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.
When growth is slower than expected, stocks go down. When inflation is higher than expected, bonds go down. When inflation’s lower than expected, bonds go up.
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.
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.
School typically doesn’t prepare young people for real life – unless their lives are spent following instructions and pleasing others. In my opinion, that’s why so many students who succeed in school fail in life.
I believe that we all get rewarded and punished according to whether we operate in harmony or in conflict with nature’s laws, and that all societies will succeed or fail in the degrees that they operate consistently with these laws.
Do not feel bad about your mistakes or those of others. Love them! Remember that one: they are to be expected; two: they’re the first and most essential part of the learning process; and three: feeling bad about them will prevent you from getting better.
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.
