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by Morgan Housel
Chapter 1 of 12
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This opening chapter frames the book’s central claim: beneath surface change there are enduring patterns that shape behavior and institutions. It outlines why identifying constants matters for decision-making and sets out the analytical lens used throughout the book.
The chapter emphasizes stability as a practical tool for navigating complexity, arguing that long-term planning depends on spotting what doesn’t change. This provides the framing for later, more specific chapters.
Look for underlying patterns before reacting to surface-level change.
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by Morgan Housel
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