Today we are learning about the life of Ray Dalio through his book: Principles: Life and Work.
Ideas discussed in this podcast:
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)
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