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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.

Ray Dalio

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

Class Drive Growth Main Return
Nature gave us pain as a messaging device to tell us that we are approaching, or that we have exceeded, our limits in some way.
RAY DALIO

Device Limitation Nature Ourselves Pain Way
Demand is best measured in terms of spending. You know, I think in traditional economics, it’s a mistake to measure it in terms of the quantity of goods.
RAY DALIO

Demand Measurement Mistake Myself Quantity Tradition
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.
RAY DALIO

Gold Market Money Opportunity Price Way
The big question is: When will the term structure of interest rates change? That’s the question to be worried about.
RAY DALIO

Change Interest Rate Structure Worry
It’s more important to do big things well than to do small things perfectly.
RAY DALIO

Big Important Inspirational Perfection Small
Forget about what the technology is. Just understand the motivation behind it.
RAY DALIO

Forget Motivational Technology Understand
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.
RAY DALIO

Black Dimension Eyes Power White Yourself
I’m going to give away a lot more than half my money. I’d be happy to give that to the government if the government put together programs that were like I’m giving away to charity, in which I believe the money is effectively used to help people.
RAY DALIO

Believe Government Happiness Help Money Myself People
Constantly probe the people who report to you, and encourage them to probe you.
RAY DALIO

Encouragement People Yourself
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.
RAY DALIO

Difficult Law Nature Work Yourself
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
Some people seek to understand, and some people seek to portray what they want to portray.
RAY DALIO

People Seek Understand
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
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
Like the saying goes, don’t believe everything you read.
RAY DALIO

Believe Reading Trust Yourself

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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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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