Ray Dalio

In other words, take in. from the smartest people and your own thoughts and so on so that you're making that, understand how reality works, and then try to make sure that none of your decisions are the ones that knock you out of the game. In other words, like I've got an expression for people who work for me, you can scratch the car, but you can't total the car.

So realize, okay, you don't win it all. You make your best bets, but don't have the one. So you have to eliminate the killer ones. Because you have enough killer ones, and odds are one of them is going to get you. So I approach it basically that way. Try to make the diversification. Try not to have any killer. Eliminate all of those that are unacceptable, and then go for the upside. And doubt.

So realize, okay, you don't win it all. You make your best bets, but don't have the one. So you have to eliminate the killer ones. Because you have enough killer ones, and odds are one of them is going to get you. So I approach it basically that way. Try to make the diversification. Try not to have any killer. Eliminate all of those that are unacceptable, and then go for the upside. And doubt.

But I'm used to doubt. I doubt. There's everything. Every time you put on a position in the markets, for example, I am never sure. Look, it would be easy if I knew, so there's a lot of doubt. So doubt is part of it, but don't put yourself in a position that you can have unacceptable

But I'm used to doubt. I doubt. There's everything. Every time you put on a position in the markets, for example, I am never sure. Look, it would be easy if I knew, so there's a lot of doubt. So doubt is part of it, but don't put yourself in a position that you can have unacceptable

place that bet i have enough bets that i i make the bet so that none no one of them i'm i won't allow anyone that'll kill me right and then i raise and i'll typically only want to make bets that i feel good about and i will have them stress tested my bets by having other people stress tested so yeah just imagine i don't know you're playing a chess game

place that bet i have enough bets that i i make the bet so that none no one of them i'm i won't allow anyone that'll kill me right and then i raise and i'll typically only want to make bets that i feel good about and i will have them stress tested my bets by having other people stress tested so yeah just imagine i don't know you're playing a chess game

Okay, now, okay, maybe you're a chess master, but okay, what are you going to do? You have to still make a move. So, okay, what's the best thing to do? Now, imagine you could ask the best chess masters in the world what you do and think about the pros and cons and make your decision and just not make it that also one's going to knock out of the game. So, it's that.

Okay, now, okay, maybe you're a chess master, but okay, what are you going to do? You have to still make a move. So, okay, what's the best thing to do? Now, imagine you could ask the best chess masters in the world what you do and think about the pros and cons and make your decision and just not make it that also one's going to knock out of the game. So, it's that.

Well, what's so interesting to me, I think is, that immediately your question about the disagreement is toxic. That's the first thing that people go to. Somehow they think disagreement is toxic. And supposedly it's because the part of our brain, which is the amygdala, which is this fight or flight, takes disagreement as the equivalent of a fight. And so it anyway gets triggered that way.

Well, what's so interesting to me, I think is, that immediately your question about the disagreement is toxic. That's the first thing that people go to. Somehow they think disagreement is toxic. And supposedly it's because the part of our brain, which is the amygdala, which is this fight or flight, takes disagreement as the equivalent of a fight. And so it anyway gets triggered that way.

Now, instead, imagine it's a curiosity. In other words, I view it as a curiosity. I mean, I could tell if somebody's wanting to disagree with me or I'm disagreeing with them because I wanna hurt them. I mean, that's a different thing. If you wanna hurt them, okay, then that's a different thing. But I mean, like disagreement,

Now, instead, imagine it's a curiosity. In other words, I view it as a curiosity. I mean, I could tell if somebody's wanting to disagree with me or I'm disagreeing with them because I wanna hurt them. I mean, that's a different thing. If you wanna hurt them, okay, then that's a different thing. But I mean, like disagreement,

should be a comfortable thing that prompts curiosity and so on and mutual respect. Like, how could I ever get along with you if I couldn't disagree with you? I like how many times, you know, I mean, you're going to... disagree, like you might one thing, another, then that's the beginning of trying to find out what's correct and the path.

should be a comfortable thing that prompts curiosity and so on and mutual respect. Like, how could I ever get along with you if I couldn't disagree with you? I like how many times, you know, I mean, you're going to... disagree, like you might one thing, another, then that's the beginning of trying to find out what's correct and the path.

So a good partner is going to disagree with you and you have to get past it. So the fact that you're asking that question the way it is, which is a normal question that everybody would ask, so reflects the fact that there's a hesitancy for disagreement, like it's a bad thing and it's a fight and it's nastiness rather than just a disagreement. That needs to be figured out.

So a good partner is going to disagree with you and you have to get past it. So the fact that you're asking that question the way it is, which is a normal question that everybody would ask, so reflects the fact that there's a hesitancy for disagreement, like it's a bad thing and it's a fight and it's nastiness rather than just a disagreement. That needs to be figured out.

Well, first of all, I learned by it because, you know, like it works. I mean, you know, like I'm afraid of the opposite. And how can I have, it helps my decision-making. It helps our relationships. What are they gonna do? Bottle it up and I'm gonna bottle it up? Is that smart? I mean, you know, that sounds stupid to me. You don't even know what's true. You can't figure it out.

Well, first of all, I learned by it because, you know, like it works. I mean, you know, like I'm afraid of the opposite. And how can I have, it helps my decision-making. It helps our relationships. What are they gonna do? Bottle it up and I'm gonna bottle it up? Is that smart? I mean, you know, that sounds stupid to me. You don't even know what's true. You can't figure it out.

So everybody's confused because nobody knows what each other's really thinking. And then also like, you know, you won't get to the right answer. And I mean, that just is too stupid a path for me, for me to do it. It's too risky a pass. And it's so much rewarding, so much more rewarding to do the other. Right. Have you always been like that or was it until you went?