“In short, people make each other crazy. And when times are bad…they depress each other.”
Howard Marks, Oaktree Capital Mgmt
It never fails, when I include that quote in a presentation, someone comes up after the meeting and mentions it. I typically use it in reference to importance of staying out of the coffee shop – because you rarely leave feeling better, more optimistic, or most importantly, listened to. After all, it’s never really a discussion, it’s usually just “talk” or “gossip” generally dominated by the most bombastic (and often negative) person at the table.
Wherever there’s group think, there’s never much room for thoughtfulness. So, Marks reminds us to tread carefully; we all have a propensity for getting caught up in the wave of crazy making and conventional thinking. And all that gets amplified in bad times.
Seneca also spoke to that reality: “There are more things…likely to frighten us than there are to crush us; we suffer more often in imagination than in reality.” Negativity is pervasive and can easily take up residence in our heads.
Therefore, Seneca challenges us (just like Howard Marks), to tune out the opinions of others: “Do you ask what you should fear or avoid most of all? A crowd.” The admonition being both literal and metaphorical.
In the end, there are really two principles at work here. One, discernment is invaluable! That is, ability to sort through lots of loud and authoritative talking (that’s more true than ever because of social media – we’re being bombarded by all sorts of noise). And two, staying true to yourself. Just do you – even if it doesn’t match the crowd.
Nevil Speer is an independent consultant based in Bowling Green, KY. The views and opinions expressed herein do not reflect, nor are associated with in any manner, any client or business relationship. He can be reached at nevil.speer@turkeytrack.biz.
