Why Billionaires Are Terrible In School - Ray Dalio

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01. hated I hated school I really hated school I well I hated school generally right because it was this instruction following thing now I I bet you it's probably also because I wasn't good at it I mean I suspect I wasn't good at it you know maybe to some extent uh it was that um yes I wanted to pursue the understanding I always liked the understanding but I think it was I think I was just built that way right so some people uh um it sticks and some people like I've got a a great conceptual memory and a terrible rope memory so if I have a story I could tell you year by year kind of what happened um within a story within a context uh but if I was to go into you know like a memory based learning it's terrible I have a terrible rope memory my my situation was I did terribly in high school um 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 I would ref I'd 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 and I barely got into uh a college that um CW post College which people um you know it was just a um 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 um 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 class it's packed in in in in college there was freedom I always loved Freedom remember 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 the subjects lar 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 the summer between um well uh between college and uh going to Harvard Business School I clerked on the floor of the stock exchange which was in 1971 when there was the monetary system breakdown and uh which was an unbelievable experience and and it was well I I was wrong many times in the markets up to that but this was one of those really telling times so you're imagine your um I watched it be uh followed developments day by day up until the breakdown and what I was seeing is that the world financial system money as we knew it dollars were not being accepted we had large debts around the world and these dollars were not being accepted and um a big crisis um and it came to head on August 15th 1971 when I was clerking on the floor of the exchange and the President Nixon on Sunday night gets in front of the television and announces uh the floating of the dollar in other words we're going off the gold standard and at that time uh money had no value except as um a claim against gold because money was like checks in your checkbook right it had no value no intrinsic value so now there was going to be the severing of the relationship it's like now you can keep the checks but you can't have the money that's in the bank and so that I figured wow what a shock and I walked on to the floor of the New York Stock Exchange where I'm clerking and um I come there and the stock market went up the most it ever went up in a long time in many years um and that was the first time that happened and I said I I wasn't prepared for the fact that this was a currency devaluation people at the time none of us really understood the relationships because it never happened in our lifetimes before so I started to do research I always wanted to understand how it made sense and I realized that there were currency devaluations that happened many times in history so for example in 1933 in March of 1933 in the Great Depression the same thing happened for the same reasons there was too much debt and they had to print money and when you print money you have this kind of effect and these experiences then all through my uh development I found that there were many things that had never happened in my lifetime before or the lifetime of the people that I was operating with the marketplace the people in the market mostly uh were very very much um responsive to their experiences particularly their more recent experiences so it was a pattern that I would see um of surprise we would be surprised because we were stuck in our presumption that our recent experiences were going to continue