Morgan Housel

That's labor is what it is.

And so I think it's a great idea, but people take it definitionally way too far.

Extremely active income.

And so let's say the person who is like clipping coupons for the treasury bonds, yeah, but they probably worked their butt off to make the money that is now an investment.

And you have to factor that into the passiveness of it.

And so there's a lot of that.

I think it's pretty rare.

that people truly have a situation where they're like, I'm making a ton of money from this thing that I did nothing for, either in the past or today.

That's pretty rare.

This is definitely not advice because I don't know if it's a good idea, but all of those were a spur of the moment.

And be pretty haphazard, if I'm being honest.

And is it luck that they by and large worked out?

And I say by and large because a lot of them didn't – there were elements of it where it didn't really work out.

But I think it's true that particularly the big forks in your life, it's not at all clear which way you should go.

And I think it's also true that gut feelings tend to actually be pretty good.

That's not just a gut feeling.

It's just that you can't crystallize what the thought is, but you know which way you should go.

You know which way to do it.

I think that tends to be the case.

Gut feelings are actually pretty accurate more often than not.