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um in august of 1982 and because i had anticipated that and i got a lot of attention i was you know a young guy and i was asked to uh speak to congress and explain to them what was going on and i was on wall street week and if you want to see ray you can go to a youtube video that's uh from a ted talk that you could see him testifying yeah uh go to the ted talk it's you'll see that moment um and that moment i'm testifying to congress on wall and wall street week and i figure we're going to have a hell of a debt crisis and the economy is going down and that was the exact bottom in the stock market i couldn't have been more wrong i i was so wrong i had to i had a small company then i had i think it was probably like seven eight people or so these were close people i had to let them go i was um so broke that i had to borrow four thousand dollars from my dad to help to pay for my family bills this was one of the most painful experiences how much money were you managing at that time oh i mean nothing that you know i i can't i can't remember but not much um and you know and i scrapped myself up to that point and um and it was the most painful and probably the best most valuable experience i ever had in my life because it changed my approach to decision making you know i went from thinking i'm right to thinking how do i know i'm right um it gave me the humility that i needed to balance with my audacity it made me start to think um it made me want to find out the smartest people who disagreed with me and to understand their reasoning you know have thoughtful disagreement it led to me it was the reason we wanted to make this idea meritocracy it was the main reason like give me the smartest people i can have around me and let's have those arguments and how do we get past those and it led to the idea meritocratic and it was really from that point forward that that to knowing how to balance risk like we talked about going into the trump election trying to make sure imbalance risk but also it taught me about looking at history that the surprises that i had were things that happened in in history but never happened in my lifetime before like in in i was clerking on the floor of the new york stock exchange in 1971 when the dollar was floated and so i walked on the floor of the stock exchange and people wouldn't accept dollars in the money and i i figured okay what major crisis and um and the stock market went up and i thought it was going to go down a lot you know this is when i was in college um and um and i realized that it when i went back that there were devaluations that happened not in my lifetime before but happened before so it was to know that everything happens over and over again this these were the lessons lessons are the ability to have thoughtful disagreement and so to raise the probabilities of being right to find the smartest people who disagree with you and understand their reasoning to know how to balance the bets well so that there's no one bet that becomes an important thing and you become dominated an election or anything else and also to to go to history that if you if things happened in the past or in some other country and you don't understand them then you're going to be in trouble so you need to have timeless rules and universal rules so we have a criteria that every all of our decision rules have got to be timeless and universal so those are the lessons that i took out of that very painful experiences and that's really what has served me and bridgewater well since then
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