Bridgewater - The Best Experience of Your Life

In 1980-81, Paul Volcker was elected. Helmut Schmidt said the highest level of interest rates since Jesus Christ. They created this problem. I analyzed it and found that American banks had lent much more money to emerging countries than those countries were going to pay back. And then in August 1982, Mexico defaulted on its debt. None of the countries followed. That's because the Federal Reserve eased a lot of monetary policy,. printed a lot of money and created a bull market. The experience was a painful, it's very super painful. But it was the best experience. It gave me the humility I needed to deal with my audacity.

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