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 DALIOPeople 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.
More Ray Dalio Quotes
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Demand is best measured in terms of spending. You know, I think in traditional economics, it’s a mistake to measure it in terms of the quantity of goods.
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Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity.
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Successful people ask for the criticism of others and consider its merit.
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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.
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Don’t worry about looking good – worry about achieving your goals.
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If you can stare hard at your problems, they almost always shrink or disappear, because you almost always find a better way of dealing with them than if you don’t face them head on. The more difficult the problem, the more important it is that you stare at it and deal with it.
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Treat your life like a game.
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People who acquire things beyond their usefulness not only will derive little or no marginal gains from these acquisitions, but they also will experience negative consequences, as with any form of gluttony.
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It’s more important to do big things well than to do small things perfectly.
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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.
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What matters most is that the people you work with share your values.
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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.
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Ask yourself whether you have earned the right to have an opinion. Opinions are easy to produce, so bad ones abound. 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.
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You should have a strategic asset allocation mix that assumes that you don’t know what the future is going to hold.
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Nature gave us pain as a messaging device to tell us that we are approaching, or that we have exceeded, our limits in some way.
RAY DALIO