Ray Dalio: The one thing I do differently before investing a single dollar

20 insights saved from this video by @money

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Build decision rules by testing how they performed historically in similar circumstances, then automate what the track record supports.
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Fifteen good, uncorrelated return streams cut about 80% of portfolio risk without reducing returns, multiplying the return-to-risk ratio roughly fivefold.
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A 50% loss requires a subsequent 100% gain merely to break even.
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The people who annoy you most can hold the missing path to success if you coordinate your differences.
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A bubble gauge can signal poor expected returns, but it cannot tell you when a downturn will begin.
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Learning before puberty is different. Languages, sports, and other abilities learned before roughly age 12 or 13 become deeply embedded.
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Markets reward weighted convictions: treat beliefs by probability and expected value, not as binary certainties.
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When debt grows faster than earnings, debt-service payments crowd out spending until the buildup becomes painful and demands restructuring.
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Use curiosity to turn pain into a puzzle: ask what it reveals about reality, then extract a principle.
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Large historical cycles repeat when monetary, political-social, and geopolitical orders break down for similar reasons.
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Reflection converts experience into cause-and-effect principles that tell you what to do when specific conditions occur.
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Evaluate values first, abilities second, and current skills last. Abilities keep producing new skills.
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A meaningful life may demand choosing uncertainty and danger over conventional employment, even when the venture has no revenue.
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Understanding cause-and-effect mechanics beats surface patterns. Every event has identifiable drivers.
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Your priorities are revealed when survival, opportunity, play, convention, and reputation compete for control.
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Build teams around complementary strengths, not similar people, so collaborators cover one another’s weaknesses.
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Early exposure can reveal a lasting passion. Conversations and regular market talk sparked an enduring interest in markets.
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Challenging work with people who see differently reveals threats any one person misses.
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The fundamental investing question is simple: how do you preserve upside while substantially reducing downside?
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Success is knowing your nature and finding the path that lets your life feel self-authored.

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