Episode notes
William chats with Ray Dalio, one of the most successful investors of all time. Ray, whose net worth is estimated at $19.1 billion, founded the world’s largest hedge fund firm, Bridgewater Associates, which manages about $150 billion. He’s also the author of the #1 NYT bestseller “Principles: Life & Work,” which has sold over 4 million copies. Here, Ray shares invaluable lessons on how to develop your own principles for success, overcome your biggest obstacles, construct a resilient portfolio, invest wisely in China, think rationally about Bitcoin, & build a happy life that suits your personality. This is a true masterclass on investing & life.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:42 - How Ray Dalio’s habit of writing down his principles changed his life.
08:40 - Why it’s critical to understand yourself & find paths that suit your nature.
11:32 - What Ray discovered about his strengths, weaknesses, values, & motivations.
12:25 - How he succeeds by collaborating with people who are strong where he’s weak.
12:50 - What business leaders like Elon Musk, Bill Gates, & Reed Hastings have in common.
16:08 - How to convert your experiences into principles that will guide your decisions.
17:29 - What Ray learned about risk & survival after a disastrous investment mistake.
21:44 - How he taught himself to embrace pain, harnessing it to become a better investor.
26:59 - How meditation empowers him to make decisions in a calm & centered way.
31:32 - How to apply his five-step process for getting what you want out of life.
32:16 - How to improve your life by identifying the “one big thing” that stands in your way.
45:08 - How to combat your ego & your blind-spots.
47:23 - Why he’s comfortable investing billions in China, despite the uncertainties.
45:31 - How he balances risk & reward by seeking to own 15 “good, uncorrelated bets.”
52:00 - How regular investors can construct a well-diversified, resilient portfolio.
57:16 - What we should learn from the bubble & bust of high-tech stocks & crypto.
1:01:39 - Why he’s deeply skeptical about Bitcoin.
1:05:43 - How economies are driven by credit cycles, & where the U.S. stands in this cycle.
1:18:13 - How to prepare for the future by knowing where you are in the three phases of life.
1:23:57 - Why Ray is becoming more spiritual in the third & final phase of his life.
1:33:18 - Why he’s happy to cede control of his investment firm to a new generation of leaders.
1:38:10 - Why Ray sees ocean exploration, not space exploration, as the greatest adventure of all.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
- Listen to William Green's 2022 interview with Ray Dalio, The Changing World Order - TIP410, or watch the video.
Principles: Your Guided Journal by Ray Dalio.
Principles: Life and Work by Ray Dalio.- Ray Dalio’s animated video on How the Economic Machine Works.
- Ray Dalio’s animated video on Principles for Success.
- Ray Dalio’s animated video on Principles for Dealing with the Changing World Order.
- Follow Ray Dalio on LinkedIn.
- Take the free PrinciplesYou personality assessment test.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- Follow William Green on Twitter.
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