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 DALIOPrinciples are what allow you to live a life consistent with those values. Principles connect your values to your actions.
More Ray Dalio Quotes
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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.
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There is giant untapped potential in disagreement, especially if the disagreement is between two or more thoughtful people.
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The media has the power to create an entrenched perception of reality that’s incorrect.
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Principles are what allow you to live a life consistent with those values. Principles connect your values to your actions.
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When two intelligent parties disagree, that’s when the potential for learning and moving ahead begins.
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By and large, life will give you what you deserve and it doesn’t give a damn what you like. So it is up to you to take full responsibility to connect what you want with what you need to do to get it, and then to do those things.
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To make money in the markets, you have to think independently and be humble.
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There are far more good answers “out there” than there are in you.
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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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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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Watch out for people who think it’s embarrassing not to know.
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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.
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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.
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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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People who worry about looking good typically hide what they don’t know and hide their weaknesses, so they never learn how to properly deal with them and these weaknesses remain impediments in the future.
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