"When you can look forward and really have a better understanding of what [a] company is going to look like in 30 years, that's when compound interest works for you."

That's what Motley Fool columnist Morgan Housel tells host Matt Trogdon. This is a theme Housel covered extensively in his most recent column, "I Prefer to Keep Things Simple."

Housel continues: "I really think what people should want in investing is not necessarily a company that's going to have explosive growth over the next five years. For me, what I want is a company that's going to have mediocre growth for the next 30 years. The odds for success are much higher in that situation."

Housel also underscores the need for investors to invest in companies that are easy to understand. He and Trogdon contrast the complexity of a company like Citigroup (NYSE:C) with the simplicity of a company like Chipotle Mexican Grill (NYSE:CMG).

"I understand black beans," says Housel. "I don't understand tri-partied repo transactions."

Watch the video below for more of Housel's insights on the beauty of keeping investing simple.

Matt Trogdon owns shares of Chipotle Mexican Grill. Morgan Housel has no position in any stocks mentioned. The Motley Fool recommends Chipotle Mexican Grill. The Motley Fool owns shares of Chipotle Mexican Grill and Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.