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Where is the economy is today is it growing? Flat? Declining?
What about YOUR economy your personal investments, your nest egg? How safe is it, and how likely it is to grow at the rate you want it to? When you think about your current investments, how do you feel? Secure, or are you half-panicked?
For many, the recession of 2008 still lingers. Those who suffered are waiting, white-knuckled, holding on to their portfolios and still wondering what to do next. We have, after all, been in one of the longest bull markets in history and bull markets always come to an end at some point. So how do you protect yourself from the possibility of another 2008? And how can you start to take a more proactive, confident approach to your portfolio?
When Tony wroteMoney Master the Game, he had the unique privilege of sitting down with some of the most successful, masterful investors and financial gurus of all time including the legendary Ray Dalio.
Ray founded the investment management firm Bridgewater Associates in 1975 out of his two-bedroom New York City apartment. Four decades later, Bridgewater has grown to be the largest hedge fund in the world, managing over 160 billion dollars, and making more money for its investors than any other hedge fund in history. Dalio himself has appeared on the Time 100 list of the most influential people in the world, as well as the Bloomberg Markets list of the 50 most influential people. And inMoney Master the Game, Ray explains his view on what it means to create a balanced portfolio. He even revealed the exact percentages of a simple portfolio that he believes will protect you from the dips and even the dives in the market.
But now as Ray nears retirement, he has made the decision to share even more of the systems and strategies that have brought him such massive success in his deeply personal bookPrinciples: Life & Work.
Tony recently sat down with Ray to discuss just why Ray felt so inclined to share his wisdom with the world and whyPrinciplesis an absolute must-read for everyone whether youre in the financial industry or not. And in this episode of the podcast, you will hear from Tony and Ray as they discuss the evolution of Rays career, the catastrophic mistakes he made that almost destroyed everything he built, and how the lowest points in his life taught him his biggest lessons. Youll also hear Tony and Ray discuss their personal beliefs about creating a successful and productive workplace culture, and why everyone should strive to create a meritocracy and invoke radical honesty in their lives.
[08:45] Finding joy in helping others achieve success
[10:45] The two things you need to be successful
[15:30] The most painful experience became the most powerful
[15:50] Learning to ask: How do I know Im right?
[16:30] Creating a meritocracy to draw the best out of everybody
[18:30] How to raise your probability of being right
[18:50] Why we are conditioned to need to be right
[21:50] The 5 things you need to be successful
[22:25] Diagnose the problems to determine the root causes
[22:50] Determine the design for what you will do about the root causes
[23:00] Decide to work with people who are strong where you are weak
[24:15] Rays new instinctual approach to failure
[25:30] The review that changed Rays outlook on leadership
[27:30] Creating new policies based on fairness and truth
[28:00] What people are missing about Rays culture
[29:30] Creating meaningful work and meaningful relationships
[32:10] Why it was the relationships that changed Rays life
[33:10] Rays biggest weakness and how he overcame it
[36:00] The dot collector deciding what to listen to
[40:15] The wanting of meritocratic decision-making
[44:05] We are late in the long-term debt cycle
[44:30] Long-term debt is going to be squeezing us
[46:10] The top tenth of the top 1% of wealth = bottom 90% combined
[47:00] The economy for the bottom 60% isnt growing
[48:20] If you look at averages, the country is in a bind
[49:10] What are the overarching principles that bind us together?
[50:20] Determine the principles that will guide your decision-making
[50:50] What will happen to the economy when technology disrupts industries
[52:30] Technologies can now surpass the capacity of people
[53:00] 40% of jobs will be replaced by technology
[54:00] People must learn how to write algorithms
[56:20] The problem with many programs and policies
[58:00] Rays advice for anyone trying to get to the next level
[59:50] Why meditation has become so important to Ray
[1:02:10] Reduce risk without reducing returns
[1:06:30] Rays most important message for you
[01:20] How should investors think about dealing with the current market?
[02:15] The behavioral pattern of the typical investor
[03:50] Learn how to find balance in your portfolio
[05:15] Competing in the market is incredibly difficult
[07:10] Who is buying and who is selling at any moment
[09:40] The technology underlying digital currency
[11:50] Where most of Rays money is a balanced portfolio
[12:20] What do the most successful business titans have in common
[13:00] Visualizing a future and seeing the gap
[13:50] What do you do with people saying youre wrong?
[15:00] It can be very uncomfortable when going against the grain
[15:20] These people can see the big pictureandthe details
[16:30] Partner with those who can see what you cant
[17:30] The best entrepreneurs have high levels of humility
[19:10] The ability to be simultaneously open-minded and assertive
[20:20] The three steps to creating a meritocratic relationship
[22:20] Believability-weighted decision-making
[24:00] Mutually agreeing to bring a 3rd-party into the resolution
[24:30] Looking at disagreement with curiosity and respect
[24:50] Making sure people are great without me
[28:00] Write down your principles and clarify them
[30:00] What are the principles that bind us together?
[31:10] Creating principles facilitates decision-making
[02:50] What you hunger for is what was missing
[04:05] The universal principle behind our actions and behavior
[04:35] Conditioning ourselves to meet others expectations
[06:00] Who did Ray have to be for his father?
[08:00] What principles does Tony find most valuable in life
[08:55] How do you create an extraordinary life?
[10:55] When you grow you have something to give
[11:45] Taking 100% responsibility for yourself
[12:55] Dreams + Embracing reality + Determination
[13:15] The quality of life is the quality of your decisions
[13:55] The meeting of a lifetime or a critical business obligation
[16:35] Tonys 6-step process for making decisions
[20:45] How Tony sparked Mikhail Gorbachev into discussion
[23:10] Finding ways to mitigate the negative consequences
[23:45] Success is the result of good judgment
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