he’s an American businessman and founder of the investment firm Bridgewater
of the investment firm Bridgewater
of the investment firm Bridgewater associates he appeared on the annual
associates he appeared on the annual
associates he appeared on the annual time 100 list of the hundred most
time 100 list of the hundred most
time 100 list of the hundred most influential people in the world
influential people in the world
influential people in the world according to Forbes he’s the 30th
according to Forbes he’s the 30th
according to Forbes he’s the 30th richest person in America with a net
richest person in America with a net
richest person in America with a net worth of over fifteen billion dollars
worth of over fifteen billion dollars
worth of over fifteen billion dollars he’s Ray Dalio and here are his top ten
he’s Ray Dalio and here are his top ten
he’s Ray Dalio and here are his top ten rules for success one sentence that I
rules for success one sentence that I
rules for success one sentence that I try to describe Bridgewater by and it’s
try to describe Bridgewater by and it’s
try to describe Bridgewater by and it’s meaningful work and meaningful
meaningful work and meaningful
meaningful work and meaningful relationships I is what I want
relationships I is what I want
relationships I is what I want meaningful work and meaningful
meaningful work and meaningful
meaningful work and meaningful relationships through radical truth and
relationships through radical truth and
relationships through radical truth and radical transparency so meaningful work
radical transparency so meaningful work
radical transparency so meaningful work means like we’re in a mission together
means like we’re in a mission together
means like we’re in a mission together we’re excited about we do we want to do
we’re excited about we do we want to do
we’re excited about we do we want to do it excellently that’s meaningful work
it excellently that’s meaningful work
it excellently that’s meaningful work meaningful relationships are these
meaningful relationships are these
meaningful relationships are these relationships in where there’s you know
relationships in where there’s you know
relationships in where there’s you know like the honesty helps you you can argue
like the honesty helps you you can argue
like the honesty helps you you can argue things through but you always know that
things through but you always know that
things through but you always know that there’s honesty and that there’s mutual
there’s honesty and that there’s mutual
there’s honesty and that there’s mutual caring for each other
caring for each other
caring for each other radical truth means that knowing what is
radical truth means that knowing what is
radical truth means that knowing what is true to be able to deal with reality
true to be able to deal with reality
true to be able to deal with reality whether you like the reality or not but
whether you like the reality or not but
whether you like the reality or not but to know what reality is like do you have
to know what reality is like do you have
to know what reality is like do you have imagine if you had a disease would you
imagine if you had a disease would you
imagine if you had a disease would you want to know that you had that disease
want to know that you had that disease
want to know that you had that disease or would you want not want to know I’d
or would you want not want to know I’d
or would you want not want to know I’d want to know and so to know do you if
want to know and so to know do you if
want to know and so to know do you if you have a weakness do you want to know
you have a weakness do you want to know
you have a weakness do you want to know you have the weakness or do you not want
you have the weakness or do you not want
you have the weakness or do you not want to know
to know
to know radical truth and radical transparency
radical truth and radical transparency
radical truth and radical transparency needs you get to see everything that’s
needs you get to see everything that’s
needs you get to see everything that’s very powerful failure is a part of the
very powerful failure is a part of the
very powerful failure is a part of the learning process right what’s the risk
learning process right what’s the risk
learning process right what’s the risk of failure what you’ll be embarrassed or
of failure what you’ll be embarrassed or
of failure what you’ll be embarrassed or risk of how do you distinguish failure
risk of how do you distinguish failure
risk of how do you distinguish failure from learning uh in your whole life you
from learning uh in your whole life you
from learning uh in your whole life you know failure implies that it stopped
know failure implies that it stopped
know failure implies that it stopped that the game stops right if it’s part
that the game stops right if it’s part
that the game stops right if it’s part of a you’re failing and then you learn
of a you’re failing and then you learn
of a you’re failing and then you learn then that learning is part of the moving
then that learning is part of the moving
then that learning is part of the moving forward right so that is what the
forward right so that is what the
forward right so that is what the process is like fail learn move forward
process is like fail learn move forward
process is like fail learn move forward and constantly do that because you’re
and constantly do that because you’re
and constantly do that because you’re cutting edge you’re going where people
cutting edge you’re going where people
cutting edge you’re going where people haven’t been before an inventiveness so
haven’t been before an inventiveness so
haven’t been before an inventiveness so pervasively we were talking about
pervasively we were talking about
pervasively we were talking about culture it is when people disagree and
culture it is when people disagree and
culture it is when people disagree and you you can take thoughtful people
you you can take thoughtful people
you you can take thoughtful people disagree
disagree
disagree a you have then the potential of
a you have then the potential of
a you have then the potential of learning a lot if people who were
learning a lot if people who were
learning a lot if people who were disagreeing can say why do we disagree
disagreeing can say why do we disagree
disagreeing can say why do we disagree and work through that conversation in an
and work through that conversation in an
and work through that conversation in an intelligent way to try to find out
intelligent way to try to find out
intelligent way to try to find out what’s true you can learn you can make
what’s true you can learn you can make
what’s true you can learn you can make progress it can be a fabulous thing I
progress it can be a fabulous thing I
progress it can be a fabulous thing I believe that everything works like a
believe that everything works like a
believe that everything works like a machine so when we talk about markets
machine so when we talk about markets
machine so when we talk about markets and we talk about economics you know how
and we talk about economics you know how
and we talk about economics you know how I think it’s just a machine
I think it’s just a machine
I think it’s just a machine everything has cause-effect
everything has cause-effect
everything has cause-effect relationships and you can program all of
relationships and you can program all of
relationships and you can program all of that we’re machines human brains a
that we’re machines human brains a
that we’re machines human brains a machine and we operate that way and in
machine and we operate that way and in
machine and we operate that way and in today’s age we have data we have a lot
today’s age we have data we have a lot
today’s age we have data we have a lot of data and so to be able to look at
of data and so to be able to look at
of data and so to be able to look at what people are like is a powerful thing
what people are like is a powerful thing
what people are like is a powerful thing when I when I hear the interview of
when I when I hear the interview of
when I when I hear the interview of about General Motors and you think about
about General Motors and you think about
about General Motors and you think about one country one company or another you
one country one company or another you
one country one company or another you think of Tesla and by contrast okay look
think of Tesla and by contrast okay look
think of Tesla and by contrast okay look there are two things that make a
there are two things that make a
there are two things that make a difference
difference
difference it’s either people or culture okay and
it’s either people or culture okay and
it’s either people or culture okay and that’s everything and so everybody’s
that’s everything and so everybody’s
that’s everything and so everybody’s talking about this was done of that is
talking about this was done of that is
talking about this was done of that is done step back
done step back
done step back what were your people like how are they
what were your people like how are they
what were your people like how are they different what is your culture like and
different what is your culture like and
different what is your culture like and how is that different and that’s all
how is that different and that’s all
how is that different and that’s all that matters and so if you look at it
that matters and so if you look at it
that matters and so if you look at it that way and you compare what the future
that way and you compare what the future
that way and you compare what the future of general motors are going to be and
of general motors are going to be and
of general motors are going to be and the future of Tesla’s going to be or any
the future of Tesla’s going to be or any
the future of Tesla’s going to be or any such things that’s what all that makes
such things that’s what all that makes
such things that’s what all that makes up the difference and you can put data
up the difference and you can put data
up the difference and you can put data together that shows that and you can
together that shows that and you can
together that shows that and you can operate in that way and that’s what
operate in that way and that’s what
operate in that way and that’s what makes you effective what happens with
makes you effective what happens with
makes you effective what happens with meditation as you know on its it’s just
meditation as you know on its it’s just
meditation as you know on its it’s just a simple exercise that allows you first
a simple exercise that allows you first
a simple exercise that allows you first to clear your head and then brings an
to clear your head and then brings an
to clear your head and then brings an equanimity to everything everything it
equanimity to everything everything it
equanimity to everything everything it eliminates the stress it eliminates the
eliminates the stress it eliminates the
eliminates the stress it eliminates the emotion would how often it um your busy
emotion would how often it um your busy
emotion would how often it um your busy guy yeah I I’ve been doing it for 44
guy yeah I I’ve been doing it for 44
guy yeah I I’ve been doing it for 44 years but I do it you know twice a day
years but I do it you know twice a day
years but I do it you know twice a day on a third of the time once a day
on a third of the time once a day
on a third of the time once a day probably a third of the time and not
probably a third of the time and not
probably a third of the time and not over 20 minutes twice a day yes you
over 20 minutes twice a day yes you
over 20 minutes twice a day yes you spend a day as part of your oh it’s such
spend a day as part of your oh it’s such
spend a day as part of your oh it’s such a great investment I would say that more
a great investment I would say that more
a great investment I would say that more than any other factor of
than any other factor of
than any other factor of having any effect on my success it’s
having any effect on my success it’s
having any effect on my success it’s been meditation because the equanimity
been meditation because the equanimity
been meditation because the equanimity and also the creativity because it opens
and also the creativity because it opens
and also the creativity because it opens between the literally the prefrontal
between the literally the prefrontal
between the literally the prefrontal cortex and the amygdala it opens the two
cortex and the amygdala it opens the two
cortex and the amygdala it opens the two sides of the brains and allows a
sides of the brains and allows a
sides of the brains and allows a spontaneity a creativity and
spontaneity a creativity and
spontaneity a creativity and open-mindedness and and so it’s good for
open-mindedness and and so it’s good for
open-mindedness and and so it’s good for that not only the health because because
that not only the health because because
that not only the health because because it you get with stress as a terrible
it you get with stress as a terrible
it you get with stress as a terrible thing but it also is very good in terms
thing but it also is very good in terms
thing but it also is very good in terms of the clarity and you don’t get the
of the clarity and you don’t get the
of the clarity and you don’t get the emotional hijacking and it’s great for
emotional hijacking and it’s great for
emotional hijacking and it’s great for creativity so it’s helped me a lot
creativity so it’s helped me a lot
creativity so it’s helped me a lot it’s the biggest gift I can give anyone
it’s the biggest gift I can give anyone
it’s the biggest gift I can give anyone I’m 64 years old yeah I don’t want to
I’m 64 years old yeah I don’t want to
I’m 64 years old yeah I don’t want to have fears fears of things being open
have fears fears of things being open
have fears fears of things being open fears of another I’m not going to let a
fears of another I’m not going to let a
fears of another I’m not going to let a fear stand in the way of something that
fear stand in the way of something that
fear stand in the way of something that I believe is valuable mistakes are good
I believe is valuable mistakes are good
I believe is valuable mistakes are good things
things
things mistakes are good things meaning if
mistakes are good things meaning if
mistakes are good things meaning if they’re made in learning in other words
they’re made in learning in other words
they’re made in learning in other words so mistakes are how we learn because
so mistakes are how we learn because
so mistakes are how we learn because mistakes produce pain and if you produce
mistakes produce pain and if you produce
mistakes produce pain and if you produce that and you convert that to learning
that and you convert that to learning
that and you convert that to learning like for example punishing people for
like for example punishing people for
like for example punishing people for mistakes is bad because they hide things
mistakes is bad because they hide things
mistakes is bad because they hide things where if you were to say to your kid and
where if you were to say to your kid and
where if you were to say to your kid and they make some mistake
they make some mistake
they make some mistake the only thing you have to do was tell
the only thing you have to do was tell
the only thing you have to do was tell me what would you have done different in
me what would you have done different in
me what would you have done different in the future and then we’ll be good that
the future and then we’ll be good that
the future and then we’ll be good that learns makes that a learning process or
learns makes that a learning process or
learns makes that a learning process or weaknesses everybody has a weaknesses
weaknesses everybody has a weaknesses
weaknesses everybody has a weaknesses has a number of weaknesses the great
has a number of weaknesses the great
has a number of weaknesses the great people that I’ve seen in almost any area
people that I’ve seen in almost any area
people that I’ve seen in almost any area always have weaknesses they just have
always have weaknesses they just have
always have weaknesses they just have known what their weaknesses are and have
known what their weaknesses are and have
known what their weaknesses are and have ways of getting around those weaknesses
ways of getting around those weaknesses
ways of getting around those weaknesses we break it into two parts we have two
we break it into two parts we have two
we break it into two parts we have two basic portfolios there is the strategic
basic portfolios there is the strategic
basic portfolios there is the strategic asset allocation mix which we call
asset allocation mix which we call
asset allocation mix which we call all-weather and that just has nothing to
all-weather and that just has nothing to
all-weather and that just has nothing to do with bets it has to do with how to
do with bets it has to do with how to
do with bets it has to do with how to make all the assets the same risk parity
make all the assets the same risk parity
make all the assets the same risk parity on the core risk parity the problem is
on the core risk parity the problem is
on the core risk parity the problem is when people try to diversify and they
when people try to diversify and they
when people try to diversify and they own some equities and equities has a
own some equities and equities has a
own some equities and equities has a volatility right that’s large or they
volatility right that’s large or they
volatility right that’s large or they own assets that do well when the economy
own assets that do well when the economy
own assets that do well when the economy does well and do
does well and do
does well and do sadly when the economy does badly they
sadly when the economy does badly they
sadly when the economy does badly they have a concentration of their risk in
have a concentration of their risk in
have a concentration of their risk in some assets like they need to have they
some assets like they need to have they
some assets like they need to have they need to change the portfolio they need
need to change the portfolio they need
need to change the portfolio they need to not buy longer duration bonds or
to not buy longer duration bonds or
to not buy longer duration bonds or leverage the bonds or bring up so that
leverage the bonds or bring up so that
leverage the bonds or bring up so that bonds and commodities and pieces have
bonds and commodities and pieces have
bonds and commodities and pieces have comparable impacts so that whatever
comparable impacts so that whatever
comparable impacts so that whatever happens in the economy will then have a
happens in the economy will then have a
happens in the economy will then have a balancing effect because the one thing
balancing effect because the one thing
balancing effect because the one thing you could be most confident is that
you could be most confident is that
you could be most confident is that asset class is on average will
asset class is on average will
asset class is on average will outperform cash okay so if you have
outperform cash okay so if you have
outperform cash okay so if you have that’s a strategic asset allocation
that’s a strategic asset allocation
that’s a strategic asset allocation that’s what the all-weather piece is
that’s what the all-weather piece is
that’s what the all-weather piece is then there’s the bets the bets are
then there’s the bets the bets are
then there’s the bets the bets are zero-sum right in order for you to beat
zero-sum right in order for you to beat
zero-sum right in order for you to beat me in the game you’re going to you it’s
me in the game you’re going to you it’s
me in the game you’re going to you it’s like poker it’s a zero-sum game I have
like poker it’s a zero-sum game I have
like poker it’s a zero-sum game I have we have 1,500 people work at Bridgewater
we have 1,500 people work at Bridgewater
we have 1,500 people work at Bridgewater we spend hundreds of millions of dollars
we spend hundreds of millions of dollars
we spend hundreds of millions of dollars on research and so on we’ve been doing
on research and so on we’ve been doing
on research and so on we’ve been doing this for 37 years and we don’t know that
this for 37 years and we don’t know that
this for 37 years and we don’t know that we’re going to win in other words we
we’re going to win in other words we
we’re going to win in other words we work that we have to have diversified
work that we have to have diversified
work that we have to have diversified bets we have a lot of diversified bets
bets we have a lot of diversified bets
bets we have a lot of diversified bets and so on so it’s very important for
and so on so it’s very important for
and so on so it’s very important for most people to know when not to make a
most people to know when not to make a
most people to know when not to make a bet because if you’re going to come to
bet because if you’re going to come to
bet because if you’re going to come to the poker table you’re going to have to
the poker table you’re going to have to
the poker table you’re going to have to beat me and they’re going to have to
beat me and they’re going to have to
beat me and they’re going to have to beat those who take money so the nature
beat those who take money so the nature
beat those who take money so the nature of investing is that a very small
of investing is that a very small
of investing is that a very small percentage of the people take money
percentage of the people take money
percentage of the people take money essentially in that poker game away from
essentially in that poker game away from
essentially in that poker game away from other people who don’t know when prices
other people who don’t know when prices
other people who don’t know when prices go up whether that means it’s a good
go up whether that means it’s a good
go up whether that means it’s a good investment or if it’s a more expensive
investment or if it’s a more expensive
investment or if it’s a more expensive investment sometimes the high points
investment sometimes the high points
investment sometimes the high points come from the low points they’re
come from the low points they’re
come from the low points they’re simultaneously meaning I you know like I
simultaneously meaning I you know like I
simultaneously meaning I you know like I learned the most when I am making
learned the most when I am making
learned the most when I am making mistakes and so I know like for if I’m
mistakes and so I know like for if I’m
mistakes and so I know like for if I’m making money in the market it might seem
making money in the market it might seem
making money in the market it might seem like a high point because you figure
like a high point because you figure
like a high point because you figure okay you’re making money but you don’t
okay you’re making money but you don’t
okay you’re making money but you don’t test yourself as much when you’re making
test yourself as much when you’re making
test yourself as much when you’re making a low point and you’re in misery you’re
a low point and you’re in misery you’re
a low point and you’re in misery you’re saying how am I doing this wrong and
saying how am I doing this wrong and
saying how am I doing this wrong and you’re learning a lot or at least I’m
you’re learning a lot or at least I’m
you’re learning a lot or at least I’m learning a lot first of all I have a
learning a lot first of all I have a
learning a lot first of all I have a terrible rote memory on very unreliable
I really am incredibly forgetful I need
I really am incredibly forgetful I need people around who will take care a lot
people around who will take care a lot
people around who will take care a lot of things that I’m for me in other words
of things that I’m for me in other words
of things that I’m for me in other words I need handlers and people who are
I need handlers and people who are
I need handlers and people who are meticulous and organized and those are
meticulous and organized and those are
meticulous and organized and those are my you know those are Deva the major I
my you know those are Deva the major I
my you know those are Deva the major I miss by the way I mean like at any time
miss by the way I mean like at any time
miss by the way I mean like at any time I believe that I’m missing a lot like I
I believe that I’m missing a lot like I
I believe that I’m missing a lot like I look at there’s so many things that I’m
look at there’s so many things that I’m
look at there’s so many things that I’m not seeing the one thing that’s good
not seeing the one thing that’s good
not seeing the one thing that’s good about that is that I know that I’m not
about that is that I know that I’m not
about that is that I know that I’m not seeing them and so that’s why I keep
seeing them and so that’s why I keep
seeing them and so that’s why I keep going to other people who I find see
going to other people who I find see
going to other people who I find see differently and that’s my biggest
differently and that’s my biggest
differently and that’s my biggest advantage my biggest advantage is not
advantage my biggest advantage is not
advantage my biggest advantage is not what I know what I know is a small
what I know what I know is a small
what I know what I know is a small percentage of what I need to know my
percentage of what I need to know my
percentage of what I need to know my biggest advantage is that I know that I
biggest advantage is that I know that I
biggest advantage is that I know that I don’t know a lot and I’m worried about
don’t know a lot and I’m worried about
don’t know a lot and I’m worried about not knowing and that I know how to speak
not knowing and that I know how to speak
not knowing and that I know how to speak to people who might know a lot and then
to people who might know a lot and then
to people who might know a lot and then I do have that process and then through
I do have that process and then through
I do have that process and then through that I learn a lot and I minimize my
that I learn a lot and I minimize my
that I learn a lot and I minimize my chances of harming myself because I
chances of harming myself because I
chances of harming myself because I don’t know thank you guys so much for
don’t know thank you guys so much for
don’t know thank you guys so much for watching I made this video because Syed
watching I made this video because Syed
watching I made this video because Syed Zhen asked me to so there’s a famous
Zhen asked me to so there’s a famous
Zhen asked me to so there’s a famous entrepreneur that you want me to profile
entrepreneur that you want me to profile
entrepreneur that you want me to profile next leave it in the comments below and
next leave it in the comments below and
next leave it in the comments below and I’ll see what I can do I’d also love to
I’ll see what I can do I’d also love to
I’ll see what I can do I’d also love to know which of Ray Dalio top 10 rules had
know which of Ray Dalio top 10 rules had
know which of Ray Dalio top 10 rules had the biggest impact on you
the biggest impact on you
the biggest impact on you leave it in the comments I’m going to
leave it in the comments I’m going to
leave it in the comments I’m going to join the discussion thank you so much
join the discussion thank you so much
join the discussion thank you so much for watching continue to believe and
for watching continue to believe and
for watching continue to believe and I’ll see you soon
”
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