저자: RayDalio · 외국인
요약 보기
Dalio는 자신의 인생 실패(1982년 멕시코 채무위기 예측 후 파산 위기)와 교훈을 소개하며, 투자 원칙과 상관관계 낮은 15개 이상의 투자 흐름 분산을 통해 리스크를 약 80% 줄여 수익/위험 비율을 크게 높일 수 있다고 주장한다. 또한 개인 성격유형 테스트, 명상, 원칙(Principles) 기록의 중요성을 강조한다. 자산 가격 방향에 대한 구체적 예측은 없고, 금리 상승 시 유동성 축소로 버블이 꺼질 수 있다는 일반론이 언급된다.
다듬은 글
You are successful. Want to achieve ? Investment To put Here is a There is a mantra. My Pen nearby There is. Most Basic Question What is, Loss Without experiencing How to profit Want to get it? Our Father Near 4,000 Dollars loan To be taken Situation From, In the world The largest, Most Successful Hedge As a fund Bridgewater To grow up The method itself Foundation.
I Personality Tests I designed it. I them Elan To Musk I gave it. I Bill them To Gates I gave it. I Rick them. To Hastings I gave it. Maybe I am stories. Maybe I shouldn't say it, But...no, No, no. We are here. This is what it does. Happy To be You To the summit To be reached No need. What is the peak?
What? Your In life For happiness And you Earning For money No No relation. So, you A goal Should be. That You with money That much Important What Want to do ? You are that. To the question Answer To say Good. Traditional Success criteria According to you A little late Success Achievement One of them.
Yes, that's right. In my opinion You were 34 then, 35 years old Maybe. To you Already Two Children There are. You Already yours Located at Five Employees Delete, " Look, Dad, I am everything. "I lost it." They said that My mark. You Eyes Close that. Conversation Sign Can you bring it? I was born in 1975.
Bridgewater Started , and in 1981, 82 Interest rates... Development Emerging Many countries In debt There are, that Countries have their Debts That cannot be met, They are big. Debt crisis Coming soon I I calculated; That's a lot. Controversial Opinion, that After 1982 In August Mexico Debts Unable to pay .
So, this About and Finance What is the system? What is going to happen? Congress Before Evidence To tell I was asked. Finance System Destruction It's going to happen. I I thought. More than that I am wrong. I can't imagine anything. Okay? So, I am mine. Money Lost. My Clients Money Lost And I Everyone From work To be removed It arrived.
I In how much poverty If there is, our My father has 4,000. Dollars loan To be taken It arrived. Then my Forerunner The choice is, Wearing a coat and tie , to the office Go, Under someone else's Whether to work I thought. Under someone else's Working for me Not that much. I know. That's a lot. Painful Subject.
That is mine. In life Everything Changed. Same Bridgewater In history Most Difficult Time Created. After that I Learned Because of things It is constant. Growing up There is. I Two things I learned. . First, my For adventure As a balance Humility I learned. . Okay, back then. Big to me There was humility.
No. Me That I am right. I used to say. I am correct. I will be. That's all. Then my Investments Diversification ( How to diversify I learned. , because of this my Returns Without decreasing Risk Significantly I have reduced. , because I Declining profits Don't like it. Disadvantages To reduce I know.
That's why I am my The mantra Himself I learned. and I got used to it. . Okay, Investment Here for There is a mantra. You are successful. If desired, Investment This is what is meant by putting The real secret. Each other Unrelated 15 Good income Ways Search. You are 15. How is the number Got it? I am its Calculation I saw.
Okay. That is, various Levels Correlation ( correlation) When Diversification Caused by Extra Benefits What? That's for me. Reminding The chart that is mine It's nearby. Okay , you are up to 15 If you can go, Your returns Without decreasing About 80% Risk Can be reduced . That means your Return-to- Risk Ratio About five Fold Can be increased.
Okay? Another In words To say, Awesome. That is Disadvantages Without you Benefits Can be obtained. Okay? No more humility As for the matter , I What do you think? Others on it Strictly To analyze , mistakes To point out The one who wants . In that attitude Change Bridgewater The company, my Near the father 4,000 dollars Debt To be taken Situation From In the world The largest, Most Successful Hedge As a fund To grow Foundation She left.
We are good. As investors To change, Intelligent People Investment When putting The most that can be done Simple What is the mistake? They have a Plan (game There will be no plan. Okay, good game. How to plan Will there be? To you Good game Is there a plan? How or not? Do you know? How can I If I did, Every time Decision When taken , I Following Principles I built it.
, especially Markets In case. Every time I am a Decision When taken , similar in the past Under the circumstances Same decision If taken How is the result? Maybe Observer . That decision Track of Record for me It would have been known. That's things How Will it work? More for me Awareness It is provided.
Then my Near one Decision rule It was, it was I On the computer Program The one who does that Situation When it comes I have one. Criteria There is Understandable. So, I More than what you see, I am like this. I say, " All of them Into the computer Send." and They are in the world Anywhere Where are they?
And what? So for me A good one Decision To take Rule Give, In the world Wherever it happens How do they work? Will you do it for me? Known Track There is a record, In the world Wherever you are, You do it. For me Bring it, And then such Them Collected, Interact with them Relationship Without Do it. So this is your Diversification Offers And now You are a game.
Plan Execution Doing. So for me Rules There are, that Timelessly and Universally Should be, Because it For a long time If it doesn't work, That's it then Why work? What can't be done and Now Why work? Does it? I understand. Must do. So I Game Plans How I built it. And them How to run I did it. Like this.
To Bridgewater Any income Will it come? Nothing. So you Morning When you wake up , I do this Anyway, it makes sense. To do It seems. This is a forest. On the edge As if It seemed. I am going to the forest. Stay away. Safe Life, Simple Job Can choose. Very good. Okay. Or me Into the forest Go and get me.
All that kills Amidst the dangers From To cross Can try . and In life for me What do you want? I am a Decision I got it. That means this to me Great opportunity Should be. I Without doing that I can't stay. and Part of it What is, I Into the forest If you are going, With me Into the forest To come Wanting, Than me Seeing differently With people To go I I want .
So, You Killing This with animals Through the forest Going Like, but You together If, You Killing Animals You can see. And I In the forest To be How much? If you like it , I achieved Even later I am wild. Out of To come I didn't think so. You are successful. Side Not to go Thought. You are better than the zoo.
In the forest To be Like. Yes. Almost. Yes. That Similarity Continuing. Many people Successful People Also like this They think I I think And you This is also the case. Said, that is All day for me Favorite work I If possible, I am happy. I will be there. But You have a 33 or 34. Years When, Young children When Something in you Perseverance, passion I think there will be I think so.
You, I am mine. For the family All To be provided They think. I must win. They think. I Above all Greatly To be They think. No, that's it. Not at all. No. For me But that's it. Two In levels There is. Very Simply. I Minimum requirements Can you pay it? I am older. House No need. Big to me Nothing. My Children are good.
Government To school Gotta go. Good for them Government There is a school. Do you have any? Specific Is there a number? That is, Per year One lakh Dollars If you earn Enough That Did you think so? What am I doing? If I start , if everything If it stops, that With lifestyle How many am I? Months or How many Years Can I spend it?
I calculated. . But you Two Levels You said it, right? That's the first. Level. That Liberating Money. That is, To you Desirable Money. That number is for you. How much? That number Very much to me I don't remember, But that Achievement Easy Number. One million Dollars Like, But..oh no. More than that Less.
At that time, many Less. Something great Goal Whether or not Never ' Next What is the level? That Are you thinking? We do it. Can we do it or not? Let's see. Do you think so? No, no, No. I Great Subjects I can imagine. I have one for you. Personality Test About I will tell you. I Bridgewater Leadership To others Handed over, As an investor They are, Business To lead When decided , I To the markets Habit I fell.
So I did that. Work I wanted to do it. . I Personality Tests I designed it. I am Meyers- With Briggs Starting, And then various Personality Do the tests, Let them go. Like musk For them I gave it. I Bill it. To Gates I gave it. I Read it. To Hastings I gave it. I That Mohammed To Yunus I gave it. Their Personality How is it?
To learn I am for others. I also gave it. I did it. For free Online I put it. Me That I created it. We do it. We took it, You too Taken. Okay. In the population Very little Per cent Only A kind of Personality There will be. Elan Musk, Bill Gates, Reed Those like that To the point Belonging. I 'them' Shapers' I will call you, They imagine Actual Into form To change, that For the purpose Constantly To work hard Like.
That's mine. Personality Type. I have one. Special Personality There is a type, Because of that Some tasks To do There will be. For example Elan, he too That kind of Personality Have. Okay, He has money. Earning Big deal No. I Maybe stories Don't say, But... No, no, No. We Same here. We will do it. We We will tell stories.
We later You can see. That excitement, that Goal To reach Strong desire, That is mine. Personality Type. To him The house itself No need. He is safe. No need. Nothing for him. No need. That is, my needs Even the level He doesn't have it. Near you To this Regarding Any story It seems like, That is a For example...
Yes, that's right. Hello everyone, a Short break. Ray is saying All things You To write Trouble Are falling I know. Good news What is, we That's for you. We did it. We are a Make a guide We did it. Link YouTube In the description There is. This guide In the world The best Investment In the records Behind one The five Frameworks Explains.
So you Now Notes Writing Stop, On listening Vision Can be put, Also this Guide Can be used . You can do this. For free Right now Can be obtained. Below Description Link Click Or here Existing QR (QR) Code Scan. Okay, again. Into the episode Let's go. He First Tesla When started , PayPal From about 180 Million Dollars Earned.
That Half of the money Take Mars ( To Mars To go Decided , but he There Going About What kind of experience? No. He has that. Vision Yes, I am. Like this with him I said, "I Advice to you I am giving, Some money Beside Put it, Any difference If it comes, it's for you. Useful "No, I don't." No need," He said Said, He has that strong There was a desire.
But my In the intention, Every One for everyone Special Nature It will be, right? What are you? In the atmosphere Even if you are born, A nature There will be. That's why you For listeners I am this. Personality Tests I designed it. Its name is ' Principles Principles U. This Free. This Online There is.
Test Take it. Your Nature About you More meaning They do it, Moreover You With anyone If in a relationship, They also Test Taking There is a facility, Because of that, your Relationship About them To you Can you tell? So, that day We Spoken Your advice later As much as yesterday At night we That's it.
We did it. Sam said to me, "I "A shaper" He said. And Elan, You too Shaper Told me. Then I " Wow, okay" I thought. Me too Shaper I will be I expected it. I Even that In the club I want to be It seemed. So, I That I am doing it. I am me As much as you want Honestly Answers I am giving. Degenerate ( Deteriorated person) Is there an option?
Degenerate. Stay happy A little Stupidly Being. New type. You Are you crazy? Is that it? Finally for me Explorer ' came, This is me. Not at all Unexpected. That You Exactly. Described? Yes. That is, I am curious. Mostly There will be, New knowledge And experiences For I will search, In learning and Experiencing In matters Impartially For me to be Interest There will be, Also bad Result When it comes Even that Learning Possibly I think so.
That's right. Said. That In my case True, doing so Because of me More happiness It happens. So that's it. I think it's true. I feel , why me Shaper I can't. Understood: Many questions From imagination Realizable Process About There are, I am that. I will work. But on to the details That's all for me.
There is no focus. Details About me I don't care. I will give you the details. I will ignore. . I Perfection Wanting Person No. I am Sam. Much more than Less I care. . Sam everything Amazingly To be He wants. Okay. Shaper Of Among the features One is this, and Your Nature You are here. Looking. Your satisfaction What is in it?
And you What is the most Will they be successful? That's it. Yes. Shaper The problem is, They are from imagination. To reality Want to go , after that they Very large From the level Small Down to the details They will go. Elan is his car. The lock is mine. When given, Small in it There is a button, The screen He showed, He is detailed.
A lot about Deeply Discussed For me Remember, Mars First on the planet One for life Plant How about in a rocket? Is he in Pampa? Thinking . So, It is 10,000 feet. Height and 10 cm scale, Yes, right? So Liking And it Continuing. Okay. Yes, For all of us Some Features are, In life Success and Happiness is ours.
Nature Meaning Done That's enough. Correct The way To choose, Because we Our To nature Against We can't fight. Yes. Look, Ray, we have Just introduced Only 30 minutes It happened, but You a little Trouble A put Subject I want to show . I As a child Drunk When, my One on the feet Tattoo I got it. , "Act now" on it That would be.
Oh, good. Okay, tell me, You are a tattoo. To the parlor Did you go? ' Stick and The word 'poke' Anytime Did you hear? No. Okay. That is, this In prison Birth method, but Many punks Rock music Those who like This They do. A stitch Needle Take, Put it in ink. Dip and apply on skin Small Drop by drop Stabbing tattoo They will put it.
Then my Age probably 19 That I say, But in fact I was 22 then. Years Maybe. I So When That much As an adult To not be seen I thought. I am in life. As expected Fast Not going. Angrily I used to be, Very restless I would have. That At the time I Parties Mostly I would do it. , in that intoxication "my 'Act now' on the feet That tattoo I will fry it.
"That I thought. " That's why in the morning Upon waking up, I first That's what you see, That means I Work immediately To start " ." That's with you. Did you come? Yes, but I did it. A little To be reduced Coming. I Thinking Plan To do, Because of me In career Some success I achieved it, Sometimes we Strategically Should be, but Usually I am very Fast I will rush.
. The thing is , than you Different People, Complete you Those who do You Need to find. Leadership In the test, you Personality About Not only, Your weaknesses Even what? It will be known. Where are you? Is there a weakness? That too It says. My In the case, it With everyone Connect Becoming, support Like giving Social In matters It was.
My Business Partner Ben, You are this To the podcast To bring To you and yours 77 for the team Times Emailed The person, he For the past 4 years Trying , because he Excellent Connector. He A wonderful Supporter. He is at this table. At Even if not, this The moment has to happen. He He wanted. In his eyes, That's a win.
In his eyes, Connection itself Victory. Therefore, he My business As a partner He is. We Even if you try More than that Differently Impossible Even though, As a partnership We Incredible But Success We achieved it. So, To success Very important On this topic we Stop. Let's think: Than you Differently Thinking People, You Usually Boring People, You understand.
If you can do it. They are yours. To success Guides Will be. I In Bridgewater This When Very Interesting There is. I Personality Tests I did it, Then they " Oh, you're ESTP. And I am something "One" To say Started , and then they One on one Getting bored How about together than To work Meaning Done.
Yes. That's a lot. Big deal, You know. So success From there Comes. Success Failure From It's coming, right? And its From Learning Because. Okay. And success Together Because of working Comes. I Meaningful Work and Meaningful Relationships are I will tell you. You Great job. To do one With the aim If, for example Mars To the planet Going or not You together Anything To do Going and To you Meaningful Relationships, Perfect Transparency Stay, your Nature is for you.
Knowing, How with others To work If you know, that's it. To success Principle, right? Yes. Another Example Doctor Dalio, Shawn Inside When it comes, Notes Already Printed . There you go. I I am late. I them Not printed. But, we have a lot Different There is a dynamic. Six Over the years, We are completely Different Having a nature Although In the world The largest Business In podcasts One We built it.
So, your Audience This I hope you listen. I hope , Right? Yes. We are here. Why? I wonder if there is. Stopping and thinking Like. We Almost the same For the cause We are here, Just a little Different Under the circumstances That's it. I am 76. Years. To the people Help To do my Near What is there? I I would like to provide , right?
That's mine. Goal. Okay. Your goal Even for the people In helping Your ability Only Besides, you How much? Effectively Even if there are, Otherwise I Listener No, okay? So, I think that On principle one Wait a moment. I want to talk. , okay? Once You are that. The principle Meaning If you do, you will suffer.
Plus Reflection Equally Progress, and How are you together? Must work Like? Wow. And your Nature Follow. You are us. Reflective (Reflection) About the part Guidance Can you do it? Because that word For everyone Understandable I I think , but every Person How to do it Will do About it We are big. To discuss I bet.
I will. So, you Your thoughts Are you writing? ? You With anyone Will you speak? Good for you Feedback Or suggestions The two who give Or three People Do you have it? That is, you Thoughts Reflective (Reflection) Process What? Pain Part Involuntarily Comes; Pain When it comes That's you. Touches, um.
Finally, suffering It will go away, but You Reflection Can be skipped, People are their In pain May get stuck. . So, you First of all, this Change Must do. Now, Meditation for me Very Helped. I have been since 1969. Transcendental Meditation ( Supernatural Meditation) I am doing it. What is it? Explain.
I am your About and Jerry Seinfeld About Only this Transcendental Meditation About I heard. That is What? Transcendental Meditation It is very Simple Exercise, you Calm Sit down, That is a mantra. A so-called Meaningless The word or The sound again Again Pronounced. For example, you There Sit down and "Mm" in the mind If you think so, You are like that.
While doing You have another No thoughts come, Because of you Thoughts "Mm" On When Other thoughts To come No chance. And then finally, You are this Habit When caught , that "m" is It goes away and You are almost Subconscious Into the state You will go, you You know, a lot. Relaxing , very Calm. So this is Really Calming Exercise, And this You are yours.
Subconscious Into the mind Carries . Okay, your subconscious. Mind You Almost Mostly Controlling , right? A Dynamic There is a mind, Logical The mind, that Logically You will be Hope And its About you Awareness There will be. and The subconscious is your For understanding Below That means. Your In mind You Affected Things to do, Your Emotions, Your subconscious All things are, this is that Subconscious Into things Go, You Calms down .
and Creativity Also there From Comes. You With hot water Bath While doing New ideas As it came, You are forced. Thoughts Can't bring it, But that heat Water bath, that Relaxation Such as Will help. I like it a lot. Useful There is Found it. I know, I am a natural. Instinct Development I did it. Habit is Very important Tool, if Right for you How to break a habit Development Should I do it?
If you know. So Habit means Any one You on it Positive Natural Response Being. So I have a response. It will be, it will be Okay, that's it. In reality That's a lesson. In other words To say, Pain. Okay. So this is Now for me A puzzle Like. Okay. That What is the puzzle? How is reality? Works? That is reality.
How Does it work? For me Tells And I Success To become With reality Must deal with. So that With reality The best In the manner To deal with My principle What? Okay, that's it. Now my Instinct. So Now you have that. Naturalness When, That's completely Different The thing, right? Because you Okay, pain.
There is and Are you curious? Saying that there is Will start . Okay. Now You are your Curious Take it, " How is reality? Does it work? And I With reality How How to deal with What is that to me? Tells? That "Okay," they ask. . And you are that Puzzle If solved, Then you A gem Available. And that gem You To improve With you Portable A principle, right?
So you That's it. Identifying If you start, I will write. So that's it. What? That is What? You Every morning, Every night Do you write a diary? No, no, No. For me Thoughts When it comes Or Conditions When encountered Or me Decisions When taking , I I am thinking. (reflecting). and What about me? What happened was that All thoughts Cause-effect Relationships I Found it, Because Principles "This is If it happens, you "What will you do?" Such as.
That Then I Them Computer In the code I will put it. Okay, That's how I am. Bridgewater I built it. I "I built it," Okay, this is it. If it happens, you Do it." Okay, and you That Computer In the code Will be kept. And I Then Markets For and Almost every For that, this Computerized Decisive Systems I made it.
And I am this. For 35 years Almost every I did it on that. So, I Written Thousands The principles are mine. There are nearby, What are they? For any decision Success To achieve Ways, For example, the Fed If this is done Or you Favorites If you die or not Whatever it is Maybe. Okay. You are their How about Think ( reflect)?
What does that mean? I am a Journal I have released, People do it. Can be used , so that they Their own Principles Can be written And their Thoughts Registration You can. If they do that In a way Thinking If you start, Pain Plus The idea is that Equal and You are good. Think. What is meditation? What happens is, That's your subconscious.
Your mind With consciousness Connects . I For all of them Agree . 35 to 52 years old Between the ages of In place of me If so, you From nothing In the world The largest Hedge fund Grown up to, About this I am everything. I want to hear. . But you are 34, 35, 36. At the age of Business Newly Started First 3 Over the years, Many people Small business Like the owners, You just Bills To pay They think.
Bills To pay I never A way I can find it. Question What is it? What? and At the same time, There you are. Preferences Will be tested I I feel . You really What is needed? and With one Another one How to assess Must wear That which is About you Think. Okay, I survived. And the opportunity I want this.
Game I want to play. And it's okay with me, I really Nothing will work. For me Traditions About Big It doesn't work. Outside To the world How can I I will see you. About it Big to me It doesn't work. That Decision Resistible Contents About me I don't care. People too Somewhere Will stop. I I think , because multiple Opportunities They are They don't understand.
So Some people with me It is said, You understand. No, no. I am this. At work I am. I have this. Job I don't like it. My Boss is a That he is a fool I I think And this is me. Want to go No way. Okay. But I To be there They Consider. Okay. Fact What is, you If you are smart , thinking, If you try, Really Happy Life To spend Many ways There are and More money Being Important Not the point.
Sometimes We are this traditional Life To spend time To that Let's stick together. , that is, I am this It should be done. Is that really it, With it Experiment Do it. Shawn, This he said Listen. He He said, " With tools Filled Serious More than life Happiness Enjoying Calm Life Better I "I can't say."" However Weakly Rather than being Being strong Good and The fight is for one Strength Will give I "I can tell you." "That Very good "Right." That's true.
Yes. Happy To be You To the summit To be reached No need I I think . And that For us The largest That I I think . What is the peak? What? More Money To earn You work hard. They work. Okay. That Once Think. Is that all? Money For what? For money No Intrinsic value No, right? So, you A purpose Should be.
You Why money? Earning ? With that money You As much as you want to do Important work What? That To the question you Answer To say Good. Its What do you think? Is it coming? Okay. That's good for you. Friends Will you give it? Okay. That's for you. Better marriage Life, Good with children Attachment Will you give it?
In your eyes Success means What? Your Nature You Knowing that To nature As a rule Best The way It's about choosing. Success. Then You are back. Back When you look at it , "Aha, I Desired "That's life" They think. You are for yourself. To that Answer Can you say that? Do you want ? I I tried. . I Written Read I will hear.
I am 27 years old. When you are old , I do this To write I tried. . Because At that time I Your ' Principles ' PDF I read it, that's it. Me like this Questions To ask Did. Your Important In the principles One: What do you want? Want Know, And then nature Rules Meaning Do it. To you Desirable To get it, what Behavior And actions Will it lead?
To learn Reason- Effects Study Do it. I Written Here it is. You This Can be analyzed . I am like this. I wrote, " From life For me "Desirables." I said, " My life Me Flexible Ability I have to." I am me Himself The largest A fan Want. My difficulties A journey As part Need to change. I am others. Respectfully Take care.
Every Year, Every morning Do it again. I want to study, Just then, every Day For what? I I won't forget. I Growing up Whether To take care of Every This year List Need to rewrite. Important On things themselves Vision Should be put. First, my Dear friends, Because I Nothing on this list Even if you don't They me Love.
Secondly, my Health, Because it Otherwise I None on the list I can't. Third, my work, Because it Life Happy Changes. Fourth, Into the room Light as soon as it arrives Filling As a person Being, Because Others If it makes you happy Good for us It seems. Fifth, Learning, Because that's it. All Doors Open Master key.
A little more Forward Go, my Weaknesses Also I mentioned it. . I said, Just Wanting As a person Apart from, Them true Doing As a person Should be. My For thoughts As per my Performance Should be. I Most optimistic As a person should be, and I must win, Just to win. No. I am mine. Terms According to Must win.
That's why. To do Most Satisfactory Way. Congratulations. That Very wonderful. And this is 10 Years ago It happened. Yes. After that You Thinking, They change. . Okay. and Now you What do you want? You know. You are every Year you Goals Will you change it? Or not? No, that's mine. Nature Like. My Nature Doesn't really change.
My life stage Changes. Okay. So I Different in life I am in the process. Now, for me Every precious thing Subject To others To provide I am strong. I want . Yes. I am mine. Life To the end Arriving So. So, that's it. My joy. For us Different Joys There are. For us Different Conditions There are. Our Between lives Part of the work- Life Balance, Children and Other responsibilities There are.
So this Life's journey A script Like. That is To you Sure I know, this At age I Graduate I will be and At every stage it How is it? You know, So that Travel There will be but Your nature Doesn't change. I am like that. I don't think so. I am your About a Podcast I am listening, One of the fun things about it There is a story.
You Research Selling This is during That happened I I think . You are a Person Into the job Taken Said. He My name is I don't remember, But he Door to door Go and read the Bible. Seller I think . Yes. He has research Or financial Contents Anything about Did you know? Not so well known, But he Was interested And I As said , three things There are.
Skills, Capabilities and values There are. Many Skills Will see. And what do they have? Skills Are there To learn Resume You will see. My In opinion, To that Contradictory The order is the most Important. First, values. That person What are the values? Later, their Capabilities What? Because you Capabilities If so, your Skills You Can be changed .
We The present In the world Programmers No longer the most Important People Maybe not. Maybe you While growing up , "Okay, you Programming "should do" They think, But Suddenly Something new When it comes That Uselessly Maybe, right? So, you How Adapt ? What are you? For Trying ? Finally, the most Low Important Skills.
So, its About If we think about it, we How is the relationship? Will there be? We How to dream To achieve? He Smart? His Capabilities What? What are we? Can we do it? What, How are you? Find it? My The intention, your Curiosity Like. That's all. In search There is. Okay? This, to you You know, this Rules Remembering Among such No.
Future In search There is. So, What am I for? Looking That's it. My Purpose, Talent Identifying It is also the same, Because More than money A lot of talent Important. Okay? Those who have money Such For people Looking for , yes? Okay. So, you If you look, okay, Elon Musk What's nearby? Near him No money.
And How are people? Money Earned? They are Elan. In Musk Investment They put it. They Him Find and Elan In Musk Investment They put it. Human capital Versus Financial capital. True. That's true. You As a child When there was About Let's talk. . At that stage Talent In identifying What do people Would you have seen it?
That's difficult. I I think . I, to you You know, a Simple Student. I have high school. Education means I would have liked No. For me Markets I like that. For me On the markets There was passion. I On probation CW Post In college I joined, but I have perseverance. It was. So you have that. How interested How did it happen?
Have you started? Tell that story. You Markets That means I like it. Said. Very People For teenagers For themselves Markets That means I like it. Unknown. I As a child Small Tasks The one who does, Mowing the grass, Clear the way Doing, and then As a caddie Working. So I As a caddie A worker . I am here and there.
I used to travel. I have one. 6 per bag Dollars What comes, I get 50. Dollars coming in Until. I To whomever As a caddie A worker With them Markets About I am a speaker. , because Then everyone Markets About They used to talk. In those days Hair To cut If you go, Barber is also a Stocks I want to buy it.
Talkative. That's why Naturally I My cadence Money In the markets I put it. And I The first one I bought Stock, 5 More than dollars At a low price Selling I heard. Sole company That's it. And I Stupidly What I thought , more shares If you buy, the price When growing up More money It will come. Okay?
So Me too I did it. That Company bankruptcy It's about to be taken. Another company That Purchase Did. Its Three times the price Increased, Then I I said, "I I liked this game, You know." This game That's very easy. I I thought, Because Newspapers , Wall Street Journal-like Among them Thousands Share names There were.
Something One two If you choose, they Will increase I I thought so. That is, such a big Choice When, I You should be able to do it, right? After that I Game Once started, It's that easy. I don't think so. Got it. Game That easy. I don't think so. Still I know, but I am for that. Habit I fell. At that time you Peers Someone Were there or not?
You are different. Were there? No, that's it. Children who do There is no one. And you? Books By Have you learned? Or where? Intelligence Raised ? How are you? Started ? Fortune 500 List me Remember, Small in it There were pages, What annual do you have? Report Do you want it? Can choose. You them Ticked Mail it.
I All of them I ticked. That Later mail All of them by To our house Whatever comes, that's mine. Small library It's done, I Them Reading, Considering I used to be, That's how I am. I learned. . I am 'Snowball' Warren Buffett About While studying , now you If you say While listening . So small At your age Favorite work You Finding a Good luck It seems.
Bill Gates Many people like People Also They were, they were Something or something Found. and Learning Also different There will be. For adolescence Before Learning Fraction; 12 or 13 At the age of Language, a This is how the sport is played Anything Learning Easy. More than that Before If you learn, It's in your brain.
Strong impression It takes, it Also a reason. You are in business. Clever Person? Because Now you We have a lot Knowledgeable As a person Appearing . You are your Knowledge With everyone Sharing . I am Buffett. About When reading Also like this It seemed. Buffett is a Attractive, Intelligent and Patient Person.
But You As a child About him If you read, he Horse racing Near There used to be. He About bets Study Those who do. Soil Lying on Tickets Search, others Unnoticed them into cash Changers . He is a barber. In shops Pinball Machines Those who put, From the pond Golf Take out the balls. Again Sellers. He A business Clever Person.
You Also the same Business acumen Have Were there? No, I am there. Golf In the course they Balls Into the pond Beaters, I am that. In the pond Walking Look for them. I used to take it. Yes. After that I am that golfer. Pick up the balls. Them I am a seller. . To hear this Very good. He is like that.
He will do it. I don't know. Sam You Late Successful Person (late Bloomer) that He called. That word I have a lot Interesting It seems. About Sam This is for you. Don't know, but He really is Greatly To grow up The one who wants. He is a lot of people. Successful People About Study Did it. His Near one Spreadsheet It was, it was He is with you.
Shared. We When we met We are about 24. It will be years. Our heroes When is victory? Achieved Subject He Shared; Bezos, Jack Dorsey and We Appreciative Tech All entrepreneurs For he is a Timeline Made it. When are they? Started ? They win. To achieve How many do they have? Years Did it take? Their Learning period Amount He is a map.
Did it. That is Learning And their First Success Getting started. He did it. Reverse Engineering Done, almost Sure He counted. He said, "30 years old." At my age Bank This much in the account Millions are, Because I Now here I am, but By then There I will arrive, That's almost "Equal to average" That He who says.
But, okay, Two things. First of all, you That To publish I I think . Okay. Also, A lot of this Differences I think there will be I feel . Okay. For example, I am Ray Crack. McDonald's About Thinking , he is 50 years old At age Started . Okay. Therefore, A lot of this Difference There is, but they Sure With the aim There will be.
Yes. I As a child, Now my As a partner Existing Person I met him. Very small At an early age Success Achieved, He is better than me. About 15 years The elder, I am so Rich In the family It didn't grow. Then I, I am free. I wanted to. . I feel I wanted to belong. , I don't know, Something I wanted to.
. I Freely I want to be . Then I, How much money do I have? That is necessary I asked? He is 20. Million That is dollars Said. That's why I said, " Okay, that's mine. "The goal" I thought. I am 30 years old. Age By the time you arrive, 20 Million Dollars Must earn. Sure I On money alone Vision I put it.
And that It worked. I am almost 31. At the age of That It is possible. But a Goal Put it on, Behind it From reverse Engineering A lot to do It's easy for me. It seemed, Because Then I First step About Only To think about It was. Second Step, third Step. Very good. And that Smart work, Because 20 Millions, right?
We are this Let's do it. Okay. And that Let's do it. and You Freely About being Also Thought. Yes. and Then you For that Can try . I am Elan. Same To say Trying , but he said, " No, I don't have it. No need. Safety for me Net required "No," he said. Because I If you hear this, You like this As it says There is, "I have To sleep A good bed If only.
For me My freedom Want. My Children are good. Public To school To go I I want "It's all the same. It's the same." In time, you About 20 Billion Dollars Earned, Right? So, Anyone who listens It can be said, " And, one by one At the stage, he More than necessary Too much Did you earn it?" I am for it.
Not paid. Yes, I am. A favorite game I played it, it was good. It's good to play. Benefits Come. True. Personal Financial matters Towards, especially Common people In the matter of me Very interested There is, that is Unnecessary Goods Don't buy it, but People do this. They do not obey. Or, Earning Than that Low cost Do this.
Even people They do not obey. Your In life Still Anything Thrifty Are there any tasks? Oh, there are. I am natural. I can't waste it. Private On the plane To travel I don't like it. Expensive for me Watches Like that No. All your suits Banana Republic Or something like that That's what they are. Someone's joke Doing I heard.
That's it. It will be the same. What are you on? Cost Will you do it? Yes, exactly. Spending It is also a Skill. I I like it. Just things Spending money I will. For me What are boats? I like it very much. A place near the water There is a house. My Near the yacht No, but Sea For research There is a ship, About it I am very Excitedly I will be there, that's it.
For scientists I will give and Me too Together with them I will go. I Simple Yacht I can't use it. Okay. But they Sea Research While doing , Jack Cousteau For me Inspired . I While growing up , he is diving And research I saw it being done. That Then my Son, I am mine. Son For diving I took it, They are diving.
Learned , and then he National Geographic In film As a maker Joined. and For both of us Sea Research means Common interest There is. So, They Research A doable one Laboratory A ship like Making Very Makes you happy. . That's great. Happiness. But, Someone like this Tasks If you are doing I am for that.
Opposite No. I Clearly I want to say . Which one do you have? Happiness What gives? That's good. I I believe. That Somewhat like that It will be, right? And we Uncomfortably We will be there. My Family Members, my Wife is more Jewelry or Luxurious Jewelry Wearing That is Uncomfortably You will feel, You know.
Right. We Grown That is the method, Even children That's it. My elder brother Me with the children What I mean is , what you like That is, that beautiful Clothing or Watch, you Really them Enjoying it. , that's a lot Awesome. The sea for you That means I like it. I know. You Aliens Do you believe it?
Such things About you Anything Interesting Is there information? For me Aliens About What kind No information, I really... What are you? Believe it? What am I? Do you believe me? For belief Only Beliefs for me No. Many people In various ways I am saying I heard, my Trust What is: our Galaxy too much Spacious.
About 100 Billions of solar Families There are, okay? and In the universe About 100 Billions Galaxies There are, So there Many types Combinations There is a possibility. So, other Life in forms Opportunities Very much I think there are I believe. However, Scientists Even saying I heard, What we thought Than that Lots of opportunities That is less They They say.
But I am that So much for the subject Deeply Didn't go. I heard. Subjects Only for you I am saying, This is me. Most of the time Assigned Not a topic. Yes? Yes. You ' With probability Combined Beliefs'(probability weighted beliefs) The word Used I think , yes? All Beliefs They are not equal, are they?
On some You are strong. Trust Maybe, On some others Analysis Based on Low trust Maybe. That's my method, Markets This is also the case for us. Teach, Yes? Expected Expected value What? You How humbly Can you stay? Okay. You have a Feedback If so, then For feedback How much is it worth? We are all this time Thought Policies About We talked.
, business or Financial matters A lot about Less We talked. . How much of your day? Time Similar things About To think , and how much Time Trading Decisions To take Will you allocate? I have them all. Each other Tied There are. Okay. I am a Global Macro Investor . Okay, true. To say This is an investment.
To put The best I think it's the way. I feel , because it You...okay , Global Into things Will take away , that That would be nice. You are the world. With the whole Will act , what is macro Big things, Important Things that Meaning. Okay, and then You are your How to place bets Will you put it? And, this With all this Connected Yes, you can.
Did you know? This Politics, Geography Politics and With all of that and With history Tied up. In the last 500 years How are things? Did it work? I am a Study I did it, Because of me In life I Never seen before If anything happens, That is mine. During life Didn't happen. If you know, that is. For my life Before Maybe it happened.
That I To take care of I learned. . I do that. When, Because Big here Wheels There are...that is A sequence Methods There are, right? Let's call. ...a currency There is a system, Political There is a system, Okay, political. and social System, Geography Political There is a system, In other words To say, How are they?
Will that work? Systems. All of them Break down . Okay, history. It's everywhere. You are history. If you read, they You know, this Big wheels Like Happens And they Always the same For reasons Break down . They are the same. For reasons Break down . So, a Global Macro As an investor , I am with it Connected I am.
So, I Finally written Book, Changing World order About, I Subjects Plot I will do it. So you Them In graphs Can be seen And this Topics As it happens You can see. Finance Of health Simple measurements, And all of them How Work, And you are it. When I see Its Consequences What? So Yes, I am. In it I am Because it Connected There is.
"I Big Subjects "Will you see?" You When. Okay, yes, Big things Very Important, Right? But you Of these When I see, Many people People News Looking You Understand. News only Minute Only There will be, okay? What What is happening? Its In case You are the news. Meaning Can you do it? What What is happening?
Note. That is, we are Subjects Once Let's see. You On it a Minute time Do you want to allocate ? Yes. Okay. Okay. So, I Learned One of the things What is, a Over time Interacting Five big ones Powers There are and That is debt, Money, finance Power. Okay. And a big one Debt cycle There is. Okay. So, this is Very simple Subject.
If You are your income. More than If you borrow, that Debt settlement The burden is yours. Expenses Reduces. They are growing. It's gone, this is ours. Blood circulation In the system Accumulative Plaque (fat) Like. That Painfully When changed Debt Reorganization Happens, Moreover One's debt Someone else's property It will be.
So you More Debts If you do, For example Government Big budget With a deficit If you are walking, That's bonds. To be sold There will be. And that Bonds Who is the buyer? How is that? Works? So This has a Mechanical There is an angle. That A major Power. Other Powers are wealth and values Middle Differences.
So Political power There is wealth. Gaps and Between values Differences Growing As it is As a problem Changes. This For democracy Big threat. In other words To say, Adjustment Impossible Disagreements When That's big. As a threat Changes. Then you No compromise. and System Also Not followed. That's an accident.
Okay. That's it. Danger Now. Okay. First accident There is. Second There is a danger. Okay. We checked. . We checked. . Okay. Third Danger Geography Political Danger. There A systematic method It will be, right? This Regularly Who Under control That there are Key. To the world Game rules What? How is this?
If it works , war Happens, The winners Rules Decide , that's what we are Orderly method Or order Let's say. In 1945 War It's over, America Rules Decided And we United Nations , World Health Company, World Commercial company Multilateral like Systems We created. But now that World All companies The curtain has fallen.
. We have many The world of the party There is no order. Okay . And you? How to resolve conflicts Will solve ? You They will fight. Okay, you. Conflict Of course. How to disagree Will you overcome? To go There is no court. You are like that. Can't. Okay. So, now you These three are nearby. Topics There are.
Okay, That It's happening. Fourth, Natural Forces, Especially Nature. In history Droughts and floods and Infections More than wars More people They killed them. When encountered They are big. As forces They change. and Fifth, history Man everywhere Of Creativity, Especially New Technologies, These are life Standards Increase.
So, you Life expectancy If you see, Um, that's it. Never Increases, Uh, productivity, GDP per capita All In terms of measurements, How much more we If you know That's it. And those five Between the forces Interaction There is. Those five Powers, you Can be measured And their Interaction You can measure, And the same Now It's happening.
So you have that. Cause-effect Relationships If you know, they Connected I think there are I think . Your family About the office I am something I read this. True or not? I don't know. You can do this. Can be corrected . Your family At the office Currently About 70% or 75% Gold In ETFs Is there? Is that wrong?
? Completely Wrong. Completely Wrong. Investor's Perspective From them, um , their Portfolio How Built On whether Dependent Will be and They are 15% related. Without The difference To get In the portfolio Five to 15% To be between I I believe. . Uh, they are. Such Must have And they Strategically If you are doing Over it.
Wait. Strategically That is, it Have To be a Specific Time and Have Untimely There is Let's say. Have it. To be Accurate Time, especially Debt Crisis When and Government Money While drowning . Uh, that's it. Have To be a Ideal time. So Timing There is a question. So, one Strategic Property Allocation Mixture To create I I believe.
, that is, for me What kind Opinions Otherwise my Best Balance Portfolio What. That's cash. Not possible. Because Over time Cash never Worse There will be. This Safe People Consider. Long During Poor Performance Showing This is the opportunity. So High certainty, Low Performance. So you To do Best work What is, Of assets Nice Balanced Portfolio Having, Because you Diversification Through them Danger Can be reduced, Because you Have one If so, it is like this It will go.
But you To that Contrary Have another one If so, you Have it. Maybe. So Strategic Property Allocation There is a mixture, And then you To that Regarding you Strategic Bets Will do and etc. But Here I am. Mechanics Let me explain. For example, Bubbles There is a thing. Let's say. What is bubble? What?
Bubble That is, stock In the long run Benefits Will it be given or not? It is not, Because In bubbles Most Successful Companies too 80% or more More They fall. Usually Money Taking Or anything When And for money Regarding In wealth Growth When. Okay, wealth and Money two Different Things. Okay, Wealth means, um, You are rich.
Can be created . If you Billion Dollars With value 50 Million Dollars If there is an offering, Then you At once As a billionaire Will be called, But that's just 50 million Dollars and World Total one Billion Dollar wealth Contains. But wealth As it grows What What happens is, You have that wealth. Can't spend.
You are money. To get Wealth To be sold Will be, Because you Money Only cost Can do. So wealth Well When growing up , need money Occurs. Okay, money. What is the need? Creates ? Need money Usually When If it comes, Wealth To buy Or Investment To put They are in debt. Take, And then interest Rates If it increases, Suddenly They are their Debt Back To pay Comes.
In that case They took that money. From where? Will you bring it? They Money To get that Wealth Sold. Therefore, this Kind of dynamic Process It's happening. Moreover To this Some more Items There are, For example Buying it As a fashionista Everyone changed. They buy. Everyone What they need Than that More Will buy Because they Not diversifying ( diversify), which is a As a trend Change bubble To form Causing As items Will change.
Okay, Right now that My weight on the scale A 'bubble' nearby There is a gauge. I am this. All things I will measure. And since 1900 Various In countries What happened Depending on me A bubble gauge There is, its By me Estimate them. I can. These Usually Great new Technologies When it comes Excitedly To be Causes.
Excitedly To be And bet To brew This is the reason. People Investment Putting Misunderstanding They do it, They are that Technology Great and Revolutionary Believe it or not, it It may be true, But its Meaning that stock Also great Not that there will be. Stock price Mostly To be Many reasons are, Competitors They will come, For example There is Google, There is also Yahoo.
Okay, and bubble. Gauge What now? Saying? Bubble gauge According to this At about 75% There is. 2000 and 1929 Dated With circumstances Compared to this There it is. So, this is Too much At the same level There is. Okay. In Japan in 1990 The bubble that formed, More than occasions Also yet It is high.
So, this is Very much There is. But People on this More focus They are putting. I am a bubble. Gauge Using, High With probability To you I can say, In the coming time This is good. Investment Maybe not. It's been 3 years. Or 10 years That I I can't say. But, that's good. As an investment It won't be.
However, it is up to you. Timing Only No. Bubble To break Time is needed. Okay . And bubble To break What is the reason? So you There is a bubble, After that Bubble Breakable Topics You said these are If you look, your Market To the timing Appropriate information Found, Because Timing is everything.
Bubble On the verge of breaking Dependent There will be. Something in general For a reason Wealth in cash To be changed Need Formation Bubble To break Leads . Very often, Monetary Policy Toughen up This is what you need to do. The main reason. Okay. Usually Stocks Grown up Bonds When it decreases, With interest rates Compared Equities Expect from Future Revenue Less There will be interest.
Rates When growing up , monetary Policy Toughening is a Classic Dynamic. Wealth Like taxes Other things Also for this Maybe the reason. In other words To say, For example, you Wealth tax To pay So to speak, wealth Those who have Tax To pay As much as possible In assets Some part For sale To be put There will be.
So Timing To the point If those things come My only concern is to look for Machine. This How much? Considering Will you take it? It's up to you. I People are like this. Based on Trading To do I don't think so. But this Some behind Mechanisms There are To say Trying . Is that all? Happening For each One reason There will be, if You are the reason.
and Effects Relationships Mechanisms Meaning If you do, You All of these That way Can be seen And meaning You can. Bridgewater The largest Hedge fund To become The reason is you. The best Performance Did you show up? You In marketing Excellent That's why it exists. The largest fund Is it done? Original Why is that?
Bigger Changed? We Very stable Low With risk Excellent Revenues By providing And stock With the market Or other With markets Relationship Being without Because of that The largest Hedge As a fund Changed. Same The main thing. I did 31 Over the years, This Per year Approximately 11.8% Revenue That it was given I think .
Covid Due in 2020 The worst for us Year Encountered, Then How to treat Covid Should I face it? We don't know. That's about 13% Deteriorated. Next Twice 2% Only until Decreased. Okay. And that With nothing Relationship It is without. You know. Well, you are 50%. If you lose. Again Into profits To come 100% of your income Required.
Therefore Occurring Compound interest The effect is very Conveniently There will be. So that's it. Reason. In these 30 years, you How many Years Lost? That's three three. That is a percentage I think . Three four Whatever, that Big Important No. But that To your media, to your For work Helps, That means you are very Attractively You will be there.
Good leaders, You are 30 years old. From age This Doing. But to no one Before you know it Bridgewater The largest Hedge fund It has become And to this Different Response I came. For everyone Unknowingly To be I tried. , then two Topics Happened. We In the world The largest Hedge As a fund We changed and At the same time We have this There is culture.
Okay. And that Culture is a Cultly Looked. Then I Principles Online I put it, that is. We are with each other. How does one To be known The book, that About 3 Millions Times Download Done. People do this. To each other Shared, Otherwise People In hiring That would be a problem. For them Culture Meaning Maybe not, It is a thought.
Meritocracy, In this we Radical Honesty And radical Transparency We will have. Anyway, your To the question In response, This is my With charm What kind of relationship? No. I The process I can explain. And people Our process What does it mean? Can do it, How is that back? Test Has it been done? All At times it How Did it work?
That Logically How is it and How are the results? I have arrived. I can show, We are for the people Meaningful Work and Meaningful Relationships To learn We helped. So we With them Relationships Have We used to be And to them We teach. , they Learners And they Good As investors Changeable. I In New York I am wandering.
Because 10 Over the years I Here This is what is coming. For the first time, I Rockefeller To the center I went, There is a big one. There is a stone, that is John D. Rockefeller Written by Junior Things. I Promise Of Holiness I believe, a The person's word is his. To Bond Equally Should be. There Outside the building On the stone Engraved 10 Principles There are.
Love In the world Great, Only love Hate Conquerable I I believe. . Yes? Now we have These are needed Never before It's too much. Yes? This Principles What is it? Thought. Us Putting together Principles What? Okay. We Following Principles What? Really, Which is the most Important? People do that. No, every Everyone has their own Principles Must write down And they are that Principles According to how Are you living?
Verdict To be given. And they Are you together? Okay, this is yours. In the book itself The best Part. There You Principles Wrote. These For everyone Applicable to you Principles You're not saying that. You, these are mine. The principles are They say. Anything you want To learn , your principles What are you?
Need to know. Yes, that's true. . In Europe, many People have their own What are the principles? Unknown. Write them down. To keep They still Less. and According to them Walking They are actually very Less. But that To the level To reach, You them Written Should be kept. You them Must see. Them Tested Need to improve .
You said, "Yes, "This is correct." I think so. Clearly, On the rock As carved How can we be Should be higher To the level What to take Want. For us Lack of heroes These are as they are. There is also a shortage, Okay? Idealists , look at them ' He is great. "person" is " We should be like that' Who thinks so?
They. As a child Your Idealists Who, Currently Someone Are you there? One of them Paul Volcker, Okay? Singapore Starting Led by Lee Kuan Yew, So am I. Believing love, Like a ritual For things Sacrificed They are very numerous. Are you there, okay? I What I mean is , Worldwide All religions If you look, in it Something Ordinary There will be an item.
Everyone's Superstitions, Beliefs Separately Maybe, but "We are for others." How to do it We wish, Same to them. "doing" or Karma is a Ordinary Subject. We What we do is for us. Back Comes, and Personal Than parts Comprehensive The system is very Better, Because Towards others A little thought And help In the world Big Change You can bring it.
And you Both of them are like that. If you do, The world is very Better It will be, right? Those who do that For me Idealists , you do that When I saw it. Okay. Selfishness, Because of the struggles Damages incurred Interaction Destructive You Looking, So this is For humanity The present The question is I I think .
We are all Together If for everyone Good Happens, For this we Our Selfishness Can we overcome? I do this. Ideally Not saying, This Practical , right? Because Help you To do Big to me It won't cost anything, Help me. To do You too Big expense It won't be, but That When The world itself As much as it changes There may be a difference.
This is a Practical The thing, and To this How is heroism? Does it help? That's true. I mean. I think . But we Now To that Completely Differently We are dealing . We are this Podcast Starting For a while It is happening, we Investments, Life, Principles and Entrepreneurs Many about In angles We discussed.
. If anyone This If you listen, they To remember An important What's the matter? You Hope? That one Important What's the matter? What do you want? Want Find out. This is your Nature Meaning Doing, Mistakes Doing that Mistakes From Learning Forward-looking That is travel. Find out. Also, Meaningful Work and Meaningful Relationships I think it's important.
I will tell you. To you Favorite work, Your favorite People If so, your Life Sure That would be nice. Okay, with us. For speaking Thank you. Yes, we are. Really Congratulations. . This is too much for us. Fun It seemed. You too Fun It seemed I hope . Really fun There is. Yes.
Comments 0