Morgan Housel

I think if you could see inside of everyone's head and see their thoughts, you would see that people are a hundred times more anxious than you assumed.

They're 100 times funnier than you assumed.

They're 100 times more doubtful and depressed than you assumed.

Like I think in either direction, positive and negative, you would realize that the range of emotions is 100 times greater than you think because most of the time what people are showing you is what they want you to see.

It's the performance.

How do you think about inheritance?

I like the idea, not first proposed, but I think clarified in recent times by Bill Perkins, who wrote the book, Die With Zero, who was like, if you are going to give your kids money, and I know this might a little bit contradict what we just previously talked about, if you are going to give your kids money, give it to them when they need it, which is probably their 30s and 40s when they're starting to build a family of their own.

The idea of I'm going to wait, I'm going to make you wait until I die, at which time you might be 70, and then you can have all of it,

is a weird philosophy.

It's the most common philosophy, but it's kind of a weird philosophy where, and I will acknowledge again that this can, and I still don't know what my wife and I are going to do with our kids, but if you can help them buy a house when they're 30, that is going to give them a much greater boost in life than if they get a million dollars when they're 75 after you die.

And so I think that's a lot of it.

There's a Charlie Munger quote where one of his very wealthy friends comes and says, Charlie,

If I leave all of my money to my kids, is that going to ruin their ambition?

And Charlie says, yes, of course it will, but you have to do it anyways.

And the friend says like, why?

Why do I have to do it?

Charlie says, because if you don't, they will hate you.

And I think there's some truth to that, not just for the billionaire families, but I think there's some truth to that too, that I think there can be a lot of animosity.

And I understand the animosity of a 40-year-old working their butt off and struggling living paycheck to paycheck while their parents are, just to make up an example, you know, retired in Florida playing golf every day.

I understand why that creates a little bit of ill feelings.