The Seduction of Pessimism

A Brief History of Why The U.S. Consumer Thinks The Way They Do

To understand the psychology of the modern consumer and to grasp where they might be heading next, you have to know how they got here. How we all got here. If you fell asleep in 1945 and woke up in 2020 you would not recognize the world around you.

Confessions

Confessions Sandy Gottesman, a billionaire investor who founded the consulting group First Manhattan, is said to ask one question when interviewing candidates for his investment team: “What do you own, and why?” Not, “What stocks do you think are cheap?” or “What economy is about to have a recession?” Just show me what you do with your own money.

All Together Now

All Together Now Congratulations, you’re still reading. It’s time to tie together a few things we’ve learned. This chapter is a bit of a summary; a few short and actionable lessons that can help you make better financial decisions. First, let me tell you a story about a dentist appointment gone horribly awry.

When you'll Believe Anything

When you'll Believe Anything Imagine an alien dispatched to Earth. His job is to keep tabs on our economy. He circles above New York City, trying to size up the economy and how it changed between 2007 and 2009.

The Seduction of Pessimism

The Seduction of Pessimism “For reasons I have never understood, people like to hear that the world is going to hell.” —Historian Deirdre McCloskey Optimism is the best bet for most people because the world tends to get better for most people most of the time. But pessimism holds a special place in our hearts. Pessimism isn’t just more common than optimism. It also sounds smarter. It’s intellectually captivating, and it’s paid more attention than optimism, which is often viewed as being oblivious to risk.