Same as Ever: A Guide to What Never Changes

by Morgan Housel Narrated by Chris Hill

Overview

“Want to understand the changing world? Start with what stays the same. That's the amazing conclusion of Morgan Housel's fascinating, useful, and highly-entertaining book.”

- Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and #1 New York Times bestselling author


From the author of the international blockbuster, THE PSYCHOLOGY OF MONEY, a powerful new tool to unlock one of life's most challenging puzzles.

Every investment plan under the sun is, at best, an informed speculation of what may happen in the future, based on a systematic extrapolation from the known past.

Same as Ever reverses the process, inviting us to identify the many things that never, ever change.

With his usual elan, Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living your best life. Through a sequence of engaging stories and pithy examples, he shows how we can use our newfound grasp of the unchanging to see around corners, not by squinting harder through the uncertain landscape of the future, but by looking backwards, being more broad-sighted, and focusing instead on what is permanently true.   

By doing so, we may better anticipate the big stuff, and achieve the greatest success, not merely financial comforts, but most importantly, a life well lived.

Cover design by Christopher Parker.

Editorial Reviews

From the Publisher

Want to understand the changing world? Start with what stays the same. That’s the amazing conclusion of Morgan Housel’s fascinating, useful, and highly-entertaining book.”
— Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and New York Times bestselling author

“Morgan Housel has done it again. Same As Ever brims with wisdom and wit, and Housel has an ingenious way of selecting the perfect, unforgettable story to drive home timeless lessons about money, life, storytelling, ambition, and satisfaction. This little book contains a library's worth of wisdom.”
— Derek Thompson, The Atlantic

“This book is both profoundly thoughtful, almost impossible to put down, and really important. Housel explains how so much of what determines our fate is random, seemingly hanging from a thread—and yet, there are also universal truths that have stayed consistent over centuries. What Housel shows is how to find them.”
— Bethany McLean, bestselling coauthor of The Smartest Guys in the Room and All the Devils are Here

“Life changing insights from a fantastic story teller."
— Ryan Holiday, bestselling author of The Obstacle is the Way and The Daily Dad
 
“A must read for anyone who wants to turn history’s hindsight into their current foresight.” 
— Shane Parrish, founder of Farnam Street and author of Clear Thinking
 
“Concepts that, the sooner you get them, the sooner you’ll start living a richer and more rewarding life.”
— Scott Galloway, Professor of Marketing at NYU Stern and bestselling author of Adrift

Kirkus Reviews

2023-08-01
A look at how human nature is the great constant in the history of change.

This is a strange piece of work: a collection of 23 “little stories” (many of them drawn from the author’s blog) loosely organized around the theme of risk. A business journalist and a partner at the Collaborative Fund, a venture capital firm, Housel acknowledges that technology, trends, and politics move at an astonishingly rapid pace, but he asserts that human behavior does not really change much. Identifying what changes and what does not is the key to effective risk assessment as well as the path to a decent, contented life. Humans, writes the author, will be satisfied with what they have until they see others who have more. To get ahead, they are likely to listen to “experts,” although often the only talent these experts have is making everything more complex than it really is. Most people respond more readily to narratives and incentives than to data. There is a tendency to think of the future as a straightforward extrapolation of the past, although the most significant events are the big surprises that seem to jump out of nowhere. Housel tries to provide a series of lessons, such as acknowledging that every job has its downsides and understanding that many aspects of life are unpredictable and difficult. This is interesting enough, but many of the author’s stories, especially those based on personal experiences, do not seem to relate to his theme, or indeed to anything. His thinking can be difficult to follow, and some of his conclusions are contradictory. Some readers might find the book to be positive and even inspiring, but many others will find it merely self-indulgent and confusing.

Housel makes some good points, but they are often lost in the text’s meandering structure and lack of focus.

Product Details

BN ID:	2940159706775
Publisher:	Penguin Random House
Publication date:	11/07/2023
Edition description:	Unabridged
Sales rank:	346,183

Read an Excerpt

Hanging by a Thread

If you know where we've been, you realize we have no idea where we're going.

A big lesson from history is realizing how much of the world hangs by a thread. Some of the biggest and most consequential changes in history happened because of a random, unforeseeable, thoughtless encounter or decision that led to magic or mayhem.

Author Tim Urban once wrote, "If you went back in time before your birth you'd be terrified to do anything, because you'd know that even the smallest nudges to the present can have major impacts on the future."

How hauntingly true.

Let me tell you a personal story about how I became interested in this topic.



I grew up ski racing in Lake Tahoe. I was on the Squaw Valley Ski Team, and it was the center of my life for a decade.

Our ski team consisted of a dozen racers. By the early 2000s we were teenagers, and most of us had spent the majority of our lives together. We skied six days a week, ten months a year, traveling the globe to wherever we could find snow.

I wasn't close to most of them-we spent too much time together and fought like cats. But four of us had become inseparable friends. This is the story of two of those friends-Brendan Allan and Bryan Richmond.

On February 15, 2001, our team had just returned from a race in Colorado. Our flight home was delayed because Lake Tahoe had been hit with a blizzard extreme even by its own standards.

You can't ski race when there's a blanket of new snow-racing requires hard-packed ice. So training was canceled, and Brendan, Bryan, and I prepared for a week of what we called free skiing: unstructured goofing off, skiing around, and having a good time.

Earlier that month Tahoe received several feet of light, fluffy snow that comes from bitter-cold air. The storm that hit in mid-February was different. It was warm-barely at the freezing point-and powerful, leaving three feet of heavy, wet snow.

We didn't think about it at the time, but the combination of heavy snow on top of fluffy snow creates textbook avalanche conditions. A light base of snow with a heavy layer on top is incredibly fragile and prone to sliding.

Ski resorts are pretty good at protecting customers from avalanches by closing off the most dangerous slopes and using explosives to intentionally set off avalanches late at night, before customers arrive in the morning.

But if you're skiing out of bounds-ducking under the do not cross ropes to ski the forbidden, untouched terrain-that system won't help you.

On the morning of February 21, 2001, Brendan, Bryan, and I met in the Squaw Valley Ski Team locker room, like we had hundreds of times before. Bryan's last words when he left his house that morning were, "Don't worry, Mom, I won't ski out of bounds."

But as soon as we clicked into our skis, that's what we did.



The backside of Squaw Valley (now called Palisades Tahoe), behind the KT-22 chairlift, is a stretch of mountain about a mile long that separates Squaw from Alpine Meadows ski resort.

It's amazing skiing-steep and wide-open, with rolling terrain.

Before February 21 I had skied it maybe a dozen times. It wasn't one of our frequent spots, because it takes so much time. It spits you out on a backcountry road, from where we would hitchhike back to our locker room.

Brendan, Bryan, and I decided to ski it that morning.

Within seconds of ducking under the out-of-bounds ropes, I remember getting caught in an avalanche.

I had never experienced one before, but it was unforgettable. I didn't hear or see the slide. I just suddenly realized my skis weren't on the ground anymore-I was literally floating in a cloud of snow. You have no control in these situations, because rather than you pushing the snow to gain traction with your skis, the snow is pushing you. The best you can do is keep your balance to remain upright.

The avalanche was small, and ended quickly.

"Did you see that avalanche?" I remember saying when we got to the road.

"Haha, that was awesome," Brendan said.

We didn't say another word about it as we hitchhiked back to our locker room.



When we got back to Squaw, Brendan and Bryan said they wanted to ski the backside again.

I don't know why, but I didn't want to go.

But I had an idea. Brendan and Bryan could ski the backside again, and I would drive around and pick them up so they wouldn't have to hitchhike back.

We agreed on the plan and went our separate ways.

Thirty minutes later I drove to the backcountry road where I was scheduled to pick up Brendan and Bryan.

They weren't there.

I waited another thirty minutes before giving up. It took about a minute to ski down, so I knew they weren't coming. I figured they had beat me to the bottom and already hitchhiked back.

I drove back to our locker room, expecting to find them. They weren't there either. I asked around. No one had seen them.

Later that day, around 4:00 p.m., Bryan's mom called me at home. I remember every word.

"Hi, Morgan, Bryan didn't show up for work today. Do you know where he is?" she asked.

I told her the truth. "We skied the backside of KT-22 this morning. He and Brendan did it again, I was going to pick them up on the road. But they weren't there, and I haven't seen them since."

"Oh my God," she said. Click.

Bryan's mom was an expert skier herself. I think in that moment she pieced together what may have happened. I did too.

The hours ticked by, and everyone started to worry.

Someone eventually called the police and filed a missing person report. The police didn't take it very seriously, suggesting Brendan and Bryan likely snuck off to a party.

I knew that was wrong. "Their shoes are right there," I said, pointing to Brendan's and Bryan's sneakers on the locker-room floor. "That means their ski boots are on their feet. And it's now nine p.m. Think about that. It's nine p.m. and they have their ski boots on their feet." It was the first moment everyone looked around and realized how bad this was.

Around ten I was told to go to the Squaw Valley Fire Department, where I met the local search and rescue team.

I explained everything that Brendan, Bryan, and I did that day. The search team pulled out these giant photo maps that must have been taken from a helicopter. I showed them exactly where we entered the out-of-bounds area.

I told them about the small avalanche that morning. As soon as I mentioned it I could see the dots connecting in the rescuers' heads. I remember that when I finished talking two of the rescuers looked at each other and sighed.

In the middle of the night, with giant floodlights and a team of search dogs, the rescuers went looking for Brendan and Bryan.

I later learned that as soon as they entered the out-of-bounds area where I told them we skied, they discovered the fresh scars of a recent avalanche debris field. It was massive, "like half the mountain had been torn away," one said.

I drove back to the locker room around midnight. The Squaw Valley parking lot can hold several thousand cars. By this time it was almost empty. Everyone had gone home, except two cars parked next to each other: Brendan's Jeep and Bryan's Chevy pickup.



I tried to sleep on a bench in the locker room but couldn’t shut my eyes. I remember thinking Brendan and Bryan would come bounding through the door, and we could laugh about the time I had to call the cops to find them.

By nine a.m. the locker room was packed with other ski racers, parents, friends, and family, all eager to help. It became a staging area for the search.

I laid back down on the bench and finally fell asleep.

A few minutes later I awoke to the sound of a scream, yelling, and commotion.

I knew what had happened. No one needed to say it.

I walked to the second floor of the locker room, where I saw Bryan's mom on a couch. The scream was hers.

"I'm so sorry," I told her, bawling.

It's hard to describe a moment like that. I didn't know what else to say then. I don't know what else to say now.

Search dogs had homed in on a spot in the avalanche field where rescuers with probe poles found Brendan and Bryan buried under six feet of snow.

They were born one day apart, and died ten feet from each other.



Later that day I drove to see my dad at work. I wanted to be around my family. He met me in the parking lot and said, “I’ve never been so happy to see you.” It’s the only time in my life I’ve seen him cry.

It didn't occur to me until that moment how close I was to going with Brendan and Bryan on that fateful run.

Then I began wondering: Why did I ski the backside with them once that morning, then decline a second run-a decision that almost certainly saved my life?

I've thought about it a million times. I have no idea.

I have no idea.

There is no explanation.

I didn't think it through, I didn't calculate the danger, I didn't consult an expert, I didn't weigh the pros and cons.

It was a complete fluke, a random and thoughtless bit of dumb luck that became the most important decision of my life-far more important than every intentional decision I've ever made-or ever will make.

That's my personal story, and maybe you have a similar one about your own life. But if you look, I think you'll see that a lot of history is the same.

Let me give you three freakish examples about how much of today's world relies on a few tiny things you'd never think about.



The Battle of Long Island was a disaster for George Washington’s army. His ten thousand troops were crushed by the British and its four-hundred-ship fleet.

But it could have been so much worse. It could have been the end of the Revolutionary War.

All the British had to do was sail up the East River and Washington's cornered troops would have been wiped out.

But it never happened, because the wind wasn't blowing in the right direction and sailing up the river became impossible.

Historian David McCullough once told interviewer Charlie Rose that "if the wind had been in the other direction on the night of August twenty-eighth [1776], I think it would have all been over."

"No United States of America if that had happened?" Rose asked.

"I don't think so," said McCullough.

"Just because of the wind, history was changed?" asked Rose.

"Absolutely," said McCullough.

Compelled to save money, Captain William Turner shut down the fourth boiler room on his giant steamship for its passage from New York to Liverpool. The decision would slow the ship's voyage by one day-an annoyance, but worth the savings as the passenger-ship industry struggled economically.

Little did he or anyone else know how fateful the decision would be.

The delay meant Turner's ship-the Lusitania-would now sail directly into the path of a German submarine.

The Lusitania was hit with a torpedo, killing nearly twelve hundred passengers and becoming the most important trigger to rally U.S. public support for entering World War I.

Had the fourth boiler room been operating, Turner would have reached Liverpool a day before the German submarine had even entered the Celtic Sea, where it crossed paths with the Lusitania. The ship likely would have avoided attack. A country may have avoided a war that became the seed event for the rest of the twentieth century.



Giuseppe Zangara was tiny, barely five feet tall. He stood on a chair outside a Miami political rally in 1933 because that was the only way he could aim his gun across the crowd.

Zangara fired five shots. One of them hit Chicago mayor Anton Cermak, who was shaking hands with Zangara's intended target. Cermak died. The target, Franklin Delano Roosevelt, was sworn in as president two weeks later.

Within months of his inauguration Roosevelt transformed the U.S. economy through the New Deal. John Nance Garner-who would have become president had Zangara hit his target-opposed most of the New Deal's deficit spending. He almost certainly wouldn't have enacted many of the same policies, some of which still shape today's economy.



You can play this game all day. Every big story could have turned out differently if a few little puffs of nothingness went the other direction.

So much of the world hangs by a thread.

An irony of studying history is that we often know exactly how a story ends, but we have no idea where it began.

Here's an example: What caused the 2008 financial crisis?

Well, you have to understand the mortgage market.

What shaped the mortgage market? Well, you have to understand the thirty-year decline in interest rates that preceded it.

What caused falling interest rates? Well, you have to understand the inflation of the 1970s.

What caused that inflation? Well, you have to understand the monetary system of the 1970s and the hangover effects from the Vietnam War.

What caused the Vietnam War? Well, you have to understand the West's fear of communism after World War II . . . and so on forever.

Every current event-big or small-has parents, grandparents, great-grandparents, siblings, and cousins. Ignoring that family tree can muddy your understanding of events, giving a false impression of why things happened, how long they might last, and under what circumstances they might occur again. Viewing events in isolation, without an appreciation of their long roots, helps explain everything from why forecasting is hard to why politics is nasty.

People like to say, "To know where we're going, you have to know where we've been." But more realistic is admitting that if you know where we've been, you realize we have no idea where we're going. Events compound in unfathomable ways.

I try to keep two things in mind in a world that's this vulnerable to chance and accident.

One is highlighting this book's premise-to base predictions on how people behave rather than on specific events. Predicting what the world will look like fifty years from now is impossible. But predicting that people will still respond to greed, fear, opportunity, exploitation, risk, uncertainty, tribal affiliations, and social persuasion in the same way is a bet I'd take.

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