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The pain of problems is a call to find solutions rather than a reason for unhappiness and inaction, so it's silly, pointless, and harmful to be upset at the problems and choices that come at you (though it’s understandable).

Ray Dalio

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Ray Dalio
Age: 75
Born: 1949
Born: August 8
Businessman
Hedge Fund Manager
Investor
Jackson Heights
Queens
Raymond Dalio
Raymond Thomas Dalio
Find
Problems
Understandable
Come
Choices
Inaction
Life
Call
Harmful
Though
Pointless
Rather
Unhappiness
Pain
Upset
Problem
Silly
Reason
Solutions

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Almost everything is like a machine.
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Ask yourself whether you have earned the right to have an opinion. Opinions are easy to produce, so bad ones abound. Knowing that you don't know something is nearly as valuable as knowing it. The worst situation is thinking you know something when you don't.
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I don't get caught up in the moment.
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The big question is: When will the term structure of interest rates change? That's the question to be worried about.
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It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow.
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People with good work habits have to-do lists that are reasonably prioritized, and they make themselves do what needs to be done. By contrast, people with poor work habits almost randomly react to the stuff that comes at them, or they can't bring themselves to do the things they need to do but don't like to do (or are unable to do).
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To make money in the markets, you have to think independently and be humble.
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What matters most is that the people you work with share your values.
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Know what your people are like, and make sure they do their jobs excellently.
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Each person assesses each other person's credibility on different dimensions, because people are strong and weak in different things.
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If you have the power to see things through somebody else's eyes, it's like going from black and white to color or two dimensions to three dimensions.
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Since the only way you are going to find solutions to painful problems is by thinking deeply about them - i.e., reflecting - if you can develop a knee-jerk reaction to pain that is to reflect rather than to fight or flee, it will lead to your rapid learning/evolving.
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Life is like a giant smorgasbord of more delicious alternatives than you can ever hope to taste. So you have to reject having some things you want in order to get other things you want more.
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Look at what caused people to make a lot of money and you will see that usually it is in proportion to their production of what the society wanted.
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Do not feel bad about your mistakes or those of others. Love them! Remember that one: they are to be expected two: they're the first and most essential part of the learning process and three: feeling bad about them will prevent you from getting better.
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I also believe that everyone needs to think independently and make their own decisions on what makes the most sense.
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For me, the best things in life - meaningful work, meaningful relationships, interesting experiences, good food, sleep, music, ideas, sex, and other basic needs and pleasures - are not, past a certain point, materially improved upon by having a lot of money.
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To test if you are worrying too much about looking good, observe how you feel when you find out you've made a mistake or don't know something.
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Constantly probe the people who report to you, and encourage them to probe you.
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A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.
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