RAY DALIO is the founder, chair, and co–chief investment officer at Bridgewater Associates, a global leader in institutional portfolio management and the largest hedge fund in the world ($150+ billion). Bridgewater is known for its culture of “radical transparency,” which includes encouraging dissent, openly airing disagreements, and recording all meetings. His estimated net worth is nearly $17 billion. Along with Bill Gates and Warren Buffett, Ray has signed “The Giving Pledge,” committing half of his net wealth to charity over the course of his lifetime. He has created the Dalio Foundation to channel his philanthropic contributions. Ray has appeared on the Time 100 list of the “Most Influential People in the World,” as well as the Bloomberg Markets list of the “50 Most Influential People.” Ray is the author of Principles: Life and Work, in which he shares the unconventional principles that he’s developed, refined, and used over the past 40 years to create unique results in both life and business.
The Hero with a Thousand Faces by Joseph Campbell, The Lessons of History by Will and Ariel Durant, and River Out of Eden by Richard Dawkins.
A pocket notepad to jot down good ideas when they come to me.
My most painful failures have been my best teachers, because the pain prompted me to change. My “favorite failure” was in 1982, when I predicted a depression on Wall Street Week (a popular TV show) and to Congress just before a great bull market and economy.
“Think for yourself while being radically open-minded.”
Learning to meditate. I faithfully practice Transcendental Meditation but also dabble and am interested in other types of meditation.
Enjoying reflecting on my painful mistakes. I do this by writing down my reflections. I’ve also developed an iPad app to help people reflect on the pain they experience that I call the Pain Button.
The belief that I’m at a stage in life when making others successful without me is the most important thing I can do.
Love looking at what you don’t know, your mistakes, and your weaknesses, because understanding them is essential for making the most of your life.
“The markets that have done great are great investments.” In other words, when someone says, “Buy this because it’s doing well,” you should be thinking, “Be careful, because it’s become more expensive.”
I meditate.