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

Ray Dalio

If you don’t own Gold, you know neither history nor economics.
RAY DALIO

Economics History Yourself
Be wary of the arrogant intellectual who comments from the stands without having played on the field.
RAY DALIO

Arrogant Field Intellectual Play Pride Stand
Like the saying goes, don’t believe everything you read.
RAY DALIO

Believe Reading Trust Yourself
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.
RAY DALIO

Calm Challenge Emotion Help Meditation Stay Yourself
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
There is nothing to fear from truth….Being truthful is essential to being an independent thinker and obtaining greater understanding of what is right.
RAY DALIO

Essential Fear Independent Right Thinking Truth Understand
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
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
There are two main drivers of asset class returns – inflation and growth.
RAY DALIO

Class Drive Growth Main Return
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
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
You should have a strategic asset allocation mix that assumes that you don’t know what the future is going to hold.
RAY DALIO

Assumption Future Hold Strategy Yourself
He who lives by the crystal ball will eat shattered glass.
RAY DALIO

Advice Himself Live Place
The best advice I can give you is to ask yourself what do you want, then ask ‘what is true’ – and then ask yourself ‘what should be done about it.’ I believe that if you do this you will move much faster towards what you want to get out of life than if you don’t!
RAY DALIO

Advice Believe Best Life True Yourself
There is giant untapped potential in disagreement, especially if the disagreement is between two or more thoughtful people.
RAY DALIO

People Potential Special Thinking
I also believe that everyone needs to think independently and make their own decisions on what makes the most sense.
RAY DALIO

Believe Decision Independent Myself Need Thinking
If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.
RAY DALIO

Country Current Decline Interest Rate
The more you think you know, the more closed-minded you’ll be.
RAY DALIO

Limitation Mindset Thinking Yourself
More than anything else, what differentiates people who live up to their potential from those who don’t is a willingness to look at themselves and others objectively.
RAY DALIO

Live Object People Potential Willing
If you can stare hard at your problems, they almost always shrink or disappear, because you almost always find a better way of dealing with them than if you don’t face them head on. The more difficult the problem, the more important it is that you stare at it and deal with it.
RAY DALIO

Deal Difficult Disappear Face Hard Problem Yourself
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.
RAY DALIO

Connection Deserve Life Responsibility Yourself
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
Almost everything is like a machine.
RAY DALIO

Machine One Liner People
The main reason I write the daily observations is because I want to know where I’m wrong. So lots of times if somebody points something out it helps me, and I want to have a diversified bet of uncorrelated bets.
RAY DALIO

Help Myself Observation Reason Writing Wrong
Don’t worry about looking good – worry about achieving your goals.
RAY DALIO

Achievement Appearance Goal Goodness Worry
Life is like a giant smorgasbord of more delicious alternatives than you can ever hope to taste. So you have to reject having some things you want in order to get other things you want more.
RAY DALIO

Delicious Hope Life Rejection Taste 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

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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