Shane Parrish

I'm like, that person has a chip on their shoulder and also wink.

Like I relate to that.

We have a mutual friend, Brent Beshore, and he has the concept that has stuck with me ever since.

And I use it so often now between clean fuel and dirty fuel and sort of what motivates you.

And he argues that clean fuel is a better source

And I, I counter this with like dirty fuel.

It never goes out.

Like you don't use it up.

It just, you keep going with it.

And that drives in part society and it, it might drive that person to buy the yellow Ferrari or send their kid to the most expensive school.

But they did that by creating some sort of economic value in life to get rewarded for that.

And that's their, their status thing, whatever, keep going.

Is spending for status ever useful?

That's a really good point.

I want to come back to something we talked about earlier, which is excellence is the capacity to take pain.

And I want to know what you've learned about psychology from studying the history of panics, depressions, crashes, and what advice you could give people who might be going through that, whether it's, uh, you know, they're listening to this five years from now and we're in a market downturn or, um, their life just feels like it's not.

What percentage of your net worth is in cash?

I always read these articles about how rich people are spending their money and then people in the comments are like in uproar.

Like you would do it differently.

My personal belief is like, if you earn that money legitimately and you create a value for society, you should be able to spend it however you want.