RWH022: Multi-billionaire Masterclass w/ Ray Dalio
We Study Billionaires - The Investor’s Podcast Network
Navigating Global Uncertainties: Lessons from History
This chapter explores the intricate dynamics of today's global tensions and economic hurdles, stressing the necessity for careful investment strategies informed by history. It draws comparisons to past patterns over the last 500 years, highlighting the influences of debt, societal issues, and shifts in global power since 1945.
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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