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This Is My Year Of Transition From What I'm Calling The Second Phase Of My Life To The Third Phase Of My Life. And I Wanted To Pass It Along. What I Mean By That Is, In The First Days Of Your Life You're Dependent On Others And You Learn. You're Basically A Kid, Depending On Your Parents. In The Second Phase Of Your Life, You're Working And Others Are Dependent On You And You're Trying To Be Successful. And Then When You Go To The Third Phase Of Your Life It's No Longer As Much Of A Kick To Be Successful. There's A Natural, Instinctual Desire To Help Other People Be Successful.

-Ray Dalio

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This Is My Year

Ray Dalio

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This Is My Year Of Transition From What I'm Calling The Second Phase Of My Life To The Third Phase Of My Life. And I Wanted To Pass It Along. What I Mean By That Is, In The First Days Of Your Life You're Dependent On Others And You Learn. You're Basically A Kid, Depending On Your Parents. In The Second Phase Of Your Life, You're Working And Others Are Dependent On You And You're Trying To Be Successful. And Then When You Go To The Third Phase Of Your Life It's No Longer As Much Of A Kick To Be Successful. There's A Natural, Instinctual Desire To Help Other People Be Successful.

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I Was About Twenty And The Beatles Were Meditating And I Heard About It And They Had A Center In New York And I Came To The Center And I Learned About It.

One Of The Greatest Sources Of Problems In Our Society Arises From People Having Loads Of Wrong Theories In Their Heads - Often Theories That Are Critical Of Others - That They Won't Test By Speaking To The Relevant People About Them. Instead, They Talk Behind People's Backs, Which Leads To Pervasive Misinformation.

I'm Scared Of One Man, One Vote Because It Suggests That Everybody Has An Equal Ability At Making Decisions, And I Think That's Dangerous.

I Pay About A Third In Taxes, I Give Away About A Third, And I Follow The Law.

That's What I Mean By Radical Truth. I Mean Accepting Reality.

In Order To Get Past Disagreements, You Just Can't Have One Person With Power Decide. In Other Words, So Just Because I'm A Boss, It Would Be Terrible If I Then Said, "okay, We're Gonna Go Do This." That's Why, After That Thoughtful Disagreement, There Has To Be A Process Of An Idea Meritocracy. That Means Okay, Now You Have To Vote, Not That The Decision Resides With Power. And Then You Vote And Move Beyond It.

An Economy Is Not A Complicated Thing; It Just Has A Lot Of Moving Parts.

Radical Transparency Is Critical To Having An Idea Meritocracy Because It Shows What's Actually Happening Without Spin And Prevents People From Maneuvering Politically Behind Each Others' Backs. It Brings Problems And Weaknesses To The Surface And Allows People To See How They Are Dealt With, So It's Great For Training People On How To Deal With Real Problems.

Though How Nature Works Is Way Beyond Man's Ability To Comprehend, I Have Found That Observing How Nature Works Offers Innumerable Lessons That Can Help Us Understand The Realities That Affect Us.

I'm Scared Of People With Power Making The Decision.

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.

I Learned That Everyone Makes Mistakes And Has Weaknesses And That One Of The Most Important Things That Differentiates People Is Their Approach To Handling Them. I Learned That There Is An Incredible Beauty To Mistakes, Because Embedded In Each Mistake Is A Puzzle, And A Gem That I Could Get If I Solved It, I.e. A Principle That I Could Use To Reduce My Mistakes In The Future.

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.

I Don't Think Individual Media Outlets Will Regulate. There Are Such Things As Self-regulatory Organizations That Will Look At The Members Of The Industry And Their Behavior And Establish Standards Of Behavior.

To Make Money In The Markets, You Have To Think Independently And Be Humble.

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.

I Don't Get Caught Up In The Moment.

I Have Been Very Lucky Because I Have Had The Opportunity To See What It's Like To Have Little Or No Money And What It's Like To Have A Lot Of It. I'm Lucky Because People Make Such A Big Deal Of It And, If I Didn't Experience Both, I Wouldn't Be Able To Know How Important It Really Is For Me. I Can't Comment On What Having A Lot Of Money Means To Others, But I Do Know That For Me, Having A Lot More Money Isn't A Lot Better Than Having Enough To Cover The Basics.

With The Media, We Don't Know What's True, And We Don't Have Radical Transparency Because We're Seeing Everything Through Somebody Else's Eyes. There's No Other Industry That Has As Much Power And As Much Freedom And As Little Quality Control. I Can't Imagine How Anyone Could Not Think That's A Problem.

If You Don't Own Gold, You Know Neither History Nor Economics.

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.

Everyone Has To Decide For Themselves What Works For Them And Their Organization.

Principles Are What Allow You To Live A Life Consistent With Those Values. Principles Connect Your Values To Your Actions.

In China Anything Less Than 6% Growth Is A Recession Meaning That It Also Causes Financial Problems And It's Disruptive And It's A Problem.

Financial Problems

When I Say I Believe In Radical Truth And Radical Transparency, All I Mean Is We Take Things That Ordinarily People Would Hide, And We Put Them On The Table, Particularly Mistakes, Problems, And Weaknesses. We Put Those On The Table, And We Look At Them Together. We Don't Hide Them.

I Treasure The Fact There's Media Freedom, But With That Goes Responsibility. I Think That There Should Be A Self-regulatory Organization And That They Should Start To Think About Standards. Because I Think A Lot Of People Say, "i Don't Know How To Read What Is True Versus Somebody Else's Interpretation."

For Every Mistake That You Learn From You Will Save Thousands Of Similar Mistakes In The Future, So If You Treat Mistakes As Learning Opportunities That Yield Rapid Improvements You Should Be Excited By Them. But If You Treat Them As Bad Things, You Will Make Yourself And Others Miserable, And You Won't Grow.

When You're Faced With A Choice, You Have One Of Three Choices That You Can Have. You Can Have Those With Power Decide. You Can Have One Man, One Vote. Or You Can Have Believability-weighted Decision-making.

I Do Think People Need To Recognize That A Lot Of Journalists Want To Write A Story A Certain Way Because The Story Will Be Better Or The Portrayal Will Be Better, Or At Least Recognize That Whenever You're Looking At Something, You're Seeing It Through Somebody's Eyes Who May Actually Not Be The Person Who Is The Most Insightful.

This Is My Year Of Transition From What I'm Calling The Second Phase Of My Life To The Third Phase Of My Life. And I Wanted To Pass It Along. What I Mean By That Is, In The First Days Of Your Life You're Dependent On Others And You Learn. You're Basically A Kid, Depending On Your Parents. In The Second Phase Of Your Life, You're Working And Others Are Dependent On You And You're Trying To Be Successful. And Then When You Go To The Third Phase Of Your Life It's No Longer As Much Of A Kick To Be Successful. There's A Natural, Instinctual Desire To Help Other People Be Successful.

We Wouldn't Be Successful If We Didn't Have Independent Thinkers Who Can Argue And Then Resolve Their Arguments.

Principles Are Concepts That Can Be Applied Over And Over Again In Similar Circumstances As Distinct From Narrow Answers To Specific Questions. Every Game Has Principles That Successful Players Master To Achieve Winning Results. So Does Life. Principles Are Ways Of Successfully Dealing With The Laws Of Nature Or The Laws Of Life. Those Who Understand More Of Them And Understand Them Well Know How To Interact With The World More Effectively Than Those Who Know Fewer Of Them Or Know Them Less Well.

It's More Important To Do Big Things Well Than To Do Small Things Perfectly.

I Think Meditation Has Been The Single Biggest Reason For Whatever Success Ive Had

I Think So Many People Are Reactive... They See Things In A Short Term Way They're Right Up Against It.

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.

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.

You Should Have A Strategic Asset Allocation Mix That Assumes That You Don't Know What The Future Is Going To Hold.

People With Good Work Habits Have To-do Lists That Are Reasonably Prioritized, And They Make Themselves Do What Needs To Be Done. By Contrast, People With Poor Work Habits Almost Randomly React To The Stuff That Comes At Them, Or They Can't Bring Themselves To Do The Things They Need To Do But Don't Like To Do (or Are Unable To Do).

When You're Centered, Your Emotions Are Not Hijacking You.

Meditation And Yoga

The Pain Of Problems Is A Call To Find Solutions Rather Than A Reason For Unhappiness And Inaction, So It's Silly, Pointless, And Harmful To Be Upset At The Problems And Choices That Come At You (though It’s Understandable).

Successful People Ask For The Criticism Of Others And Consider Its Merit.

Don't Be A Perfectionist, Because Perfectionists Often Spend Too Much Time On Little Differences At The Margins At The Expense Of Other Big, Important Things. Be An Effective Imperfectionist. Solutions That Broadly Work Well (e.g., How People Should Contact Each Other In The Event Of Crises) Are Generally Better Than Highly Specialized Solutions (e.g., How Each Person Should Contact Each Other In The Event Of Every Conceivable Crisis).

Sometimes We Forge Our Own Principles And Sometimes We Accept Others' Principles, Or Holistic Packages Of Principles, Such As Religion And Legal Systems. While It Isn't Necessarily A Bad Thing To Use Others' Principles - It's Difficult To Come Up With Your Own, And Often Much Wisdom Has Gone Into Those Already Created - Adopting Pre-packaged Principles Without Much Thought Exposes You To The Risk Of Inconsistency With Your True Values.

To Have An Idea Meritocracy, One Needs To Do Three Things. First, They Have To Put Their Honest Thoughts On The Table, For Everyone To Look At And Everyone To Work Through. Second, They Need To Have Thoughtful Disagreement, By Which There Are Quality Exchanges, In Which There's Open Mindedness And The Realization That No One Has All The Right Answers. And You Can Work Through That And Get To Better Answers Because Good Collective Decision Making Is Better Than Any Individual Decision Making. And Third, You Have To Have Ways Of Getting Past The Disagreements If They Remain.

When People Get At Each Other's Throat, The Rich And The Poor And The Left And The Right And So On, And You Have A Basic Breakdown, That Becomes Very Threatening.

Each Person Assesses Each Other Person's Credibility On Different Dimensions, Because People Are Strong And Weak In Different Things.

For Me, The Best Things In Life - Meaningful Work, Meaningful Relationships, Interesting Experiences, Good Food, Sleep, Music, Ideas, Sex, And Other Basic Needs And Pleasures - Are Not, Past A Certain Point, Materially Improved Upon By Having A Lot Of Money.

If Inflation-adjusted Interest Rates Decline In A Given Country, Its Currency Is Likely To Decline.

The More You Think You Know, The More Closed-minded You'll Be.

I Think It Is In The Nature Of Individuals And Individual Entities Not To Self-correct.

I Don't Think There Is Such A Thing As The Perfect System.

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.

Over Time, It Also Became Important For Me To Share My Management Principles With The People I Worked With Because We Had To Agree On How We Should Be With Each Other - And That Way Is Unique. Because The Logic Behind Being Radically Honest And Radically Transparent With Each Other Wasn't Clear, It Had To Be Spelled Out In These Principles.

Imagine If You Had Baseball Cards That Showed All The Performance Stats For Your People: Batting Averages, Home Runs, Errors, Eras, Win/loss Records. You Could See What They Did Well And Poorly And Call On The Right People To Play The Right Positions In A Very Transparent Way.

Ironically, People Who Suppress The Mini-confrontations For Fear Of Conflict Tend To Have Huge Conflicts Later, Which Can Lead To Separation, Precisely Because They Let Minor Problems Fester. On The Other Hand, People Who Address The Mini-conflicts Head-on In Order To Straighten Things Out Tend To Have The Great, Long-lasting Relationships.

We Don't Know What Truth Is Anymore. You Or Other Media People Can Say There's No Problem, But You're Losing Your Credibility. There's Distortion, And It's Hurting Our Society. And As A Result Of That, There Will Be Forces That, One Way Or Another, Are Going To Naturally Bring That Into Equilibrium.

When You Think That It's Too Hard, Remember That In The Long Run, Doing The Things That Will Make You Successful Is A Lot Easier Than Being Unsuccessful

There Is Nothing To Fear From Truth....being Truthful Is Essential To Being An Independent Thinker And Obtaining Greater Understanding Of What Is Right.

I've Learned That Each Mistake Was Probably A Reflection Of Something That I Was (or Others Were) Doing Wrong, So If I Could Figure Out What That Was, I Could Learn How To Be More Effective.

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.

There Are Far More Good Answers "out There" Than There Are In You.

The Biggest Mistake Investors Make Is To Believe That What Happened In The Recent Past Is Likely To Persist. They Assume That Something That Was A Good Investment In The Recent Past Is Still A Good Investment. Typically, High Past Returns Simply Imply That An Asset Has Become More Expensive And Is A Poorer, Not Better, Investment.

The Media Has The Power To Create An Entrenched Perception Of Reality That's Incorrect.

As Harvard Developmental Psychologist Robert Kegan, Who Has Studied Bridgewater, Says, In Most Work Places Everyone Is Working Two Jobs. The First Is Whatever Their Actual Job Is; The Second Consists Of Managing Others' Impressions Of Them, Especially By Hiding Weaknesses And Inadequacies - Which Is An Enormous Waste Of Energy.

I Notice A Difference From The Moment I Meditate.

Almost Everything Is Like A Machine.

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.

You'll See That Excuses Like "that's Not Easy" Are Of No Value And That It Pays To "push Through It" At A Pace You Can Handle. Like Getting Physically Fit, The Most Important Thing Is That You Keep Moving Forward At Whatever Pace You Choose, Recognizing The Consequences Of Your Actions.

What I'm Trying To Say Is That For The Average Investor, What I Would Encourage Them To Do Is To Understand There's Inflation And Growth - It Can Go Higher And Lower - And To Have Four Different Portfolios Essentially That Make Up Your Total Portfolio That Gets You Balanced.

I Have A Bad Rote Memory, But I Tend To Learn Through My Experiences. And Then When I Went Into The Markets, And Then Starting My Business As An Entrepreneur, That Affected My Thinking A Lot, Too, Because In Order To Be Successful As Both An Investor And An Entrepreneur, One Has To Be An Independent Thinker And Bet Against The Consensus And Be Right. Because The Consensus Is Built Into The Price, And If You're Not An Independent Thinker In The Markets You Won't Succeed. And If You're Not An Independent Thinker As An Entrepreneur Starting Out, You're Not Going To Bring Anything Special.

The World Is Still In Deleveraging.

I'm Sure Donald Trump Will Think That He Has The Truth, And Some Journalist Is Arguing That He Has Truth, And Somebody Else Is Arguing That They Have The Truth. And In Fact It's Even Worse Than That Because They're So Hell Bent On Their Arguments That They Will Distort The Truth Consciously. They'll Manipulate The Facts To Support Their Arguments Because They're So Hung Up In The Fight. That's Where The Problem Is, So We Argue All The Time.

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.

I'm Just Saying That If You Understand How The Economic Machine Works, It Just Works Like A Machine. There Are Cause-effect Relationships.

Life Is Like A Game Where You Seek To Overcome The Obstacles That Stand In The Way Of Achieving Your Goals. You Get Better At This Game Through Practice. The Game Consists Of A Series Of Choices That Have Consequences. You Can't Stop The Problems And Choices From Coming At You, So It's Better To Learn How To Deal With Them.

He Who Lives By The Crystal Ball Will Eat Shattered Glass.

One Of The Things Meditation Gives You Is Creativity Because Creativity Really Comes From The Subconscious Brain - Intuition, Imagination - So It's Not Like You Can Go There And Say, I'm Going To Go Be Creative Now. Maybe You Can, But The Real Way You Get Creativity Is, You Know, You're Taking A Hot Shower And Great Ideas Come To You From The Subconscious. Essentially, Meditation Opens A Pipeline Between The Conscious And The Subconscious.

Know What Your People Are Like, And Make Sure They Do Their Jobs Excellently.

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.

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!

Meditation More Than Anything In My Life Was The Biggest Ingredient Of Whatever Success I've Had.

Distinguish Open-minded People From Closed-minded People. Open-minded People Seek To Learn By Asking Questions; They Realize That What They Know Is Little In Relation To What There Is To Know And Recognize That They Might Be Wrong. Closed-minded People Always Tell You What They Know, Even If They Know Hardly Anything About The Subject Being Discussed. They Are Typically Made Uncomfortable By Being Around Those Who Know A Lot More About A Subject, Unlike Open-minded People Who Are Thrilled By Such Company.

Asking Questions

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.

Once You Accept That Playing The Game Will Be Uncomfortable, And You Do It For A While, It Will Become Much Easier (like It Does When Getting Fit). When You Excel At It, You Will Find Your Ability To Get What You Want Thrilling.

I Believe That One Of The Best Ways Of Getting At Truth Is Reflecting With Others Who Have Opposing Views And Who Share Your Interest In Finding The Truth Rather Than Being Proven Right

Credit Is A Promise To Deliver Money. It Will Produce Gdp But You'll Create Credit... So You Reach A Certain Point That That You Can't Do That Anymore... There Are Choices. And How Do We Best Support, Apportion The Money? How Much Is Going To Be Transferred?

I Believe That Our Society's "mistake-phobia" Is Crippling, A Problem That Begins In Most Elementary Schools, Where We Learn To Learn What We Are Taught Rather Than To Form Our Own Goals And To Figure Out How To Achieve Them. We Are Fed With Facts And Tested And Those Who Make The Fewest Mistakes Are Considered To Be The Smart Ones, So We Learn That It Is Embarrassing To Not Know And To Make Mistakes. Our Education System Spends Virtually No Time On How To Learn From Mistakes, Yet This Is Critical To Real Learning.

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.

When There Is Pain, The Animal Instinct Is 'fight Or Flight' (i.e., To Either Strike Back Or Run Away) - Reflect Instead. When You Can Calm Yourself Down, Thinking About The Dilemma That Is Causing You Pain Will Bring You To A Higher Level And Enlighten You, Leading To Progress.

Treat Your Life Like A Game.

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.

The Big Question Is: When Will The Term Structure Of Interest Rates Change? That's The Question To Be Worried About.

We Don't Have Ways Of Resolving The Arguments In Idea Meritocratic Way.

What Matters Most Is That The People You Work With Share Your Values.

I Believe That Understanding What Is Good Is Obtained By Looking At The Way The World Works And Figuring Out How To Operate In Harmony With It To Help It Evolve.

Some People Seek To Understand, And Some People Seek To Portray What They Want To Portray.

I Think If You Look At The Statistics And You Deal With Fake Media - And Fake Media And Distorted Media Is A Continuum - The Vast Majority Of The Population Says, "i Don't Know What To Believe." There Are No Checks And Balances In Quality Control.

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.

Look At What Caused People To Make A Lot Of Money And You Will See That Usually It Is In Proportion To Their Production Of What The Society Wanted.

I Believe There Are An Infinite Number Of Laws Of The Universe And That All Progress Or Dreams Achieved Come From Operating In A Way That's Consistent With Them. These Laws And The Principles Of How To Operate In Harmony With Them Have Always Existed. We Were Given These Laws By Nature. Man Didn't And Can't Make Them Up. He Can Only Hope To Understand Them And Use Them To Get What He Wants.

I Think The Basic Problem Is That Everybody Thinks They Know What The Truth Is, And Sometimes They're Even Distorting The Truth To Make Their Arguments.

Some People Have Subject Matter Expertise In One Thing. Some People Tend To Be Creative But Not Reliable, And Others Are Reliable But Not Creative. Everybody Has Different Dimensions.

Watch Out For People Who Think It's Embarrassing Not To Know.

People Who Acquire Things Beyond Their Usefulness Not Only Will Derive Little Or No Marginal Gains From These Acquisitions, But They Also Will Experience Negative Consequences, As With Any Form Of Gluttony.

I Think The President Of The United States Must Operate By Rules. I Think Our Judicial System Must Operate By The Rules. You Have To Operate By The Rules Of The System, And If You Don't, If You Pull Rank, Then You Lose All Your Credibility.

Success Is Achieved By People Who Deeply Understand Reality And Know How To Use It To Get What They Want. The Converse Is Also True: Idealists Who Are Not Well-grounded In Reality Create Problems, Not Progress.

Forget About What The Technology Is. Just Understand The Motivation Behind It.

So I Learned That The People Who Make The Most Of The Process Of Encountering Reality, Especially The Painful Obstacles, Learn The Most And Get What They Want Faster Than People Who Do Not. ... In Short, I Learned That Being Totally Truthful, Especially About Mistakes And Weaknesses, Led To A Rapid Rate Of Improvement And Movement Toward What I Wanted.

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.

Meditation, More Than Any Other Factor, Has Been The Reason For What Success I've Had.

Meditation Gives You Two Things: Equanimity And Creativity. And It Does That By Taking One From Their Conscious Mind, Where There's All That Noise And Chaos And So On, Into The Subconscious Mind Where There's Quiet And Where Creativity Emanates From. You Have A Mantra, And When You Repeat It Over And Over Again, All Those Thoughts Go Away Because You Shift Them To That Mantra. And Then Eventually That Sound Disappears, And Then You're Left Not Conscious Or Unconscious - You're Left In This Subconscious State, And By Opening That Up, First Of All You Get Control Of It.

Success Is Not In Obtaining The Thing. Because There's Always Another Thing. And Then You Look Back On It, And For Me, Through My Evolution, Yes I Have Success By Most Measures - But For Me, When It Comes To The Greatest Joy Of Reward, There's An Emotional Element And There's An Intellectual Element. Emotionally, My Greatest Joy Was The Personal Relationships I've Had. That Was The Greatest Joy. Intellectually, My Satisfaction Was That I Do Feel I've Evolved Well And I'm Doing My Best To Contribute Toward Evolution.

You Have To Put Yourself In My Shoes As A Person Who Believes In Radical Truth And In Being Radically Transparent, Not In Seeing Things Through Somebody Else's Eyes.

The Economy Is Like A Machine.

Unlike In School, In Life You Don't Have To Come Up With All The Right Answers. You Can Ask The People Around You For Help - Or Even Ask Them To Do The Things You Don't Do Well. In Other Words, There Is Almost No Reason Not To Succeed If You Take The Attitude Of 1) Total Flexibility - Good Answers Can Come From Anyone Or Anywhere (and In Fact, As I Have Mentioned, There Are Far More Good Answers 'out There' Than There Are In You) And 2) Total Accountability: Regardless Of Where The Good Answers Come From, It's Your Job To Find Them.

Be Wary Of The Arrogant Intellectual Who Comments From The Stands Without Having Played On The Field.

I'd Like To Be Clear That A Number Of People Find Me Intolerable, And They Don't Hesitate To Say So - Which They And I Cherish.

Ask Yourself Whether You Have Earned The Right To Have An Opinion. Opinions Are Easy To Produce, So Bad Ones Abound. Knowing That You Don't Know Something Is Nearly As Valuable As Knowing It. The Worst Situation Is Thinking You Know Something When You Don't.

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.

Never Say Anything About A Person You Wouldn't Say To Them Directly, And Don't Try People Without Accusing Them To Their Face. Badmouthing People Behind Their Backs Shows A Serious Lack Of Integrity And Is Counterproductive. It Doesn't Yield Any Beneficial Change, And It Subverts Both The People You Are Badmouthing And The Environment As A Whole.

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.

The Meaningful Work And The Meaningful Relationships Are, To Me, Comparable Rewards. I Think Being On A Mission To Do Something Great Is Great, And To Be On That Mission With People Who You Have Really Meaningful Relationships With Not Only Provides Both Types Of Rewards, But It's Mutually Supportive. Because You Can Have Tough Love, But There's Also The Love Part Of That In Terms Of The Caring For Each Other, And When You Have The Caring You Can Be Tougher On Each Other. Some People Describe It As An Intellectual Navy Seals.

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

Do Not Feel Bad About Your Mistakes Or Those Of Others. Love Them! Remember That One: They Are To Be Expected; Two: They're The First And Most Essential Part Of The Learning Process; And Three: Feeling Bad About Them Will Prevent You From Getting Better.

I Think The Industry Can Probably Self-correct Without Regulation, But I Don't Believe An Individual Outlet Can Regulate Itself.

Constantly Probe The People Who Report To You, And Encourage Them To Probe You.

Nature Is A Machine. The Family Is A Machine. The Life Cycle Is Like A Machine.

There Are Two Main Drivers Of Asset Class Returns - Inflation And Growth.

Since The Only Way You Are Going To Find Solutions To Painful Problems Is By Thinking Deeply About Them - I.e., Reflecting - If You Can Develop A Knee-jerk Reaction To Pain That Is To Reflect Rather Than To Fight Or Flee, It Will Lead To Your Rapid Learning/evolving.

The Most Important Thing You Can Have Is A Good Strategic Asset Allocation Mix. So, What The Investor Needs To Do Is Have A Balanced, Structured Portfolio – A Portfolio That Does Well In Different Environments…. We Don't Know That We're Going To Win. We Have To Have Diversified Bets.

I Have Found That By Looking At What Is Rewarded And Punished, And Why, Universally - I.e., In Nature As Well As In Humanity - I Have Been Able To Learn More About What Is "good" And "bad" Than By Listening To Most People's Views About Good And Bad.

If It Didn't Happen In Your Life Before, Then You're Not Paying Attention You Don't Think It's Possible. But Almost All Important Events Never Happen In Your Life Before.

Important Events

I Think The Media Argues All The Time With Itself.

There Is A Strong Tendency To Get Used To And Accept Very Bad Things That Would Be Shocking If Seen With Fresh Eyes.

Don't Worry About Looking Good - Worry About Achieving Your Goals.

To Be Successful, We Need Everyone To Think Independently And Work Through Disagreement To Decide What's Best.

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