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When two intelligent parties disagree, that’s when the potential for learning and moving ahead begins.

Ray Dalio

To make money in the markets, you have to think independently and be humble.
RAY DALIO

Business Humble Independent Marketing Money Thinking Yourself
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.
RAY DALIO

Evidence Hard Time Mistake People Problem Stand Way Weakness
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
Some people seek to understand, and some people seek to portray what they want to portray.
RAY DALIO

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

Class Drive Growth Main Return
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 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
Meditation more than anything in my life was the biggest ingredient of whatever success I’ve had.
RAY DALIO

Big Life Meditation Myself Success
There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes.
RAY DALIO

Desire Excellence Money Oneself Society
If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.
RAY DALIO

Country Current Decline Interest 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
I think meditation has been the single biggest reason for whatever success Ive had.
RAY DALIO

Meditation Myself Success Thinking
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

When two intelligent parties disagree, that’s when the potential for learning and moving ahead begins.

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When two intelligent parties disagree, that’s when the potential for learning and moving ahead begins.

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