I think he has an interesting point there. A bit too specific (eliminating 60% based on socioeconomic status (SES) is too much, and the height issue I don't think merits throwing out 40%, too much), but I can see the point. Although the thing is, people who meet these criteria will be spending time together one way or another; at college, people from the same age group and SES are together anyway; if you hang out at bars, different bars attract people from certain age groups and SES's; if you're in a church group, likely there will be people like you there.
My point is, while this equation might in some ways hold true for the general population, there is a much higher chance than 0.036% of each person you meet being a possible mate.
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