Howard Marks, Chairman, Oaktree Capital Management
“I keep going back to what Charlie Munger said to me, which is none of this is easy, and anybody who thinks it is easy is stupid. It is just not easy. There are many layers to this, and you just have to think well. I can’t tell you how to think well. Some people get it, some people don’t.”
“There is no secret method for any of this stuff. You just have to be aware of concepts, smart in their application, and it helps to be an old man, or an old woman, so that you have the experience that helps.”
“One economic study explored the idea, for example, that height had an impact on income for adult males. But once the economists sussed it all out, they figured out that it wasn’t simply tall adults who were better paid: What mattered was their height when they were adolescents. If you became tall late, you weren’t making more than average.
Cross referencing this with another study on adolescent height and personality traits, Harris figures that because height (and other related traits like strength and athleticism) generally affords some status when you’re young, they can have long-term effects on your personality, including self-assurance and leadership ability. As it is with height, so it goes with other traits — height and income are simply the easiest to measure.”