Ray Dalio
Founder of Bridgewater Associates, which he led from 1975 until stepping back from control in 2022. Author of Principles, The Changing World Order and How Countries Go Broke; publishes economic analysis at economicprinciples.org.
Ray Dalio did not write this page.
We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.
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Their wordsAs the supply/demand picture isn’t improving and neither the markets nor the economy appear to be weakening to improve the imbalance, the bond bear market probably has a long way to go, and we should be alerted to the other markets’ possible weakness.
↗The Numbers Behind the Bond Bear Market (with a Look at Equities)raydalio.substack.com
- 8 weeks earlier
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public debtinterest ratesgovernment
Their wordsThe debt dynamics work the same for a central government as they do for a person or a company, except that a central government has a central bank that can print money (which devalues it) and it can take money away from people via taxes.
↗How Countries Go Broke: The Dynamic Behind What is Happening Nowraydalio.substack.com
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public debtgovernmentinvesting
Their wordsBecause one can measure these things, one can monitor this debt dynamic happening, so it’s easy to see problems approaching. I’ve used this diagnostic process in my investing and I’ve kept it to myself, but I’m now explaining it in detail in How Countries Go Broke: The Big Cycle because it is too important to keep to myself.
↗How Countries Go Broke: The Dynamic Behind What is Happening Nowraydalio.substack.com
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public debtinterest ratesgovernment
Their wordsEarly in the final stage of the Big Debt Cycle, the market action reflects this dynamic via interest rates rising led by long-term rates, the currency declining especially relative to gold, and the central government’s treasury department shortening the maturities of its debt offerings because of a shortage of the demand for long-term debt.
↗How Countries Go Broke: The Dynamic Behind What is Happening Nowraydalio.substack.com
- 2 months earlier
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Their wordsI know through my experiences that even the most advanced artificial intelligences don’t have adequate enough insights to allow one to blindly follow them and that unique human understanding and insights are still invaluable, and that that is especially true in investing where value-added is a zero-sum game (so that, when it comes to adding value, what is widely known is of little value.)
↗Principled Thinking and AI Need to Go Togetherraydalio.substack.com
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Our reading
Success now requires combining the best human intelligence with the best artificial intelligence
Their wordsI believe that the path to success is best achieved by putting the best human intelligence together with the best artificial intelligence and that the way of thinking I am describing here is essential to understand and use in the new human/artificial intelligence era.
↗Principled Thinking and AI Need to Go Togetherraydalio.substack.com
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Their wordsTo be clear, these criteria are not best derived by looking at what would have worked in the past and assuming that it will work in the future—i.e., data mining—or simply asking an AI what to do. They are based on logical understandings converted into decision-making systems.
↗Principled Thinking and AI Need to Go Togetherraydalio.substack.com
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Their wordsWhat this process can now do in creating understanding of the timeless and universal cause:effect relationship and enhancing and systemizing whatever one is thinking is mind-blowing. I believe that you will either stay at the cutting edge of doing this or you will be uncompetitive.
↗Principled Thinking and AI Need to Go Togetherraydalio.substack.com
- 4 months earlier
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Their wordsI think everyone’s starting point for investing should be to know and be in the portfolio that is best to have, independent of any tactical views of the markets.
- 3 years earlier
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Their wordseverything happens over and over again all right everything um I we think of this as everything's another one of those so by being able to look at history and make the connections and examine how the mechanics of the cause effect relationships are that's what we spend a lot out of time doing and then we convert those rules those principles into algorithms
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 1st of 12 in this recording
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Their wordsI went from thinking you know I'm right to asking myself how do I know I'm right in other words how do I triangulate it gave me the humility I needed to balance with my audacity and so then it gave me an open-mindedness
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 2nd of 12 in this recording
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Their wordsI think the greatest tragedy of mankind and the greatest tragedy of most people is to hold opinions in their head that are wrong that they're attached to and that they don't stress test it's so easy to take those ideas and properly put them out there in an idea meritocratic way and have them stress tests which raises the probabilities of being right
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 3rd of 12 in this recording
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Our reading
Risk can be reduced without reducing returns by structuring bets in a more diversified way.
Their wordsI learned how to balance risks better right so I learned that if um how I could reduce my risks without reducing my returns by being able to literally structure my bets in a more Diversified way
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 4th of 12 in this recording
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Their wordswhenever I was surprised and I think whenever most people it's surprised it's because of something that never happened in their lifetime before but it happened before so it doesn't happen in their context but it happens so you don't see it so you don't think about it
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 5th of 12 in this recording
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Their wordsI developed an exercise that I would write down my criteria for making those decisions so that would be my principles
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 6th of 12 in this recording
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Our reading
Success takes two things: knowing what the best decisions are and having the courage to do them.
Their wordsthe only two things you need to do to be successful first you have to know what the best decisions are and second you have to have the courage to do them
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 7th of 12 in this recording
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Their wordsthoughtful disagreement is not an easy thing for a lot of people people are instinctually reluctant to disagree that's a great barrier right to learning
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 8th of 12 in this recording
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Their wordsDemocratic decision making and that means everybody has the same votes the same opinion that's not sensible because they have different merits to that so if you have an idea meritocracy you have to know also the Merit of people's thinking
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 9th of 12 in this recording
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Their wordsdescribe it as the balance of assertiveness and open-mindedness to know that you're not blindly following then you have an opinion you have an independent thing and to know that that opinion simultaneously could be wrong and to then be curious
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 10th of 12 in this recording
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Their wordsmaking a mistake is not a problem that um not learning from mistakes is a problem
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 11th of 12 in this recording
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Our reading
Their wordsan expression pain plus reflection equals progress
↗Ray Dalio: Principles for a Life Well Lived | Knowledge Project Podcast Archiveyoutube.com 12th of 12 in this recording