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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.

Ray Dalio

To make money in the markets, you have to think independently and be humble.
RAY DALIO

Business Humble Independent Marketing Money Thinking Yourself
Since the only way you are going to find solutions to painful problems is by thinking deeply about them – i.e., reflecting – if you can develop a knee-jerk reaction to pain that is to reflect rather than to fight or flee, it will lead to your rapid learning/evolving.
RAY DALIO

Development Leadership Learning Pain Problem Solution Way Yourself
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.
RAY DALIO

End Motivational People Relationship Share Value Work
The more you think you know, the more closed-minded you’ll be.
RAY DALIO

Limitation Mindset Thinking Yourself
What matters most is that the people you work with share your values.
RAY DALIO

People Share Value Work Yourself
It all comes down to interest rates. As an investor, all you’re doing is putting up a lump-sump payment for a future cash flow.
RAY DALIO

Flow Future Interest Investment Pay Rate
If you don’t own Gold, you know neither history nor economics.
RAY DALIO

Economics History Yourself
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.
RAY DALIO

Beautiful Growth Positive Slow Speed Time
When you’re faced with a choice, you have one of three choices that you can have. You can have those with power decide. You can have one man, one vote. Or you can have believability-weighted decision-making.
RAY DALIO

Choice Decision Face Man Vote Yourself
I believe that dreamers who simply imagine things that would be nice but are not possible don’t sufficiently appreciate the laws of the universe to understand the true implications of their desires, much less how to achieve them.
RAY DALIO

Achievement Believe Desire Dreams Imagination Myself Simplicity Understand
Radical transparency fosters goodness in so many ways for the same reasons that bad things are more likely to take place behind closed doors.
RAY DALIO

Bad Goodness Hide Place Radiant Reason
Competitiveness is really what it costs you per man-hour to get you what you want. In other words, there’s an education level that plays into the mix and so if it’s inexpensive to buy an hour of real good education in places like China versus the U.S., that factors in.
RAY DALIO

Competition Cost Education Factor Goodness Place Reality Word
It is a law of nature that you must do difficult things to gain strength and power. As with working out, after a while you make the connection between doing difficult things and the benefits you get from doing them, and you come to look forward to doing these difficult things.
RAY DALIO

Difficult Law Nature Work Yourself
Be wary of the arrogant intellectual who comments from the stands without having played on the field.
RAY DALIO

Arrogant Field Intellectual Play Pride Stand
The big question is: When will the term structure of interest rates change? That’s the question to be worried about.
RAY DALIO

Change Interest Rate Structure Worry
When two intelligent parties disagree, that’s when the potential for learning and moving ahead begins.
RAY DALIO

Beginning Intelligence Learning Party Potential

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.

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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.

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