Constantly probe the people who report to you, and encourage them to probe you.
RAY DALIOTo be successful, we need everyone to think independently and work through disagreement to decide what’s best.
More Ray Dalio Quotes
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It is a law of nature that you must do difficult things to gain strength and power. As with working out, after a while you make the connection between doing difficult things and the benefits you get from doing them, and you come to look forward to doing these difficult things.
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Most people have a hard time confronting their weaknesses in a really straightforward, evidence-based way. They also have problems speaking frankly to others. Some people love knowing about their weaknesses and mistakes and those of others because it helps them be so much better, while others can’t stand it.
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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.
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I think meditation has been the single biggest reason for whatever success Ive had.
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I believe that dreamers who simply imagine things that would be nice but are not possible don’t sufficiently appreciate the laws of the universe to understand the true implications of their desires, much less how to achieve them.
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He who lives by the crystal ball will eat shattered glass.
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Like the saying goes, don’t believe everything you read.
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There are two main drivers of asset class returns – inflation and growth.
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I believe that for the most part, achieving success – whatever that is for you – is mostly a matter of personal choice and that, initially, making the right choices can be difficult.
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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.
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An economy is not a complicated thing; it just has a lot of moving parts.
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To make money in the markets, you have to think independently and be humble.
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Competitiveness is really what it costs you per man-hour to get you what you want. In other words, there’s an education level that plays into the mix and so if it’s inexpensive to buy an hour of real good education in places like China versus the U.S., that factors in.
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Meditation helps you stay in a calm, clear-headed state so that when challenges come at you, you can deal with them like a ninja – in a calm thoughtful way. When you’re centered, your emotions are not hijacking you.
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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