Ray Dalio's Quotes

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Ray Dalio (born August 1, 1949) is an American investor, hedge fund manager, and philanthropist.


Quotes


Principles: Life and Work (2017)[1]


Sometimes we forge our own principles and sometimes we accept others’
principles, or holistic packages of principles, such as religion and legal systems.
While it isn’t necessarily a bad thing to use others’ principles—it’s difficult to
come up with your own, and often much wisdom has gone into those already
created—adopting pre-packaged principles without much thought exposes you
to the risk of inconsistency with your true values. Holding incompatible
principles can lead to conflict between values and actions—like the hypocrite
who has claims to be of a religion yet behaves counter to its teachings. Your
principles need to reflect values you really believe in.

  • Part I



I learned that being truthful was an extension of my freedom to be me. I
believe that people who are one way on the inside and believe that they
need to be another way outside to please others become conflicted and often
lose touch with what they really think and feel. It’s difficult for them to be
happy and almost impossible for them to be at their best. I know that’s true
for me.









  • Part II



While most others seem to believe that having answers is better than having
questions, I believe that having questions is better than having answers because it leads to more learning.

  • Part II



Yes, I started Bridgewater from scratch, and now it’s a uniquely successful
company and I am on the Forbes 400 list. But these results were never my goals
—they were just residual outcomes—so my getting them can’t be indications of my success. And, quite frankly, I never found them very rewarding.

  • Part II



Self-interest and society’s interests are generally symbiotic: more than anything
else, it is pursuit of self- interest that motivates people to push themselves to do
the difficult things that benefit them and that contribute to society. In return,
society rewards those who give it what it wants. That is why how much money
people have earned is a rough measure of how much they gave society what it
wanted—NOT how much they desired to make money. Look at what caused
people to make a lot of money and you will see that usually it is in proportion to
their production of what the society wanted and largely unrelated to their desire
to make money. There are many people who have made a lot of money who
never made making a lot of money their primary goal. Instead, they simply
engaged in the work that they were doing, produced what society wanted, and
got rich doing it.


  • Part II



I have never met a great person who did not earn and learn their greatness.
They have weaknesses like everyone else—they have just learned how to deal
with them so that they aren’t impediments to getting what they want. In addition,
the amounts of knowledge and the capabilities that anyone does not have, and
that could be used to make the best possible decisions, are vastly greater than
that which anyone (no matter how great) could have within them.

  • Part II


Since trying to achieve high goals makes me stronger, I become increasingly capable of achieving more. Great expectations create great capabilities, in other words.

  • Part II


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.

  • Part II


The most important qualities for successfully diagnosing problems are logic,
the ability to see multiple possibilities, and the willingness to touch people’s
nerves to overcome the ego barriers that stand in the way of truth.

  • Part II


While individuals operating individually can choose whatever values and principles they like, when working in a group the people must agree on the group’s values and principles. If the group is not clear about them, confusion and eventually gravitation toward the population’s averages will result.

  • Part III


In some companies, employees hide their employer’s mistakes, and employers do the same in return. In these places, openly expressing your concerns is considered disloyal, and discouraged. Because it prevents people from bringing their mistakes and weaknesses to the surface and because it encourages deception and eliminates the subordinates’ right of appeal, unhealthy loyalty stands in the way of improvement. I believe in a truer, healthier form of loyalty, which does the opposite. Healthy loyalty fosters improvement through openly addressing mistakes and weaknesses. The more people are open about their challenges, the more helpful others can be.

  • Part III


Be assertive and open-minded at the same time. Just try to find out what is true. Don’t try to ‘win’ the argument. Finding out that you are wrong is even more valuable than being right, because you are learning.

  • Part III


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.

  • Part III



Don’t have anything to do with closed-minded, inexperienced people. They won’t do you any good and there’s no helping them until they open their minds, so they will waste your time in the meantime. If you must deal with them, the first thing you have to do is open their minds. Being open-minded is far more important than being bright or smart.

  • Part III



There is giant untapped potential in disagreement, especially if the
disagreement is between two or more thoughtful people - yet most people either
avoid it or they make it an unproductive fight. That’s tragic.


  • Part III
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