Morgan Housel

It's always the case that like the extent to which you value something, if you want something and you can't have it, you value it more than anything.

When you have it, the value diminishes.

And if it's taken away from you, then the perceived value goes up tremendously again.

How could it be any other way though?

Of course, that's always what it is.

That scarcity equals value.

That's it.

That's a lot of it.

And in a competitive world where we're all competing for attention, we're competing for jobs, we're competing for spouses, we're always competing.

Again, it doesn't matter how much I have.

It just matters that I have more than you.

Pretty difficult, I think.

I think there are a lot of things in behavioral finance that it's just who you are and that who you are was forged at conception and there's not a lot you can do about it.

Daniel Kahneman was a psychologist, won the Nobel Prize in economics.

He was basically the godfather of behavioral finance.

Came up with

The vast majority of the theories that we all talk about that dictate how we think about money and success.

And we asked him one time, like, has all of this research that he had done over the previous 70 years, has it made him better at making decisions?

And like, no, without hesitation.

No, no, no.