Ray Dalio Quotes

To visualize what I mean by “shaping” and “shapers,” think of Steve Jobs, who was probably the greatest and most iconic shaper of our time, as measured by the size and success of his shaping.

Closed-minded people are more likely to make statements than ask questions.

there are two broad approaches to decision making: evidence/logic-based (which comes from the higher- level brain) and subconscious/emotion-based (which comes from the lower-level animal brain).

Everyone has weaknesses. They are generally revealed in the patterns of mistakes they make.

Truth — or, more precisely, an accurate understanding of reality — is the essential foundation for any good outcome.

In thoughtful disagreement, both parties are motivated by the genuine fear of missing important perspectives. Exchanges in which you really see what the other person is seeing and they really see what you are seeing — with both your “higher-level yous” trying to get to the truth — are immensely helpful and a giant source of untapped potential. To do this well, approach the conversation in a way that conveys that you’re just trying to understand.26 Use questions rather than make statements. Conduct the discussion in a calm and dispassionate manner, and encourage the other person to do that as well. Remember, you are not arguing; you are openly exploring what’s true. Be reasonable and expect others to be reasonable. If you’re calm, collegial, and respectful you will do a lot better than if you are not. You’ll get better at this with practice.

I believe that the key to success lies in knowing how to both strive for a lot and fail well. By failing well, I mean being able to experience painful failures that provide big learnings without failing badly enough to get knocked out of the game.

To do it well, be sure to avoid the common perils of: 1) valuing your own believability more than is logical and 2) not distinguishing between who is more or less credible.

Investors think independently, anticipate things that haven’t happened yet, and put real money at stake with their bets. Policymakers come from environments that nurture consensus, not dissent, that train them to react to things that have already occurred, and that prepare them for negotiations, not placing bets. Because they don’t benefit from the constant feedback about the quality of their decisions that investors get, it’s not clear who the good and bad decision makers among them are.

Avoid fixating on irrelevant details.

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

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

Typically, by doing what comes naturally to us, we fail to account for our weaknesses, which leads us to crash. What happens after we crash is most important. 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.

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.

"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"