People don't necessarily feel better or happier when they have more money - they feel happier when they have more money than their friends and neighbours. Psychologists have shown that we are happy when we get a 5% salary increase... that is, until we learn that our peers all got 7% and we turn distinctly unhappy. As William Shakespeare said, "But, O! how bitter a thing it is to look into happiness through another man's eyes!". If our stock portfolio is achieving the long-term goals we have rationally set, let us be thoroughly happy for ourselves as well as anyone fortunate enough to outperform us. Investing is not a zero-sum game, so the happiness and success of our friends is not directly to our detriment.
- Prof. Sage
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