Ray Dalio Curated

Founder of investment firm Bridgewater Associates

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This profile has been added by users(CURATED) : Users who follow Ray Dalio have come together to curate all possible video, text and audio interview to showcase Ray Dalio's journey, experiences, achievements, advice, opinion in one place to inspire upcoming investors. All content is sourced via different platforms and have been given due credit.

  • What are the basic 2 strategies that you provide to investors?

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  • Who can invest with you?

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  • Bridgewater would not be said to be an easy place to work. Is that true?

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  • Giving away money what do you most enjoy?

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  • Do you now use a lot of computer related algorithms to help you navigate the market?

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  • What is the biggest message that you would like to tell everyone from your life experiences?

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  • Did you ever borrow money from your father?

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  • When you graduated what did you do?

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  • What is it that you look for in young college graduates to hire for Bridgewater?

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  • Why did you love college?

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  • Did you have a hard time getting into a school/college?

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  • In high school did you cut classes?

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  • What is your core message for anyone who wants to improve their life?

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  • What would you say to the people who are panicking in the market crash?

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  • Would you be at the same level in terms of success if you had not been meditating?

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  • How does meditation give a sense of creativity?

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  • For how long have you been meditating?

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  • How has meditation played a role in your success of your life and career?

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  • What are the most important principles to help business owners succeed?

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  • What is your view on how we deal with the technological shift that is going to disrupt so much of labor?

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  • In order to be successful what are the 5 things one should do?

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  • What is the worst experience of your life?Why do you consider the same to be your best experience?

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  • What are the 2 things one should do in order to be successful?

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  • What are the 5 major issues concerned with the world?

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  • Do you think that volatility in market is due to trade conflict between US and China? Do you think root cause is because China has clearly shown itself to be a rising power when it comes to technological innovation?

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  • Could Beijing weaponise its holdings as part of the trade conflict?

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  • Who can afford to holdout longer? US or China?

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  • Would you be bullish on China if the Chinese continue to weaken?

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  • What are the choices to ease the economy?

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  • Do you think we have reached a new phase in the trade conflict? Are we looking a currency war?

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  • Where do you now see the price of gold hovering around?

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  • Do you think one should have a concentrated portfolio?

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  • Are you effectively recommending gold as a portfolio diversifier?

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  • When you look at the market today, are you surprised at how quickly the narrative has changed from a global synchronised recovery to global synchronised slowdown?

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  • After making money for 18 consecutive years, your flagship pure alpha fund lost money 4.9% in first half of the year. Do you think it can do better in the second half?

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  • Why do you think gold is not a good bid?

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  • Are you expecting things to take a turn for the worse?

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  • Do you see recession coming in US?

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  • Is recession in US inevitable?

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  • Where do you see interest rates going?

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  • Do you think that the Federal Reserve has the ability to avert a sharp and serious slowdown?

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  • Why do you think you need to research and know about politics?

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  • What kind of a life did you have in your childhood?

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  • What kind of a family do you come from?

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  • What did your father do?

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  • Why is diversification important for an average investor?

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  • What were your fields of interest in college?

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  • Why were you interested in politics while you were in college?

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  • Why were you a lousy high school student?

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  • Did you enjoy being in high school?

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  • What kind of a person were you i high school?

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  • Who made a big difference in your life?

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  • How would you describe your personality?

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  • What was your criteria when you bought your first stock?

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  • Which was the first stock you bought?

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  • When did you get into the financial industry?

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  • Are you a capitalist?

    “I’m a capitalist. I believe in the system. I believe you can increase the size of the pie and you could divide it well,”

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  • Do you think the central government plays a part in driving today's economy?

    “Today the economy and the markets are driven by the central banks and the coordination with the central government.”

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  • Do you think the central banks play a role in today's economy?

    “Today the economy and the markets are driven by the central banks and the coordination with the central government.”

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  • Who drives the financial markets?

    “Today the economy and the markets are driven by the central banks and the coordination with the central government.”

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  • Who do you think are the main drivers of today's economy?

    “Today the economy and the markets are driven by the central banks and the coordination with the central government.”

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  • What have you been reading about lately?

    "The rises and declines of empires, their reserve currencies, and their markets."

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  • What would you like to say regarding the new series you started in March'20 "The Changing World Order''?

    While the times ahead might be "radically different" from the times we have experienced so far, the times ahead might be like "many other times in history."

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  • What are the several key principles in your book "Principles: Life and Work''?

    Working for what I wanted, coming up with the best independent opinions, avoiding overconfidence and wrestling with reality.

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  • What are the "industry-changing" approaches to investing?

    "Industry-changing" approaches to investing include the invention of risk parity, currency overlay and portable alpha.

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  • What are your top five buys for the first quarter of 2020?

    1. McDonald's Corp. (NYSE:MCD) 2. UnitedHealth Group Inc. (NYSE:UNH) 3. Lockheed Martin Corp. (NYSE:LMT) 4. Phillip Morris International Inc. (NYSE:PM) 5. Abbott Laboratories (NYSE:ABT).

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  • What is the result of too many people holding stocks and other assets?

    Investors have been pushed into stocks and other assets that have equity-like returns. As a result, too many people are holding these types of securities and likely to face diminishing returns.

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  • What is the “60-40” rule?

    It means a portfolio should be made up of 60% stocks and 40% fixed-income assets. The stocks are riskier, yet higher-yielding than bonds, while fixed income is generally a safer, more secure investment.

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  • How can we reduce our risk without reducing our return?

    “Through diversification, you could reduce your risk without reducing your return,”

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  • Why is diversification helpful for the portfolio?

    “Through diversification, you could reduce your risk without reducing your return”

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  • What is the second piece of advice for retail investors?

    “Through diversification, you could reduce your risk without reducing your return.”

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  • What should that one mistake investors should try not to make?

    “Don’t make the mistake of buying those things that have gone up thinking they’re better rather than more expensive.”

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  • What is the “biggest mistake” that you see the investors make?

    The “biggest mistake” the investors make is thinking that markets that went up recently are “better bargains rather than expensive bargains.”

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  • How should we react regarding the new future?

    “I think we should be very excited about the new future.''

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  • What should people do to thrive in that new environment?

    People should focus on understanding and enhancing their logical and creative thinking abilities.

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  • What according to you are the most valuable skills?

    “I would say understanding your thinking skills, or using digital support mechanisms for thinking, would be the most valuable skills.”

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  • What do you think is important to focus on in this pandemic?

    “One’s ability to do that, to interact in a digital way and help that kind of thinking — either as ... an effective user of it or an effective builder of it — I think that’s going to be important.”

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  • How much time would the global economy take to restructure itself?

    The current downturn — painful as it is — would be “relatively brief” and would allow for a wider global “restructuring.” That restructuring could last three to five years

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  • What according to you are the 3 “Strong Buy” Stocks?

    Philip Morris International (PM) UnitedHealth Group (UNH) Accenture PLC (ACN)

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  • What do you think is the bright side of the coronavirus pandemic?

    “I think we should be very excited about the new future. We’re now in a wonderful revolution in terms of the capacity to think and use that in a way. I would say that is absolutely the most treasured thing in the future.”

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  • COVID-19's impact has been crippling, butis there something positive that may come from the pandemic?

    “I think we should be very excited about the new future. We’re now in a wonderful revolution in terms of the capacity to think and use that in a way. I would say that is absolutely the most treasured thing in the future.”

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  • In the context of your book "Principles: Life and Work" what is the critical part of life?

    The critical part of life involves encounters and decision-making, and with that comes failures and mistakes, then learning and growing from those experiences as you move forward.

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  • In the context of "Principles: Life and Work", what is the most important principle?

    "Think for yourself while being radically open-minded."

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  • As a grandfather, what are you most worried about the younger generation?

    That much of the learning process teaches students with the notion that failure is bad.

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  • What do you think stands in the way of success?

    "The fear of failure and the self-esteem loss that people have associated with failure stand in the way of their success,"

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  • How would you best describe your book "Principles for Success''?

    It is a book for “all ages.”

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  • What prompted you to publish your book "Principles: Life and Work.”

    "A lot of people, parents with their kids and school teachers, asked for it, and other people were saying, 'You got your 600-page book, can you make it a quicker read?' That's what prompted it,"

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  • How would you describe Paul Volcker?

    A man who had great wisdom, humility, and classic heroism in which he sacrificed his well-being for the well-being of others.”

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  • At that time {1979-84} why was Paul Volcker the most powerful man in the world?

    ''At that time, he was the most powerful man in the world because, although the U.S. president could push the nuclear button, Volcker controlled how much money and credit there was in the world, which had a much bigger impact than anything else at the time.”

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  • Why do you believe Paul Volcker was a great American hero?

    “In 1970-71, I watched how he managed the breakdown of the dollar monetary system with great skill. In 1979-84, I watched him break the back of inflation, which was essential for our economic system’s survival and required great character to do the right thing under strong criticism because tightening monetary policy meant a lot of people had to suffer a lot. At the time, he was the most powerful man in the world because, although the U.S. president could push the nuclear button, Volcker controlled how much money and credit there was in the world, which had a much bigger impact than anything else at the time.”

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  • What do we do when we are not good at something?

    “You don’t have to be good at everything. You just have to find the right people who are good when we’re not good.”

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  • How can one be good at everything?

    “You don’t have to be good at everything. You just have to find the right people who are good when we’re not good.”

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  • What is the worst tragedy of mankind?

    The worst tragedy of mankind almost any individual is that they’re attached to opinions that are wrong and they don’t want to have them stress-tested.

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  • What is the definition of “radically open-minded”?

    “You think it should go this way and then you say to yourself ‘how do I know I’m right? Maybe that’s wrong. Is that as good as I can be?' And then the capacity to hear and then challenge… so somebody comes up to you with an idea and says ‘okay let’s do this.' 'What do you think about that?' To harvest the best around you but sorting it with your own mind… so I say to be open-minded and assertive at the same time. Don’t give up your assertiveness. But to be curious like ‘am I harvesting the best…’” Because the biggest thing that most people have their problem is they get so opinionated that they can’t take in. And the worst tragedy of mankind almost any individual is that they’re attached to opinions that are wrong and they don’t want to have them stress-tested so when you’re radically open-minded you can say ‘hey man, I really think it should go this way’ and then at the same time say to the smartest people that you know ‘kick the shit out of it’ and try to say ‘okay now let’s see how the stress tests’ so that I can then go to the best or how I harvest it.”

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  • Who would you look up to?

    Muhammad Yunus and Geoffrey Canada.

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  • Do you think the "rich countries'' are protected from the coronavirus crisis?

    “some of them will run out of those savings, even the rich countries...a lot of the world will not be protected.”

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  • Do you think that countries can depend upon their reserves in the coronavirus crisis?

    “some of them will run out of those savings, even the rich countries...a lot of the world will not be protected.”

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  • What will make the coronavirus crisis situation more painful?

    “If we fight with each other, internally, or even externally, it’s going to make this thing very painful...how we are going to be with each other is the most important thing.”

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  • Do you think we have enough resources to go through the coronavirus crisis?

    “We have enough resources to make this all fine, and we have enough creativity. It’s all going to depend on how we are with each other.”

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  • Do you think we have the capacity to combat coronavirus crisis?

    “We have enough resources to make this all fine, and we have enough creativity. It’s all going to depend on how we are with each other.”

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  • Do you think we will be able to get out of the coronavirus crisis situation?

    “We have enough resources to make this all fine, and we have enough creativity. It’s all going to depend on how we are with each other.”

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  • What can we expect from the coronavirus crisis?

    Global Inflation and rising saving rates can be expected

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  • What is your most valuable principle?

    “to meditate.”

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  • Why do you attribute to meditation in your life?

    “When I look back at my life, I am happy to have had what most people would consider a successful life, not only in terms of business, but in my relationships and in lots of ways. More than anything else, I attribute it to meditation — partially because of the creativity, partly because of the centeredness,”

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  • What do you attribute to the most when you look back at your life?

    “When I look back at my life, I am happy to have had what most people would consider a successful life, not only in terms of business, but in my relationships and in lots of ways. More than anything else, I attribute it to meditation — partially because of the creativity, partly because of the centeredness,”

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  • How do you feel when you look back at your life?

    “When I look back at my life, I am happy to have had what most people would consider a successful life, not only in terms of business, but in my relationships and in lots of ways. More than anything else, I attribute it to meditation — partially because of the creativity, partly because of the centeredness,”

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  • Why do you think practicing meditation is important to you?

    “It's not the most challenging, but I want to do it the most, because that gives me the equanimity, the creativity that really helps so much. So I would say that would be one of the most important certainly.”

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  • Do you find practicing meditation challenging?

    “It's not the most challenging, but I want to do it the most, because that gives me the equanimity, the creativity that really helps so much. So I would say that would be one of the most important certainly.”

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  • In what terms do you think the next downturn will be more severe?

    “The next downturn is going to be different type of downturn. It will be more severe in terms of the social, political problems. And it will be more difficult to handle. It won’t the same in terms of the big-bang debt crisis.”

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  • What would you say about the next downturn?

    “The next downturn is going to be different type of downturn. It will be more severe in terms of the social, political problems. And it will be more difficult to handle. It won’t the same in terms of the big-bang debt crisis.”

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  • What is the 3-step formula for anyone to start investing?

    1. Decide how much you can sock away 2. Create a diversified portfolio 3. Learn the market’s long-term cycles

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  • You've had a long, successful career, and now you could be doing literally anything. But you still choose to work. Why is that so?

    I'm at a stage in my life to pass along the things that have been most valuable to me. I don't want to die without passing it along. And I really do believe that it changes relationships and changes the effectiveness of organizations in an incredibly powerful way. To me, the greatest tragedy of mankind is people who have wrong opinions in their heads and can't work well together to get at the truth. And that's so easily dealt with by having this radical truthfulness and transparency. Everybody can work better, they'll have more truthful relationships.

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  • Should data collection systems always be opt-in and open for everyone? Could it work to the detriment of a company if tools are running in the background or only accessible to people at the top?

    I think all of these things have to be worked out in a really honest way between people. I personally believe almost everything should be transparent. There's a great power for everybody to see everything. But if 80% of people think it's fine to have that data and look at it, but I don't, I'd be uncomfortable if my data was going to be shown publicly. That's a decision for you to make. At Bridgewater, we have an "about you" section and we make it totally transparent because there's nothing to be embarrassed about. You have a process in which the data makes clear what you're like, and that's helpful because everybody has weaknesses as well as strengths. To be transparent about that is really good. But to each their own.

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  • Elon and Jeff are playing around in space, but you're focused somewhere closer to home: deep sea exploration. Any updates on your work there?

    I'm super excited about ocean exploration. I've been supporting ocean explorers and scientists and it's been thrilling to me because I get to go down and learn and see what they're doing. I believe that ocean exploration is much more exciting and important than space exploration. We're doing a television series that's going to use a ship I'm building to show these explorers in much the same way as Jacques Cousteau. It's being put together by James Cameron, National Geographic, and the BBC Blue Planet team. We're starting to shoot in about six to nine months, so I'm super excited about that.

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  • We hear a lot about how technology is both enabling work but also undermining the quality of people's connections. How has the rise of technology in the workplace affected your principles?

    You're describing an outcome, and I think outcomes are driven by, most importantly, what you want. In other words, I think technology can make very intimate relationships just as easily as it could undermine them. The real issue is, what is the objective? And how are you achieving and shaping that? Then you get to the particular: How do you judge that? It would be the same as you and your company sitting down and saying what's it doing and what do we want? And then you make your choices. So I can't make a generalization that technology is undermining or facilitating. All I can say is you have to have an unwavering vision of what you want to achieve and then you can make it do whatever you want it to.

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  • Bridgewater is known for its unique culture, which you acknowledge isn't a fit for everyone. How can tools derived from that be applied broadly in other workspaces?

    They don't have to do it my way. My objective is that they do it their way. But there are four questions we ask about how much you want this: 1. Do you want an idea meritocracy, and in what degree? That'll determine how you react. 2. Do you want to be truthful and transparent with each other, and in what degree? 3. Do you want to know what you and the people you work with are really like? 4. Do you want to use our algorithms for decision making? Then you have the power to analyze huge amounts of data.

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  • What are some tools that work for the entire team.

    Let's say you know what your strengths and weaknesses are, what you like, what your passions are, what you want out of life. When you know that for each person, then you can start to think about how to use that data for personal development and create teams who work well. That's part of a tool we call "the Combinator." Another tool will be an Issue Log. If anything is going wrong, each person is required to identify what went wrong and put it on a scale. Imagine you have more and more people: It brings all the problems to the surface and facilitates everybody seeing them.

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  • How do you see "Principles" moving beyond the pages of the book to other mediums?

    The book is just a vehicle for conveying things. We put out an app called "Principles in Action" which includes the book but has integrated videos of the things actually happening. I have a bunch of tools that will be the next phase. What we expect to do is probably every three to six months put out another tool because there's a certain rate at which these things can be digested.

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  • ''The transition from doing well in school to making a difference in the world outside of academics requires a shift in mindset.'' What would you say on this?

    “For most people, you go to school, they tell you what class to go to, what classes to take. This goes on all the way through university. ‘Do this, do this, do this…’ and then you go into the class and they say, ‘Learn this,’ and, ‘This is the information,’ and it’s a largely memory-based and instructional-based process. But wildly successful people who “shape” the world outside of school have “a strong, strong desire to understand and make sense of reality. So they’re all very independent-thinking and, and rebellious. They don’t mind saying, ‘Screw you. This is what makes sense and I’ve got to go down that path. They’re comfortable with ambiguity. They love ambiguity. Some people don’t like ambiguity. Most people, they say, ‘I’m nervous about ambiguity.’ They love to go in the space of what’s ambiguous, because that’s where the discovery is.”

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  • What is your mantra for success?

    1. Have clear goals. 2. Identify and don't tolerate the problems that stand in the way of your achieving those goals. 3. Accurately diagnose the problems to get at their root causes. 4. Design plans that will get you around them. 5. Do what's necessary to push these designs through to results.

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  • What are your views on failure?

    "Failure is part of a learning process. What’s the risk of failure? What, you’ll be embarrassed? How do you distinguish failure from learning? If it’s part of a ‘You’re failing and then you learn,’ then that learning is part of the moving forward. So that is what the process is like. Fail, learn, move forward,”

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  • How was your experience at high school and college?

    “I did terribly in high school. I hated high school. I just wouldn’t study. I barely got into a college. Then it was exciting. I loved it. So I did very well in college and then I went to Harvard Business School.”

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  • What is your advice for young people who have just graduated from college and are heading into the professional world

    “You’re about to enter the beginning of the second phase of your life, which is totally different than the first. You need to learn what it’s like and how to be great at it.”

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