Morgan Housel

It doesn't necessarily make it more palatable, but it makes it a little bit more easier to contextualize of like, yes, the market goes down 20%.

You're like, ah, this hurts.

It sucks.

And it does.

But you're like, this is why I'm going to do well over time is because I'm willing to put up with and endure the appetite for pain, the capacity to endure pain.

Now, I think it was Nassim Taleb talks about everyone has their uncle points where at some point you're going to cry uncle.

At some point you're going to say, it's too much.

I can't handle that anymore.

Everybody has that level somewhere.

But I think it's actually difficult to know where that is

looking ahead, looking forward.

I think very few people know their tolerance for pain, looking, just trying to be like prospective about it.

I think you have to experience it in the trenches, so to speak, before you actually know how you're going to feel.

I went through this with COVID of like, I'm someone who wrote about the frequency of volatility, how to think about the psychology of volatility.

And COVID, March 2009, a lot of it because it was not just a stock market crisis.

It was not even an economic crisis.

It was a health emergency.

And my kids' schools were shut down and whatnot.

And billions of other people at that point had sleepless nights of just waking up 2 a.m.

and being like, man, what's going to happen here?