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There are two main drivers of asset class returns – inflation and growth.

Ray Dalio

Some people who are creative are not reliable and vice versa; some see big pictures while others see details, etc. All of them are important to have on well-orchestrated teams.
RAY DALIO

Creation People Photograph Team Trust
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
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
He who lives by the crystal ball will eat shattered glass.
RAY DALIO

Advice Himself Live Place
Some people seek to understand, and some people seek to portray what they want to portray.
RAY DALIO

People Seek Understand
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.
RAY DALIO

Believe Consist Karma Law Myself Nature Punishment Reward Success
I think the greatest tragedy of mankind is that people have ideas and opinions in their heads but don’t have a process for properly examining these ideas to find out what’s true. That creates a world of distortions.
RAY DALIO

Creation Greatness Kind Man Myself Thinking Tragedy World
Life is like a giant smorgasbord of more delicious alternatives than you can ever hope to taste. So you have to reject having some things you want in order to get other things you want more.
RAY DALIO

Delicious Hope Life Rejection Taste Yourself
Principles are what allow you to live a life consistent with those values. Principles connect your values to your actions.
RAY DALIO

Life Live Principle Value Yourself
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.
RAY DALIO

Bad Easy Oneself Opinion Production Right Situation Value Worst
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
The media has the power to create an entrenched perception of reality that’s incorrect.
RAY DALIO

Creation Media Perception Power True
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 think so many people are reactive… they see things in a short term way they’re right up against it.
RAY DALIO

Myself People Reaction Right Thinking
There are two main drivers of asset class returns – inflation and growth.
RAY DALIO

Class Drive Growth Main Return
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

There are two main drivers of asset class returns – inflation and growth.

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There are two main drivers of asset class returns – inflation and growth.

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