More than anything else, what differentiates people who live up to their potential from those who don't is a willingness to look at themselves and others objectively— Ray Dalio
The most controversy Ray Dalio quotes that will activate your desire to change
Be wary of the arrogant intellectual who comments from the stands without having played on the field.
A beautiful deleveraging balances the three options.
In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.
School typically doesn't prepare young people for real life - unless their lives are spent following instructions and pleasing others. In my opinion, that's why so many students who succeed in school fail in life.
The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.
To be successful, we need everyone to think independently and work through disagreement to decide what's best.
For me, the best things in life - meaningful work, meaningful relationships, interesting experiences, good food, sleep, music, ideas, sex, and other basic needs and pleasures - are not, past a certain point, materially improved upon by having a lot of money.
People with good work habits have to-do lists that are reasonably prioritized, and they make themselves do what needs to be done. By contrast, people with poor work habits almost randomly react to the stuff that comes at them, or they can't bring themselves to do the things they need to do but don't like to do (or are unable to do).
Ask yourself whether you have earned the right to have an opinion.
Opinions are easy to produce, so bad ones abound. Knowing that you don't know something is nearly as valuable as knowing it. The worst situation is thinking you know something when you don't.
The more you think you know, the more closed-minded you'll be.
Do not feel bad about your mistakes or those of others.
Love them! Remember that one: they are to be expected; two: they're the first and most essential part of the learning process; and three: feeling bad about them will prevent you from getting better.
If you have the power to see things through somebody else's eyes, it's like going from black and white to color or two dimensions to three dimensions.
Don't worry about looking good - worry about achieving your goals.
The most important thing you can have is a good strategic asset allocation mix.
So, what the investor needs to do is have a balanced, structured portfolio – a portfolio that does well in different environments…. we don't know that we're going to win. We have to have diversified bets.
I believe that one of the best ways of getting at truth is reflecting with others who have opposing views and who share your interest in finding the truth rather than being proven right
To test if you are worrying too much about looking good, observe how you feel when you find out you've made a mistake or don't know something.
When you're centered, your emotions are not hijacking you.
Successful people ask for the criticism of others and consider its merit.
Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity.
For every mistake that you learn from you will save thousands of similar mistakes in the future, so if you treat mistakes as learning opportunities that yield rapid improvements you should be excited by them. But if you treat them as bad things, you will make yourself and others miserable, and you won't grow.
People who confuse what they wish were true with what is really true create distorted pictures of reality that make it impossible for them to make the best choices.
Radical transparency fosters goodness in so many ways for the same reasons that bad things are more likely to take place behind closed doors.
The big question is: When will the term structure of interest rates change? That's the question to be worried about.
One of the greatest sources of problems in our society arises from people having loads of wrong theories in their heads - often theories that are critical of others - that they won't test by speaking to the relevant people about them. Instead, they talk behind people's backs, which leads to pervasive misinformation.
Most people have a hard time confronting their weaknesses in a really straightforward, evidence-based way. They also have problems speaking frankly to others. Some people love knowing about their weaknesses and mistakes and those of others because it helps them be so much better, while others can't stand it.
An economy is not a complicated thing; it just has a lot of moving parts.
I think if you look at the statistics and you deal with fake media - and fake media and distorted media is a continuum - the vast majority of the population says, "I don't know what to believe." There are no checks and balances in quality control.
In the end, what matters most is that the people you work with share your values, so I've wanted people who value the meaningful work and meaningful relationships that always motivated me in building Bridgewater.
It's more important to do big things well than to do small things perfectly.
People who acquire things beyond their usefulness not only will derive little or no marginal gains from these acquisitions, but they also will experience negative consequences, as with any form of gluttony.
Life is like a game where you seek to overcome the obstacles that stand in the way of achieving your goals. You get better at this game through practice. The game consists of a series of choices that have consequences. You can't stop the problems and choices from coming at you, so it's better to learn how to deal with them.
When two intelligent parties disagree, that's when the potential for learning and moving ahead begins.
Never say anything about a person you wouldn't say to them directly, and don't try people without accusing them to their face. Badmouthing people behind their backs shows a serious lack of integrity and is counterproductive. It doesn't yield any beneficial change, and it subverts both the people you are badmouthing and the environment as a whole.
Some people who are creative are not reliable and vice versa;
some see big pictures while others see details, etc. All of them are important to have on well-orchestrated teams.
People who worry about looking good typically hide what they don't know and hide their weaknesses, so they never learn how to properly deal with them and these weaknesses remain impediments in the future.
If you can stare hard at your problems, they almost always shrink or disappear, because you almost always find a better way of dealing with them than if you don't face them head on. The more difficult the problem, the more important it is that you stare at it and deal with it.
I don't think individual media outlets will regulate.
There are such things as self-regulatory organizations that will look at the members of the industry and their behavior and establish standards of behavior.
Demand is best measured in terms of spending.
You know, I think in traditional economics, it's a mistake to measure it in terms of the quantity of goods.
You'll see that excuses like "That's not easy" are of no value and that it pays to "push through it" at a pace you can handle. Like getting physically fit, the most important thing is that you keep moving forward at whatever pace you choose, recognizing the consequences of your actions.
There is slow growth, but it is positive slow growth.
At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.
Ironically, people who suppress the mini-confrontations for fear of conflict tend to have huge conflicts later, which can lead to separation, precisely because they let minor problems fester. On the other hand, people who address the mini-conflicts head-on in order to straighten things out tend to have the great, long-lasting relationships.
You should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.
Meditation, more than any other factor, has been the reason for what success I've had.
When I say I believe in radical truth and radical transparency, all I mean is we take things that ordinarily people would hide, and we put them on the table, particularly mistakes, problems, and weaknesses. We put those on the table, and we look at them together. We don't hide them.
In China anything less than 6% growth is a recession meaning that it also causes financial problems and it's disruptive and it's a problem.
There is giant untapped potential in disagreement, especially if the disagreement is between two or more thoughtful people
I don't get caught up in the moment.
When there is pain, the animal instinct is 'fight or flight' (i.
e., to either strike back or run away) - reflect instead. When you can calm yourself down, thinking about the dilemma that is causing you pain will bring you to a higher level and enlighten you, leading to progress.
I believe that for the most part, achieving success - whatever that is for you - is mostly a matter of personal choice and that, initially, making the right choices can be difficult.
Credit is a promise to deliver money.
It will produce GDP but you'll create credit... So you reach a certain point that that you can't do that anymore... There are choices. And how do we best support, apportion the money? How much is going to be transferred?