Humility Underpins Lasting Success - Not Just Niceness

In The Psychology of Money, Morgan Housel tells the tragic story of Jesse Livermore, a Great Depression-era stock trader whose success was spectacular—until it wasn't. While many people lost money during the crash of 1929, Livermore shorted the market and made a handsome profit.

Sounds impressive, right? The problem is, Livermore couldn't retain his wealth. His early contrarian bets bred overconfidence, and he later made several risky investments that didn't turn out so well. Sadly, after encountering financial ruin, he died by suicide.

Now contrast Livermore with Warren Buffett—widely hailed as one of the world's greatest investors. Buffett is known for his cautious but canny approach: He accumulates lots of cash, stays on the sideline and then swoops in with a big move when he smells a good deal.

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