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The big question is: When will the term structure of interest rates change? That’s the question to be worried about.

Ray Dalio

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
I’ve learned that each mistake was probably a reflection of something that I was (or others were) doing wrong, so if I could figure out what that was, I could learn how to be more effective.
RAY DALIO

Learning Mistake Myself Reflection Wrong
You should have a strategic asset allocation mix that assumes that you don’t know what the future is going to hold.
RAY DALIO

Assumption Future Hold Strategy Yourself
I notice a difference from the moment I meditate.
RAY DALIO

Difference Meditation Moments Myself Notice
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
I’m going to give away a lot more than half my money. I’d be happy to give that to the government if the government put together programs that were like I’m giving away to charity, in which I believe the money is effectively used to help people.
RAY DALIO

Believe Government Happiness Help Money Myself People
I also believe that everyone needs to think independently and make their own decisions on what makes the most sense.
RAY DALIO

Believe Decision Independent Myself Need Thinking
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
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

Choice Confusion Creation Impossible People True
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

Live Object People Potential Willing
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.
RAY DALIO

Achievement Believe Choice Difficult
Successful people ask for the criticism of others and consider its merit.
RAY DALIO

Advantage Criticism People Success
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.
RAY DALIO

Money People Production Society Warning
There is nothing to fear from truth….Being truthful is essential to being an independent thinker and obtaining greater understanding of what is right.
RAY DALIO

Essential Fear Independent Right Thinking Truth Understand
The more you think you know, the more closed-minded you’ll be.
RAY DALIO

Limitation Mindset Thinking Yourself
There are two main drivers of asset class returns – inflation and growth.
RAY DALIO

Class Drive Growth Main Return

The big question is: When will the term structure of interest rates change? That’s the question to be worried about.

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The big question is: When will the term structure of interest rates change? That’s the question to be worried about.

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