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Same as Ever: A Guide to What Never Changes Hardcover – November 7, 2023
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From the author of the international blockbuster, THE PSYCHOLOGY OF MONEY, a powerful new tool to unlock one of life’s most challenging puzzles.
Every investment plan under the sun is, at best, an informed speculation of what may happen in the future, based on a systematic extrapolation from the known past.
Same as Ever reverses the process, inviting us to identify the many things that never, ever change.
With his usual elan, Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living your best life. Through a sequence of engaging stories and pithy examples, he shows how we can use our newfound grasp of the unchanging to see around corners, not by squinting harder through the uncertain landscape of the future, but by looking backwards, being more broad-sighted, and focusing instead on what is permanently true.
By doing so, we may better anticipate the big stuff, and achieve the greatest success, not merely financial comforts, but most importantly, a life well lived.
- Print length240 pages
- LanguageEnglish
- PublisherPortfolio
- Publication dateNovember 7, 2023
- Dimensions6.17 x 0.87 x 9.32 inches
- ISBN-100593332709
- ISBN-13978-0593332702
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From the Publisher



Editorial Reviews
Review
— Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and New York Times bestselling author
“Morgan Housel has done it again. Same As Ever brims with wisdom and wit, and Housel has an ingenious way of selecting the perfect, unforgettable story to drive home timeless lessons about money, life, storytelling, ambition, and satisfaction. This little book contains a library's worth of wisdom.”
— Derek Thompson, The Atlantic
“This book is both profoundly thoughtful, almost impossible to put down, and really important. Housel explains how so much of what determines our fate is random, seemingly hanging from a thread—and yet, there are also universal truths that have stayed consistent over centuries. What Housel shows is how to find them.”
— Bethany McLean, bestselling coauthor of The Smartest Guys in the Room and All the Devils are Here
“Life changing insights from a fantastic story teller."
—Ryan Holiday, bestselling author of The Obstacle is the Way and The Daily Dad
“A must read for anyone who wants to turn history’s hindsight into their current foresight.”
— Shane Parrish, founder of Farnam Street and author of Clear Thinking
“Concepts that, the sooner you get them, the sooner you’ll start living a richer and more rewarding life.”
— Scott Galloway, Professor of Marketing at NYU Stern and bestselling author of Adrift
About the Author
Product details
- Publisher : Portfolio (November 7, 2023)
- Language : English
- Hardcover : 240 pages
- ISBN-10 : 0593332709
- ISBN-13 : 978-0593332702
- Item Weight : 12.8 ounces
- Dimensions : 6.17 x 0.87 x 9.32 inches
- Best Sellers Rank: #3,496 in Books (See Top 100 in Books)
- #5 in Decision-Making & Problem Solving
- #10 in Introduction to Investing
- #129 in Success Self-Help
- Customer Reviews:
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About the author

Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.
Customer reviews
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To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.
Learn more how customers reviews work on AmazonCustomers say
Customers find the book insightful, with one noting its unique ability to distill things into practical knowledge. Moreover, the writing style remains a pleasure to read, and customers consider it worth their time. However, the pacing receives mixed reviews, with several customers describing it as superficial.
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Customers find the book insightful, with one customer noting its unique ability to distill complex ideas into practical knowledge.
"...It gives short bursts of wisdom that I intend to try to apply to my life." Read more
"...Useful for everyone regardless of circumstances. I will read it again." Read more
"Overall this book has some good ideas and the concept is a good one. Focus on things that stay the same regardless of the time place or people...." Read more
"...While it's a helpful setup to a concept....it's a little bit of a personal trauma dump by the Author......." Read more
Customers find the book enjoyable and worth the time, with one customer noting that it improves with each chapter.
"...If the subject interests you, I highly recommend the book. It gives short bursts of wisdom that I intend to try to apply to my life." Read more
"...Many of the chapters offer good advice and value. Thinking about what stays the same over time is a good way to facilitate long term thinking." Read more
"...Well worth it!" Read more
"...Hopefully this book nudged you down that path.” It’s not a terrible book and there are many insights that are worth being reminded of but some..." Read more
Customers find the book easy to read with a pleasant writing style.
"...The book is well-written and an easy read. Much of what never changes is human nature...." Read more
"...there is some overlap with previous books by this author, it's easy to read, understand and entertaining. Well worth it!" Read more
"This is a very readable book, and each short chapter ends with a hook that leads into the next, so it's like eating a bag of chips, before long you..." Read more
"...Please remember, though: reading is not enough - you have to take action." Read more
Customers find the pacing of the book superficial.
"...The book has 24 chapters that are unnumbered, so the chapters are fairly short. The book is well-written and an easy read...." Read more
"...tempted to stop reading all together because it was neither insightful nor that interesting, but having spent $30 to buy it, I prevailed to the end...." Read more
"This book seemed like a collection of random stories loosely connected to investing...." Read more
"...Barely a few anecdotes worth reading." Read more
Top reviews from the United States
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- Reviewed in the United States on January 23, 2024I have the hardback which is 203 pages, not including credits and footnotes. The book has 24 chapters that are unnumbered, so the chapters are fairly short. The book is well-written and an easy read. Much of what never changes is human nature. The wisdom arose from my personal examination of how each of these chapters applied to me.
The author starts with a personal story about snow skiing with two friends one morning and then deciding not to ski with them that afternoon. His friends were killed in a snow slide that afternoon. If he had said yes to more skiing he would have almost certainly died with them. Why did he decide not to ski? He has no idea.
He takes this event and begins to look at risk. Risk is what you don't see. The book then looks at happiness since much of risk is unpredictable. Keeping expectations low leads to more happiness in the author's opinion. He makes a good case.
The book moves from one topic to the next. It looks at the power of compounding interest and compounding decisions. Good decisions lead to good outcomes. It looks at incentives. Much human behavior can be forecast by knowing the incentives that the human actors are subject to. Sometimes it's "follow the money" and sometimes it's just "fitting in." In my experience, understanding the financial incentives goes a long way to predicting the actions of the people I'm dealing with.
The author ends with what I increasingly think is the most important observation - people are a product of their experienced environment. People will disagree, and they will, in many cases because their life experiences differ. What seems obvious to one is not to another because they haven't had the same life experiences. He notes that "Wounds heal, Scars last."
The book finishes with a series of questions that the reader can ask rather than a series of the author's conclusions. I'm trying to ask these questions of myself to better understand how to read "what never changes" so I don't get blindsided.
If the subject interests you, I highly recommend the book. It gives short bursts of wisdom that I intend to try to apply to my life.
- Reviewed in the United States on April 17, 2025I would recommend this book to everyone, young and old! Useful for everyone regardless of circumstances. I will read it again.
- Reviewed in the United States on June 10, 2024Overall this book has some good ideas and the concept is a good one. Focus on things that stay the same regardless of the time place or people. Many of the chapters offer good advice and value. Thinking about what stays the same over time is a good way to facilitate long term thinking.
- Reviewed in the United States on April 24, 2025First purchased the audible version. Had I not, I may not have found the first chapter easy to push through.
While it's a helpful setup to a concept....it's a little bit of a personal trauma dump by the Author....
HOWEVER, the entire rest of the book, including the preface/intro supports the sociological idea that people and events continue to be familiar and therefore could be learned from.
I have bought 8 copies if this book and will continue to buy them and pass them out...
- Reviewed in the United States on January 19, 2025Although there is some overlap with previous books by this author, it's easy to read, understand and entertaining. Well worth it!
- Reviewed in the United States on December 16, 2023As a business consultant focused on strategic planning, I see the world as predictable and foreseeable within the right time horizon. The reason I read this book is that 8 am always looking to learn from others experiences and interested in gaining another perspective. This book clearly failed to deliver that desired outcome. The author uses anecdotal comments based on extreme events and insights to support many of his statements. This is his quote near the end of the book which pretty well sums the books design. “A decade ago I made a goal to read more history and fewer forecasts. It was one of the most enlightening changes of my life. And the irony is that the more history I read, the more comfortable I became with the future. When you focus on what never changes, you stop trying to predict uncertain events and spend more time understanding timeless behavior. Hopefully this book nudged you down that path.”
It’s not a terrible book and there are many insights that are worth being reminded of but some of the insights are not accurate but supported by extreme events. Yes, it happened but the likelihood of it occurring is around 1%.
If you are interested in a light, Robert Greene like book with little actionable knowledge, heavy on psychology and light on business acumen; this book could be for you. If you are looking for how to anticipate the future, look elsewhere first.
- Reviewed in the United States on January 26, 2025I am going to give my three twenty something children a copy of the book. Critical insights on how to view life.
- Reviewed in the United States on April 20, 2025This is a very readable book, and each short chapter ends with a hook that leads into the next, so it's like eating a bag of chips, before long you find yourself having finished the bag and enjoyed it quite a bit, but then you ask: Did it really taste like the flavor it says on the packaging? To that end, I think yes and no. The first few chapters really got at some basic truths, but some in the middle and towards the end can be folded into previous chapters. The author is truly gifted in counterintuitive insights and stringing anecdotes together, and I'm sure he'll make the most fascinating dinner guest. There are plenty of morsels of wisdom to chew on, but in order to really go deeper, the reader will need to apply each concept and put them to the test in their own lives. If even one of the 23 ideas presented here helps you to reframe life in a new and more constructive way, then I think it's worth much more than the price of the book alone. Enjoy it!
Top reviews from other countries
- Carson CoadyReviewed in Canada on December 1, 2023
5.0 out of 5 stars Enjoyable read
Succinct, well written, enjoyable. Morgan takes examples from our history and breaks down human behaviour. It’s the same as it’s always been. This is one of those books where every chapter can be read independently and you’ll still come out with a new mental teamwork. Thanks for the book Morgan! It’s awesome. I’ll read it again in 2024.
- Yie Ying TanReviewed in Singapore on March 6, 2024
2.0 out of 5 stars Very small font for paperback
I enjoy the book very much but very disappointed that the font of the print is very small! Probably size 7 or 8
-
Thiago GuedesReviewed in Brazil on December 17, 2023
5.0 out of 5 stars Genial como sempre
Morgan Housel é um dos melhores "story tellers" de nossa geração.
Neste livro ele nos traz observações menos óbvias e mais sutis sobre o comportamento humano.
Um ótimo conhecimento para ser aplicado ao "pensar sobre a vida" que vai muito além dos investimentos.
- GarlicoReviewed in Japan on April 2, 2025
5.0 out of 5 stars Good book
It's a good book. Finished it the first time but will read it again.
-
DavideReviewed in Italy on December 13, 2024
5.0 out of 5 stars bellissimo
Non posso che raccomandarne la lettura a tutti. Jeff Bezos dice “fate attenzione alle cose che non cambiano mai”. Questo libro parla proprio di questo in un modo incredibile