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ray dollar is a billionaire hedge fund manager and philanthropist he began investing at the age of 12 and has over 50 years of experience investing he is the founder of bridgewater associates founded back in 1975 with assets under management or aum of over 138 billion dollars while he himself is actually worth over 18 billion dollars he's also author of the number one new york times bestseller principles today we're going to be looking at his seven rules for success as always let me know down below your favorite concept or idea remember if you write it down you're more likely to remember it and apply it in the future my personal favorite is concept number three mentor us right dahlia failure is a part of the learning process right what's the risk of failure what you'll be embarrassed or risk affiliate how do you distinguish failure from learning uh in your whole life you know failure implies that it's stopped that the game stops right if it's part of a you're failing and then you learn then that learning is part of the moving forward right so that is what the process is like fail learn move forward and constantly do that because you're cutting edge you're going where people haven't been before in inventiveness i'm 64 years old yeah i don't want to have fears fears of things of being open fears of another i'm not going to let a fear stand in the way of something that i believe is valuable with the enormous success you've had what do you want i just want to evolve everything is just personal evolution and what happens is i think the natural order of things is that you have these different challenges and then and then you accomplish those challenges and then evolve mistakes are good things mistakes are good things meaning if they're made in learning in other words so mistakes are how we learn because mistakes produce pain and if you produce that and you convert that to learning like for example punishing people for mistakes is bad because they hide things where if you were to say to your kid and who makes a mistake the only thing you have to do is tell me what would you have done different in the future and then will be good that learns makes that a learning process or weaknesses everybody has a weaknesses has a number of weaknesses the great people that i've seen in almost any area always have weaknesses they just have known what their weaknesses are and have ways of getting around those weaknesses sometimes the high points come from the low points they're simultaneously meaning i you know like uh i learn the most when i am making mistakes and so i know like for if i'm making money in the market it might seem like a high point because you figure okay you're making money but you don't test yourself as much when you're making a low point and you're in misery you're saying how am i doing this wrong and you're learning a lot or at least i'm learning a lot i think every place has to have a culture right and culture is the values what what values are living out and and so for example this the number one value is it has to make sense to you we have to talk about it we have to work it through in a non-egotistical kind of way and so it's an unusual place and it's an unusual culture are you offended when people sometimes label it a cult i think that i think a cult when i think of a cult it means believe this and we're it's the opposite you're taking from on high in other words occult mean yeah somebody's telling you believe this because i said and follow it because i have a superior okay it's exactly the opposite of that right the number one principle is don't believe anything think for yourself and now let's go through a process of what is true together but we can't stop that with ego we can't let that barrier stand in our way one sentence that i try to describe bridgewater by and it's um meaningful work and meaningful relationships i is what i want meaningful work and meaningful relationships through radical truth and radical transparency so meaningful work means like we're in a mission together we're excited about what we do we want to do it excellently that's meaningful work meaningful relationships are these relationships and where there's you know like the honesty helps you you can argue things through but you always know that there's honesty and that there's mutual caring for each other radical truth means that knowing what is true to be able to deal with reality whether you like the reality or not but to know what reality is like do you have imagine if you had a disease would you want to know that you had that disease or would you want not want to know i'd want to know and so to know do you if you have a weakness do you want to know you have the weakness or do you not want to know radical truth and radical transparency means you get to see everything that's very powerful you're making the argument and explaining the need to have a diversified portfolio but most people have a diversified portfolio follow the market meaning whatever whatever the s p 500 is ultimately you're going to be up or down somewhere around there you and some of your peers consistently outperform the market and you do that i assume by making bets well we we break it into two parts we have two basic portfolios there is the strategic asset allocation mix which we call all weather and that just has nothing to do with bets it has to do with how to make all the assets the same risk parity i would call risk parity the problem is when people try to diversify and they own some equities and equities has a volatility right that's large or they own assets that do well when the economy does well and do badly when the economy does badly they have a concentration of their risk in in some assets right they need to have they need to change the portfolio they need to buy longer duration bonds or leverage the bonds or bring up so that bonds and commodities and pieces have comparable impacts so that whatever happens in the economy will then have a balancing effect because the one thing you could be most confident is that asset classes on average will outperform cash okay so if you have that's a strategic asset allocation that's what the all-weather piece is then there's the bets the bets are zero sum right in order for you to beat me in the game you're going to ha it's like poker it's a zero-sum game i have we have 1500 people who work at bridgewater we spend hundreds of millions of dollars on research and so on we've been doing this for um 37 years and we don't know that we're going to win in other words we work that we have to have diversified bets we have a lot of diversified bets and so on so it's very important for most people to know when not to make a bet because if you're going to come to the poker table you're going to have to beat me and you're going to have to beat those who take money so the nature of investing is that a very small percentage of the people take money essentially in that poker game away from other people who who don't know when prices go up whether that means it's a good investment or if it's a more expensive investment so pervasively we're talking about culture it is when people disagree and you you can take thoughtful people disagree you have then the potential of learning a lot if if people who are disagreeing can say why do we disagree and work through that conversation in an intelligent way to try to find out what's true you can learn you can make progress it can be a fabulous thing why can't we civilly disagree isn't it a perversity of our society that people can't thoughtfully disagree i mean you go into a you go you and i go to a restaurant somebody says i like the food the next person is reluctant to say i don't like the food that's weird right you sh there's an aversion to disagreement thoughtful disagreement when when two thoughtful people who are intelligent disagree that's when the power of understanding begins because they can then say why do they disagree and work themselves through it to make progress and so it's a healthy thing but what happens if one guy thinks he's smarter than the other guy well they get to find out smarter what you find out is different people are smart in different ways so by the way you get to find out how people are different remarkably different ways some people are creative and not reliable some people are reliable but not creative some people are meticulous some people are big picture thinkers in order to be effective you find that there's people are smart in very different ways so the creation and there's an appreciation of those differences because you then when you realize that you that like you need it all and in order to have an effective group you need a detail thinker you need a big picture thinker you need the creative the big picture thinker who's who's unreliable you say to him we just know you're unreliable it becomes so uh it becomes we love you so much because you're a big thinker so in other words right you can play that role you can play that role let's not pretend okay okay if you're if you're very creative this is often the case a very creative person is not reliable a big picture thinker is not detail thinker this is the way and so they're all valuable but you can make a team better there's also mutual understanding and appreciation in other words i can appreciate things that in the past i would have been very annoyed at because i think for god's sakes can't you see it and then and i'm not realizing you know so there's an appreciation for that and the team and there's an effect there's an effectiveness to it i hope you guys enjoyed ray dalio's seven rules to success i hope you guys continue to persevere and whatever you guys want to achieve i wish you guys a great day thanks for watching
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