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If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.

Ray Dalio

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
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
That’s what I mean by radical truth. I mean accepting reality.
RAY DALIO

Acceptance Myself Radiant Truth
Radical transparency fosters goodness in so many ways for the same reasons that bad things are more likely to take place behind closed doors.
RAY DALIO

Bad Goodness Hide Place Radiant Reason
The media has the power to create an entrenched perception of reality that’s incorrect.
RAY DALIO

Creation Media Perception Power True
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
I can be stressed, or tired, and I can go into a meditation and it all just flows off of me. I’ll come out of it refreshed and centered and that’s how I’ll feel and it’ll carry through the day.
RAY DALIO

Carry Day Flow Meditation Myself
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
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
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
The more you think you know, the more closed-minded you’ll be.
RAY DALIO

Limitation Mindset Thinking 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
There is giant untapped potential in disagreement, especially if the disagreement is between two or more thoughtful people.
RAY DALIO

People Potential Special Thinking
Don’t worry about looking good – worry about achieving your goals.
RAY DALIO

Achievement Appearance Goal Goodness Worry
To test if you are worrying too much about looking good, observe how you feel when you find out you’ve made a mistake or don’t know something.
RAY DALIO

Appearance Goodness Mistake Observation Worry Yourself
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.
RAY DALIO

Competition Cost Education Factor Goodness Place Reality Word

If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.

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If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.

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Popular Authors

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