What Doesn’t Change

Revisiting ideas worth remembering.

Every era tells itself a story about what’s different this time, but investing rewards the ability to understand what doesn’t change: what people respond to, how to earn trust, where incentives bend behavior, and why the biggest opportunities hide in unexpected places.

So this week we’re dipping into the archive. We went back through past essays, interviews, and conversations—along with thinkers we’ve quoted over the years—and gathered a set of ideas that feel surprisingly relevant to the moment. Consider this a reminder of what’s durable when everything feels anything but.

Morgan Housel:

“Investing is the art of figuring out how and why other people make decisions.”

Different Kinds of Information, Mar 27, 2019

Peter Bernstein:

“You just have to be prepared to be wrong and understand that your ego had better not depend on being proven right. Being wrong is part of the process. Survival is the only road to riches.”

What I Believe Most, Jul 5, 2017

Paul Saffo:

“It takes 30 years for a new idea to seep into the culture. Technology does not drive change. It is our collective response to the options and opportunities presented by technology that drives change.”

When You Change the World and No One Notices, Sep 3 2016

Nicholas Negroponte:

“To make a long story short: the theory was that advances in computer science, going forward, would come from the creative users not the hard core science and technology. Simple, incredulous and eventually right.”

Eight questions for Nicholas Negroponte, Dec 14, 2015

Jocelyn Leavitt:

“Right now it’s perceived that software is this new type of media that a lot of people consume, but very few can create. We really believe there’s a huge opportunity for anybody to be able to create their own software.”

Empowering creativity through mistakes, Aug 8, 2015

Craig Shapiro:

“Everyone should learn how things are made, where they come from, and be able to make them on their own. The opportunity lies beyond the traditional startup crowd.”

Who Really Should Learn How To Code?, Sep 24, 2013

Shane Parrish:

“You can’t skim your way to knowledge, meaning, or understanding.”

Six Questions for Shane Parrish, Jan 11, 2017

Leah Busque:

“Trust was also a big challenge. Today, you can hop in a car with a stranger and not think twice about it, but back in 2008 that was unheard of. We spent a lot of time thinking through how to build trust between two people, especially because they would be connecting offline.”

Leah Busque’s Biggest Task Yet: Building a Community of Trust, Oct 11, 2016

Sophie Bakalar:

“When you think about massive pain points for consumers, most of them are unsexy. Childcare, commuting, moving, chronic pain, divorce, debt, utility services, maintenance, construction, medical bills, fraud... these are daily frustrations that disproportionately affect the happiness and wellbeing of the average American. That’s why I’m increasingly interested in unsexy consumer investments.”

The Sexy Investment Premium: Opportunities in Boring Assets, Feb 3, 2020

Tony Hawk:

“When I started, no one cared. When I turned professional, you could’ve likened it to being a professional frisbee player, or yo-yo player. It just didn’t matter in the sort of mainstream opinion. To [now] be recognized for something that was totally uncool when I was a kid is strange.”

Ahead Of The Curve, Oct 28, 2021

Ray Chambers:

“Do something good, feel something real.”

“Do Something Good, Feel Something Real”, Oct 3, 2013

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Header image courtesy of the Space Type Generator.

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