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welcome to episode 78 Ray Dalio how he do beach water associate into the world's largest hedge fund this is an outline of episode 78 there are three reasons why we study Ray Dalio first he built with water associate and I just read fun in the world with 160 billion asset under management - it was associate had returned the most profit to investors third with water associate is also famous for his unusual corporate culture radical to radical transparency grey Daniel was born in Jackson Heights in new Queens New York in 1949 his father was a jazz musician he bought his first stock at the age of 12 so yes I bought stocks or I bought a stock North Eastern Airlines and was the first dog I'd bought me and my whole criteria work it was the only company I ever heard of that was selling for less than $5 a share and I figured if I less than five dollars a share can buy more shares I mean dumb alright but it turned out that that company was about to be acquired it was about to go broke somebody acquired and tripled or went up a lot and I made money he was also a caddy for the rich and famous it was how he started I carried for Richard Nixon Naik a deed for the Duke of Windsor a fact caddy for very interesting people at that golf course and at the time also there was Wall Street crowd and this was in the 60s and at the time the United States was on top of the world stocks kept going up and there was everybody talked about the stock market so it looks precocious more precocious than it was it was just what people were talking about and I certainly was interested in having those conversations and I was interested in that experience so I could talk about people walk with Wall Street people when we walking down the course about what stocks were good and bad and that interaction and because I was speaking to them about the stock market and they were really nice people we had those quality conversations and then I began the process he think poorly in high school I hated high school I just wouldn't study I would remember that you know my mother would send me to my room and say you have to study and I wouldn't study I would do anything I would be alone in the room there would be I'd find something to think about or do I wouldn't study and I did terrible in high school he keeps playing well at the University and got into Harvard Business School and I barely got into a college that GW post college which it was a great college for me at the time and it was only then that I could begin to pick my courses so then I began to pick things that were interesting to me and then it was exciting I loved it right and then and you had the free time like college you you know other school most of the time you know you go in a certain time the bell rings you go to the next class it's packed in and in college there was freedom I always loved freedom remember I when I got my car or whatever it would be anything that brought me freedom I loved and so College allowed me freedom the freedom to choose of the subjects origin that I was interested in the freedom of time and so that and so I did very well in college and and then I went to Harvard Business School in 1973 he graduated Harvard MBA I worked you know the Wall Street firm to Wall Street firms and about for about two years I got out of school in 73 and I had problems fitting into the organization meaning you know I literally I literally you know got in a fistfight with my boss because on New Year's Eve we were drunk together and you know it was that kind of it was a it was not an organized I was always loved being independent and at the time clients of Shearson it was in Shearson at the time had great relationships they loved it they loved working with me and so they were going to pay me and so I could then start my business I didn't view it as starting a business I just viewed it as I get to do what I like to do which is to play the markets and they'll pay me to do that in 1975 at the 1826 he founded Bridgewater associates in his typical apartment in Manhattan New York where did the name with water associates come from my graduate did from her business school I was trading commodities and this was in 1973 this was one it was the oil shock and there was a need for commodities all around the world and I had a bunch of pals who were in different parts of the world and we decided to put together an association we called it that would bridge the waters at which what it meant was that we were I would we find commodities that were located in one place and the sold soybean oil from the United States to Iran in that kind of Association and this was one of those things that we did kind of a part time but it actually didn't end up being I think we did probably two transactions it was more of an idea than a reality wave Dalio has been practicing Transcendental Meditation since 1968 he said this is the single most important influence of his life 1968 The Beatles went to India to learn how to meditate interesting and then I tried I learned how to meditate it was definitely life changing probably more than anything it had a bigger effect on my life and the way it works is it's it's basically open mindedness that what happens is normally you can't control your brain is a summary of the principles and a coach of retort associate well let me describe the bridgewater culture in one sentence it is have an idea meritocracy which pursues meaningful work and meaningful relationships through radical truth and radical transparency so by meaningful work like are you in a mission and together and when that's like and the meaningful relationships is can we be totally truthful with each other like I don't think you're so good at that or you might be wrong or you made mistakes and can we have that kind of conversation in a radically truthful way and radical transparency like we tape everything for everybody to see so that there's no spin ok can you operate in an environment like that so with nothing's hidden because that way you'll have a real idea of meritocracy because you won't have an information and balance this is an unusual culture because we've sort of kept it behind the scenes in a sense it's largely misunderstood Pete some people absolutely hate it and some people could never work anywhere else in 2011 he had his best year as a trader and took home 3.9 billion dollars in 2013 he made the video how to economic machine works it is an attempt to teach the public to avoid with this financial pain if you on short-term debt cycle and long-term debt cycles particularly revolutionary how the economic machine works in 30 minutes the economy works like a simple machine but many people don't understand it or they don't agree on how it works and this has led to a lot of needless economic suffering I feel a deep sense of responsibility to share my simple but practical economic template though it's unconventional it has helped me to anticipate and to sidestep the global financial crisis and it has worked well for me for over 30 years and they create three main forces that drive the economy number one productivity growth number two the short-term debt cycle and number three the long-term debt cycle one takes about five to eight years and the other takes about seventy five to a hundred years and creates cycles and if the cycle goes up it eventually needs to come down this leads us into the short-term debt cycle what have I learned today first wave Dario is the founder of the biggest and most successful hedge fund in the world second he's very complex man with different philosophy reticle to ethical transparency third he used the world as a machine with cause and effect coming video will be ten lessons of Ray Dalio wishing everyone peace and prosperity
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