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Be wary of the arrogant intellectual who comments from the stands without having played on the field.

Ray Dalio

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.
RAY DALIO

Beautiful Growth Positive Slow Speed Time
Look at what caused people to make a lot of money and you will see that usually it is in proportion to their production of what the society wanted.
RAY DALIO

Money People Production Society Warning
In return, society rewards those who give it what it wants. That is why how much money people have earned is a rough measure of how much they gave society what it wanted.
RAY DALIO

Measurement Money People Return Rough Society
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.
RAY DALIO

Future Goodness Hide People Proper Weakness Worry
If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.
RAY DALIO

Country Current Decline Interest Rate
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
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
People 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.
RAY DALIO

Choice Confusion Creation Impossible People True
If you don’t own Gold, you know neither history nor economics.
RAY DALIO

Economics History Yourself
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
Everyone has to decide for themselves what works for them and their organization.
RAY DALIO

Decision Organization Work
Treat your life like a game.
RAY DALIO

Game Life One Liner Treat
There is a strong tendency to get used to and accept very bad things that would be shocking if seen with fresh eyes.
RAY DALIO

Acceptance Bad Eyes See Strong
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.
RAY DALIO

Fall Instruction Life People Reality School Success Typical Young
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
I could see that making judgments about people so that they are tried and sentenced in your head, without asking them for their perspective, is both unethical and unproductive. So I learned to love real integrity and to despise the lack of it.
RAY DALIO

Ethics Integrity Judgement Learning Love People Perspective

Be wary of the arrogant intellectual who comments from the stands without having played on the field.

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Be wary of the arrogant intellectual who comments from the stands without having played on the field.

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