We’re in a moment in world history where a lot of big global paradigms are dying. For decades, Europe was basically peaceful. That paradigm has gone up in smoke. For decades, the relationship between the U.S. and China was one of mutual dependency and growth. That paradigm, I think, is changing rapidly as the U.S. moves toward a new industrial policy and China shrinks inside a shell of authoritarianism. And for decades, low interest rates shaped the world—the companies that got started, the growth of the internet, and the ability of governments to run massive deficits. And that paradigm is going away.

Global markets are a mess right now, and I wanted to bring back one of my favorite writers to talk about it. He is Morgan Housel, a partner at Collaborative Fund and the author of the bestselling book The Psychology of Money. We talk about what happened to the markets in the last 18 months, the legacy of zero-bound interest rates, and inflation—but that’s just maybe the first 10 minutes. The bulk of this episode is about deeper questions: What is investing for? Does making more money really make us happy? And why do so many rich people seem so miserable? If you like this episode, please leave us a rating on Spotify or a five-star review on Apple Podcasts. If you don’t like this episode, tell us why at [email protected].

Host: Derek Thompson

Guest: Morgan Housel

Producer: Devon Manze

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