Ray Dalio Quotes
21 quotes from Ray Dalio — Founder of Bridgewater Associates, the world's largest hedge fund managing $150B+ in assets..
“Meaningful work and meaningful relationships aren't just nice things we chose for ourselves—they are genetically programmed into us.”
“I learned that if you work hard and creatively, you can have just about anything you want, but not everything you want. Maturity is the ability to reject good alternatives in order to pursue even better ones.”
“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.”
“Principles are fundamental truths that serve as the foundations for behavior that gets you what you want out of life. They can be applied again and again in similar situations to help you achieve your goals.”
“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.”
“The greatest gift you can give someone is the power to be successful. Giving people the opportunity to struggle rather than giving them the things they are struggling for will make them stronger.”
“He who lives by the crystal ball will eat shattered glass. But he who doesn't look into the crystal ball will eat nothing at all.”
“The market is like a movie where the same actors play different parts in different scenes. If you can identify the actors and understand their motivations, you can predict how the movie will end.”
“Cash is trash. You don't want to be holding cash or cash equivalents when there's a lot of money printing and currency devaluation.”
“Diversification is the only free lunch in investing. But most people don't diversify well because they don't understand what drives returns.”
“Pain plus reflection equals progress. Every time you experience pain, you're at a potentially important juncture in your life—you have the opportunity to choose healthy and painful truth or unhealthy but comfortable delusion.”
“The biggest mistake most people make is assuming that they're right about something when they haven't stress-tested their views by seeking out thoughtful disagreement.”
“Successful people ask for the criticism of others and consider its merit. Unsuccessful people get angry when they're criticized and ignore the feedback.”
“Remember that most people will pretend to operate in your interest while operating in their own. What will matter is not their intentions but whether their interests are aligned with yours.”
“Radical transparency and algorithmic decision-making are the keys to creating an idea meritocracy. Most organizations fail because they can't handle the truth.”
“The greatest tragedy of mankind comes from people's inability to have thoughtful disagreement to find out what's true.”
“Don't worry about looking good—worry about achieving your goals. Get over 'blame' and 'credit' and get on with 'accurate' and 'inaccurate.'”
“Time is like a river that carries us forward into encounters with reality that require us to make decisions. We can't stop our movement down this river and we can't avoid those encounters.”
“The happiest people discover their own nature and match their life to it. The worst thing you can be is a phony, because if you're a phony, you're going to fail eventually anyway, so you might as well not be a phony.”
“Meditation has been the single most important reason for whatever success I've had, because it gave me equanimity and creativity.”
“I believe that the key to success lies in knowing how to both strive for a lot and fail well. By failing well, I mean being able to experience painful failures that provide big learnings without failing badly enough to get knocked out of the game.”
