Ray Dalio Quotes
140 Ray Dalio Quotes (Bridgewater Associates, Daily Observations)
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[In 2011.] If you’re limiting yourself to what you experienced, you are going to be in trouble… I studied the Great Depression. I studied the Weimar Republic. I studied important events that didn’t happen to me.
Ray Dalio
[In May 2007.] The biggest mistake in investing is believing the last three years is representative of what the next three years is going to be like.
Ray Dalio
[In 2011.] I think anybody who is a great investor, a good investor, a successful investor has to be a person who can be both aggressive and defensive… You have to be able to bet. But you also have to have enough fear to have the caution. But you can’t let the fear control you.
Ray Dalio
[In 2011.] We aren’t born with the ability to make good decisions; we learn it.
Ray Dalio
[In 2011.] Learning is through questions, it’s not through being told.
Ray Dalio
[In 2011.] The consensus is often wrong… I have to be an independent thinker.
Ray Dalio
[In 2011.] Some people see details (trees), and others see big pictures (forests).
Ray Dalio
[In 2011.] I try to limit my bets to the limited number of things I am confident in.
Ray Dalio
[In 2011.] Using leverage is like playing Russian roulette. It means that you are inevitably going to get a bullet in the head.
Ray Dalio
[In 2011.] The more creative I am, the less hard I have to work.
Ray Dalio
[In 2011.] All I cared about was having the freedom to do what I wanted to do.
Ray Dalio
[In 2011.] The way I learn is to immerse myself in something, which prompts questions, which I answer, prompting more questions, until I reach a conclusion.
Ray Dalio
[In 2011.] Failure is by and large due to not accepting and successfully dealing with the realities of life… Achieving success is simply a matter of accepting and successfully dealing with all my realities.
Ray Dalio
[In 2011.] Everyone makes mistakes… one of the most important things that differentiates people is their approach to handling them.
Ray Dalio
[In 2011.] There is an incredible beauty to mistakes, because embedded in each mistake is a puzzle, and a gem that I could get if I solved it, ie., a principle that I could use to reduce my mistakes in the future.
Ray Dalio
[In 2011.] Our education system spends virtually no time on how to learn from mistakes, yet this is critical to real learning.
Ray Dalio
[In 2011.] The people who really change the world are the ones who see what’s possible and figure out how to make that happen.
Ray Dalio
[In 2011.] There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes.
Ray Dalio
[In 2011.] Reality + Dreams + Determination = A Successful Life.
Ray Dalio
[In 2011.] Pain + Reflection = Progress
Ray Dalio
[In 2011.] Nature gave us pain as a messaging device to tell us that we are approaching, or that we have exceeded our limits in some way. At the same time, nature made the process of getting stronger require us to push our limits.
Ray Dalio
[In 2011.] I have never met a person who did not earn and learn their greatness.
Ray Dalio
[In 2011.] Great expectations create great capabilities…
Ray Dalio
[In March 2011.] In order to make money in the market you have to be an independent thinker. And I think also creative, you have to be willing to make mistakes.
Ray Dalio
[In May 2007.] Hedge funds and private-equity firms today are like the dot-coms in 2000: Ask for money and you'll get it. They bid up the prices of everything. The amount of money flowing is almost out of control, and it's making everything overvalued.
Ray Dalio
[In May 2007.] A client of mine said it's like there are 11,000 planes in the sky and only 100 good pilots - an accident is bound to happen. Just like the dotcom bust, the winners and losers will be sorted out but the technological advances won't stop.
Ray Dalio
[In May 2007.] There are always times when the world around you is doing things you don't want to participate in and, in fact, you want to bet against.
Ray Dalio
[In February 2009.] The conventional wisdom has it that bonds are the most overbought and most dangerous asset class right now.
Ray Dalio
[In February 2009.] Buying equities and taking on those risks in late 2009, or more likely 2010, will be a great move because equities will be much cheaper than now. It is going to be a buying opportunity of the century.
Ray Dalio
[In March 2011.] If you can't print money, whether you are the state of Wisconsin or Spain, you are a debtor with one path: a decade of hell.
Ray Dalio
[In March 2011.] Currency devaluations are good for stocks, good for commodities and good for gold. They are not good for bonds.
Ray Dalio
[In March 2011.] We particularly like looking at mistakes or weaknesses that we have in order to get stronger.
Ray Dalio
[In March 2011.] I believe that the biggest impediment to personal improvement is the ego reaction to making mistakes.
Ray Dalio
[In 2011.] I don’t even know what a hedge fund is! What we’re called and how we’re categorized, by our basic structure, doesn’t capture the essence of what we are. I trade long and short, ‘Does that make me a hedge fund?’ No. I consider myself a financial engineer. I started trading commodities. Then commodities became various futures, which evolved into various swaps and derivatives. I could separate things in a way that was unique. I evolved.
Ray Dalio
[In 2011.] We are a unique group of good investors doing unique things.
Ray Dalio
[In 2011 looking back on hearing about stocks everywhere in 1961 everywhere he went.] If I got a haircut, the barber would be talking about stocks. If I got my shoes shined, the shoeshine guy would be talking about stocks. I didn’t know if I could do it, but it looked very interesting to me. I saw all these names in the paper and figured it must be easy because I only have to pick one that goes up. If that didn’t happen and I lost money, I could have easily ended up in another field.
Ray Dalio
[In 2011 about in 1971 listening to President Nixon making on Sunday night a nationally televised address on TV when the Bretton Woods system broke down.] It was one of the most dramatic economic events ever, a very big deal and I was at the epicentre of it on the floor of the New York Stock Exchange… He [Nixon] was spinning political speak, but what he was saying was that the U.S. has defaulted on its debts. And it got me thinking about what money is. What are dollars if they are not tied to gold?
Ray Dalio
[In 2011.] I saw how the government lied or certainly spun things in a certain way. I had all these philosophical questions, like – ‘Whom do you believe? What is actually truthfully going on?’ All of this pulled me into the global macro markets. The currency markets would be important to me for the rest of my life.
Ray Dalio
[In 2011 on working as an assistant at Merrill Lynch in 1972 learning about commodities.] I hardly made any money, but I remember I loved it. And that was great. Even back then, I was never really concerned with money past a certain point of utility. I was happy sleeping on a cot in a studio apartment. All I cared about was having the freedom to do what I wanted to do.
Ray Dalio
[In 2011 on never being afraid to go into new territory.] I think ego stands in the way of a lot of people doing that. It’s like learning how to ski… The sting of the fall hurts for about a minute but that’s how you learn.
Ray Dalio
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