#43 Ray Dalio: Principles: Life and Work
What I learned from reading Principles: Life and Work by Ray Dalio
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Whatever success I've had in life has had more to do with my knowing how to deal with my not knowing than anything I know [0:01]
Ray's first principle and why [5:35]
Ray's key to success [8:07]
The similarities between investors and entrepreneurs [9:27]
Shift your mindset from I know I am right to How do I know I am right? [13:05]
Systemize your decision making [14:09]
Ray on his life story [17:30]
the quality of your decisions determine the quality of your life [19:50]
Like a lot of Founders, Ray was bad at school [21:45]
More about his personality: stubborn and determined + his first jobs [22:45]
Hungry for knowledge he could actually use [24:28]
Terrible is better than mediocre [25:03]
What we think to be true that is not: The future is a slightly modified version of the present [25:30]
Steve Jobs [26:30]
A pivotal lesson for Ray: The same things happen over and over again [28:02]
the founding of Bridgewater [32:33]
the humble beginning of Bridgewater [35:15]
If you know your business A to Z there is no problem you can't solve – Sam Zemurray [36:06]
Watching the richest man in the world go broke [38:00]
Ray loses everything and has to start all over again [40:30]
Successful people change in ways that allow them to continue to take advantage of their strengths while compensating for their weaknesses and unsuccessful people don't [45:10]
The new Bridgewater: Systematizing his decision making process [47:35]
Developing more products and out teaching his competition [48:11]
The results of systematized thinking guided by principles that are written down and adhered to [53:30]
Counterintuitive thoughts on public success [55:19]
“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
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