Steven

than young women and i think it was like one in seven men are out of work yeah so it's a different world for a man but but we still have the sort of prehistoric caveman mindset of being a protector and a provider yes the world has changed yeah i think scott galloway recently said that like a really aspirational definition of manhood is is wanting to procreate provide and protect you want to have kids and you desperately want to provide for your family and protect your family

And I do think that there are, yeah, there's men all over the world to a higher degree than there's ever been that feel like those three things are out of reach for them.

And I do think that there are, yeah, there's men all over the world to a higher degree than there's ever been that feel like those three things are out of reach for them.

Daniel Kahneman, a great psychologist, passed away last year. He had a saying. He was like, when all of your options are bad, you become very risk-taking because you have nothing to lose kind of thing. So whenever you see people participating in get-rich-quick schemes, you know it's because they feel like all their options are bad.

Daniel Kahneman, a great psychologist, passed away last year. He had a saying. He was like, when all of your options are bad, you become very risk-taking because you have nothing to lose kind of thing. So whenever you see people participating in get-rich-quick schemes, you know it's because they feel like all their options are bad.

If you knew, if you believed that if you could go to college and learn, or not go to college, but if you can go learn a skill, and go work hard and earn a stable paycheck to provide for your family, 99 out of 100 men are going to say, that's the one I want.

If you knew, if you believed that if you could go to college and learn, or not go to college, but if you can go learn a skill, and go work hard and earn a stable paycheck to provide for your family, 99 out of 100 men are going to say, that's the one I want.

But if you believe, whether it's true or not, if you believe that that option is not available to you, you're like, let's throw it all on this new coin kind of thing.

But if you believe, whether it's true or not, if you believe that that option is not available to you, you're like, let's throw it all on this new coin kind of thing.

and so i think that's you you see that quite a bit there's a lot of things in life where you see people making bad decisions or what you think are bad decisions and it's easy to mock them or look down upon or just say they're idiots but like deep down there's always a reason that is kind of is there's there's a deeper reason why they're doing it and for a lot of these things with financial risk taking it's it's like a lack of not not necessarily a lack of self-esteem but a lack of self-confidence in their ability to earn a good dignified stable wage to provide for their family

and so i think that's you you see that quite a bit there's a lot of things in life where you see people making bad decisions or what you think are bad decisions and it's easy to mock them or look down upon or just say they're idiots but like deep down there's always a reason that is kind of is there's there's a deeper reason why they're doing it and for a lot of these things with financial risk taking it's it's like a lack of not not necessarily a lack of self-esteem but a lack of self-confidence in their ability to earn a good dignified stable wage to provide for their family

Yeah. With men, what a lot of it is, is the inability to say that's enough, particularly with the risks that they're taking. So you see this with a lot of hedge funds. Hedge funds are just giant investing pools of money of like rich people on Wall Street managing money. They have quite a long history, not lots of them, but quite a long history of them blowing up.

Yeah. With men, what a lot of it is, is the inability to say that's enough, particularly with the risks that they're taking. So you see this with a lot of hedge funds. Hedge funds are just giant investing pools of money of like rich people on Wall Street managing money. They have quite a long history, not lots of them, but quite a long history of them blowing up.

And it's because this very smart, genius, billionaire Wall Street trader who has a PhD from MIT could not say that was enough. They kept taking more risk, more risk, more risk until it blew up. And we definitely see with women managing money that they tend to not earn as high returns on any given year, but they don't blow themselves up, so to speak, financially.

And it's because this very smart, genius, billionaire Wall Street trader who has a PhD from MIT could not say that was enough. They kept taking more risk, more risk, more risk until it blew up. And we definitely see with women managing money that they tend to not earn as high returns on any given year, but they don't blow themselves up, so to speak, financially.

So men are much more willing to swing for the fences. And women are much more willing to say, I'd like to just take a calm, casual swing, but I want to keep it going for a long period of time. Now, who's going to do better over the course of a lifetime in that situation?

So men are much more willing to swing for the fences. And women are much more willing to say, I'd like to just take a calm, casual swing, but I want to keep it going for a long period of time. Now, who's going to do better over the course of a lifetime in that situation?

Jesse Livermore was a trader, a Wall Street stock trader, about 100 years ago. Did most of his work in the early 1900s through about the 1920s. And he was the best in the world at getting rich. And he had no ability whatsoever to stay rich. I think he became the equivalent of a billionaire, adjusted for inflation, four separate times and went bankrupt four separate times.

Jesse Livermore was a trader, a Wall Street stock trader, about 100 years ago. Did most of his work in the early 1900s through about the 1920s. And he was the best in the world at getting rich. And he had no ability whatsoever to stay rich. I think he became the equivalent of a billionaire, adjusted for inflation, four separate times and went bankrupt four separate times.

He eventually, at his end, committed suicide when he went broke for, I think, the fifth time. And in between there, he would become literally the richest man in the world at one point. But he had no ability to say, that's enough. So when he was the richest man in the world, he just kept taking more risk, more risk, more risk, and then it blew up.