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

Ray Dalio

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

Beginning Intelligence Learning Party Potential
An economy is not a complicated thing; it just has a lot of moving parts.
RAY DALIO

Complication Economy Move
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.
RAY DALIO

Black Dimension Eyes Power White Yourself
That’s what I mean by radical truth. I mean accepting reality.
RAY DALIO

Acceptance Myself Radiant Truth
Don’t worry about looking good – worry about achieving your goals.
RAY DALIO

Achievement Appearance Goal Goodness Worry
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
Remember that experience creates internalization. Doing things repeatedly leads to internalization, which produces a quality of understanding that is generally vastly superior to intellectualized learning.
RAY DALIO

Experience Intellectual Leadership Learning Production Quality Remember
I think meditation has been the single biggest reason for whatever success Ive had.
RAY DALIO

Meditation Myself Success Thinking
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.
RAY DALIO

Appearance Goodness Mistake Observation Worry Yourself
Once you accept that playing the game will be uncomfortable, and you do it for a while, it will become much easier (like it does when getting fit). When you excel at it, you will find your ability to get what you want thrilling.
RAY DALIO

Acceptance Comfortable Excellence Game Play Thrill Yourself
The main reason I write the daily observations is because I want to know where I’m wrong. So lots of times if somebody points something out it helps me, and I want to have a diversified bet of uncorrelated bets.
RAY DALIO

Help Myself Observation Reason Writing Wrong
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
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.
RAY DALIO

Evidence Hard Time Mistake People Problem Stand Way Weakness
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.
RAY DALIO

Balance Beautiful Drama Money Option Printing Word
If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.
RAY DALIO

Country Current Decline Interest Rate
Watch out for people who think it’s embarrassing not to know.
RAY DALIO

Embarrass People Thinking

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

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

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