这四个had had had had 可以作如下理解：

1. that he had had是定语从句，修饰the money，其中的had had 为 have 的过去完成时形式。

2. 如果撇开定语从句(that he had had)不看，主句就是All the money had had no effect on his happiness. 句中的两个had had 是主句的谓语，也是have的过去完成时。

即：句中的四个had had had had，前面两个had had 是定语从句的谓语，后面两个had had 是主句的谓语，都是过去完成时。句子意思是：他拥有的所有那些钱对他的幸福没有任何影响。