Ray Dalio Quotes

Recognize that having an effective idea meritocracy requires that you understand the merit of each person’s ideas.

When central banks print a lot of money to relieve a crisis, buy stocks, gold, and commodities because their value will rise and the value of paper money will fall.

It is far more common for people to allow ego to stand in the way of learning.

I also feared boredom and mediocrity much more than I feared failure.

Every leader must decide between 1) getting rid of liked but incapable people to achieve their goals and 2) keeping the nice but incapable people and not achieving their goals. Whether or not you can make these hard decisions is the strongest determinant of your own success

Focus more on making the pie bigger than on exactly how to slice it

Close-minded people have trouble holding two thoughts simultaneously in their minds. They allow their own view to crowd out those of others.
Open-minded people can take in the thoughts of others without losing their ability to think well- they can hold two or more conflicting concepts in their mind and go back and forth between them to assess their relative merits. p197

Don’t just pay attention to your job; pay attention to how your job will be done if you are no longer around.

Focus more on making the pie bigger than on exactly how to slice it so that you or anyone else gets the biggest piece. The best negotiations are the ones with someone in which I say, “You should take more,” and they argue back, “No you should take more!” People who operate this way with each other make the relationship better and the pie bigger — and both benefit in the long run.

"I. Utilize the "two-minute rule" to avoid persistent interruptions. The two-minute rule specifies that you have to give someone an uninterrupted two minutes to explain their thinking before jumping in with your own. This ensures that everyone has time to fully crystallize and communicate their thoughts without worrying they will be misunderstood or drowned out by a louder voice.
j. Watch out for assertive "fast talkers." Fast talkers are people who articulately and assertively say things faster than they can be assessed as a way of pushing their agenda past other people's examination or objections. Fast talking can be especially effective when it's used against people worried about appearing stupid. Don't be one of those people. Recognize that it's your responsibility to make sense of things and don't move on until you do. If you're feeling pressured, say something like "Sorry for being stupid, but I'm going to need to slow you down so I can make sense of what you're saying." Then ask your questions. All of them. p367"

Make believability-weighted decisions. ...
Operate by principles ... that are so clearly laid out that their principles can be easily assessed and you and others can see if you walk the talk.

Pay for the person, not the job. Look at what people in comparable jobs with comparable experience and credentials make, add some small premium over that, and build in bonuses or other incentives so they will be motivated to knock the cover off the ball. Never pay based on the job title alone.

Encounters like these have taught me that human greatness and terribleness are not correlated with wealth or other conventional measures of success. I’ve also learned that judging people before really seeing things through their eyes stands in the way of understanding their circumstances — and that isn’t smart.

Unattainable goals appeal to heroes,

I saw that to do exceptionally well you have to push your limits and that, if you push your limits, you will crash and it will hurt a lot. You will think you have failed — but that won’t be true unless you give up.