He's talking about big money, as in six figures, and as a gift not a loan, no strings attached. This isn't stingy, it's extraordinarily generous, with a little prudent self-defense provision attached. With a shark like that in the family you don't need teddy bears.

Sounds like a good policy - too much money can ruin relationships with people expecting handouts, and this seems to handle it about as well as possible. If people receive a gift for a startup idea, and blow it (as is likely) then they only have themselves to blame.