities that are work related vs just for pleasure25:33 – If Jason had to start a business, what would he do27:22 – What business would Morgan start29:18 – Problems with the financial planning industry30:56 -  The role of stress in personal and business development31:04 – Modern Monopolies: What It Takes to Dominate the 21st Century Economy38:17 – Are there signs that let you know when to cut and run vs when to keep slogging along with something42:02 – Thinking, Fast and Slow44:03 – Shoe Dog: A Memoir by the Creator of Nike44:20 – Principals to approach learning50:10 – The idea of keeping your identity small in a world where social media encourages one-upmanship53:56 – Last significant thing Morgan changed his mind about55:23 – Why Morgan chooses passive investing with stocks, but as a VC, essentially is a stock picker in private markets1:00:44 – Rishi Ganti podcast1:02:14 – What major thing did Jason change his mind about1:02:30 – Small Companies Are Gone, But Should they Be Forgotten (Zweig Column)1:06:33 – What was the most interesting idea Jason and Morgan have been tackling and what data helped to spark that interest1:09:32 – Life and Fate