Ray Dalio
Founder of hedge fund company Bridgewater. He was born in a very ordinary middle-class family in Long Island, new york. At the age of 26, he founded Bridge Water in his two-bedroom apartment. After 42 years of development, Bridgewater ranks fifth in the list of the most important private companies in the United States (Fortune Magazine). He was selected as the most influential person in Time magazine 65,438+000 and the richest person in Forbes magazine 65,438+000. Because his unique investment criteria changed the fund industry, American CIO manager magazine called him "Steve Jobs in the investment field".
Second, the book structure.
Third, excerpts
1. No matter how successful I have been in my life, the main reason is not how much I know, but what I should do without knowledge.
People with the same values and principles will get along well.
I think the key to success lies in knowing how to win many things and how to fail correctly.
4. The stock price reflects people's expectations, so when the actual result is better than expected, the stock price rises; When the actual result is worse than expected, the stock price will fall. And most people will be biased by recent experiences.
Don't trust government policy makers when they promise you that they won't allow the currency to depreciate. The more firmly they make such a commitment, the more serious the situation may be, and the greater the probability that currency depreciation will happen soon.
6. It is a more practical method to measure the demand by the amount paid (rather than the quantity of goods purchased) and to investigate who the buyers and sellers are and why they buy and sell.
7. the road to success
(1) Find the smartest people who have different views from mine, and let me try to understand their reasoning.
(2) Know when you can't have the clearest opinion, and don't jump to conclusions.
(3) Gradually sum up the eternal and universal principles, test them and make them systematic.
(4) Maintain greater returns by balancing risks and reduce downward fluctuations.
8. One of the keys to becoming a successful investor is to make high-risk bets only on the investment objects you have high confidence in, and fully diversify your investment in these objects.
9. I suggest you keep enough curiosity and always be willing to know how people who see things differently from you form their way of seeing things. You will find it interesting and beneficial, and the richer perspective you get will help you decide what you should do.
10. Wise people always keep an eye on sound fundamentals when experiencing various ups and downs; And frivolous people follow their feelings, make emotional reactions, rush into hot things, and give up immediately if they are not hot.
1 1. If you want to have many advantages without being exposed to unacceptable disadvantages, the safest way is to make a series of good and irrelevant bets, which are balanced and complementary.
12. The greatest success a manager can achieve is to be able to organize others to do things well without you.
13. Too much funds under management may damage the performance, because too large a scale will affect the market trend, resulting in high opening and closing costs.
14. "High poppy syndrome": High poppy syndrome is a popular term in Australia and New Zealand, which is used to describe a collective critical attitude towards some people in community culture and belongs to an expression of thought. When anyone achieves a certain degree of success in society, it will cause consistent, spontaneous and collective criticism in the community. Usually, this kind of criticism will also come from the mouth of community leaders, and it also has anti-intellectualism, especially the suspicion and contempt for intellectuals.
15. People with common sense, creativity and initiative to change are rare.
Three stages of life:
(1) The first stage: We depend on others and we learn.
(2) The second stage: others depend on us and we work.
(3) The fourth stage: When others no longer depend on us, we no longer need to work, and we can experience life freely.
17. There are always good times and bad times in life. Working hard will not only make your good times better, but also make your bad times less bad.
18. The most important thing in the world is to understand how reality works and how to deal with it.
19. personal evolution process
(1) The goal is clear.
(2) Find problems that prevent you from achieving these goals, and don't tolerate problems.
(3) Accurately diagnose the problem and find the root of the problem.
(4) Plan the solution to the problem.
(5) Make every effort to implement these plans and achieve results.
20. You can't do everything perfectly: mistakes are inevitable and part of life, and you need to recognize and accept this. The good news is that every mistake you make can give you something, so there is no end to learning.
2 1. The two biggest obstacles that affect rational decision-making are your self-awareness and thinking blind area. Self-awareness disorder means that we are born with a certain ability and want others to see us like this. The blind spot obstacle of thinking is caused by our subjective view of things.
22. Three ways of adaptation and evolution:
(1) Train your mind to think in a counter-intuitive way (for example, creative people become more organized through self-discipline and practice).
(2) Use auxiliary mechanisms (such as program reminders)
(3) Rely on the help of experts in their own shortcomings.
23. In any organization, who wins or loses the two forces, individual interests and collective interests, depends on the culture of the organization, and culture depends on the people who shape it.
24. Nature shapes everything purposefully. What you need most is not the courage to drive you to overcome others, but the courage to always be your truest self no matter what others expect of you.
25. Five-step process
(1) Set clear goals.
(2) Find out the problems that hinder the realization of the goal.
(3) Diagnose which parts of the machine (which designs or who) are not working normally.
(4) Design modification scheme
(5) Take necessary actions.
26. Money is only an excellent by-product, not the goal of hard work.
27. Creative choice = extreme truth+extreme transparency+credibility weighted decision.
(1) publicly express your views.
(2) Seriously discuss differences.
(3) Follow the formed knowledge and eliminate past differences.
28. Smart people are good at embracing their own mistakes and shortcomings, so that they can far surpass their classmates and predecessors who are of the same level but more conceited.
29. Pain+reflection = progress
To avoid digression, one way is to list the agenda on the whiteboard so that everyone can see the progress of the discussion.
3 1. The most credible view comes from: (1) people who have successfully solved related problems many times; (2) People who can logically explain the causal relationship behind the conclusion.
32. The most important factor of a person's success is an objective self-evaluation, including an understanding of his own shortcomings.
People often make the mistake of focusing only on what to do and ignoring the more important question, that is, who should be responsible for deciding what to do.
34. When choosing people who are ready for a long-term relationship, values are the most important, abilities are the second, and skills are the last consideration.
35. The most powerful personal change comes from the pain caused by a mistake that you never want to experience again-"bottoming out".
36. When testing whether a person is good at solving problems, it depends on:
(1) He can express logically and clearly how to deal with related problems.
He has successfully solved similar problems in the past.
Fourth, think.
There is no casual success, and there is a set of reasons and mechanisms behind any successful case. Throughout Lei's life, as well as the development track of Qiaoshui, Lei's reflection and improvement, and unswerving efforts, we have today's preacher.
Come to think of it, what ray did was difficult? It doesn't seem that it's very difficult to reflect on who won't and summarize who won't, but after that? After experiencing the pain of failure, should we learn from the bitter experience or selectively forget the unpleasant memories-it seems to be human nature to forget the unpleasant memories. After all, in the process of human reproduction, it is difficult to live today without pretending to be optimistic. In a word, not everyone has the consciousness or ability to rebound after falling to the bottom. No one is born a saint, and all life trajectories need constant self-correction, just like a ups and downs curve. Although there are ups and downs in the small period, the general direction is upward.
In my opinion, there are four kinds of people in life:
People who are immune to pain either don't feel pain or selectively ignore it. Since they don't feel pain, they don't need to reflect and improve.
People who are painful and happy, although they can feel pain, are born optimists, so they don't need to reflect and improve;
People who learn from their mistakes, who don't like the pain of failure, will also make a summary and reflection, but the power of implementation is too poor, which is very helpful;
Ray, a firm reformer who learned from a bitter experience, falls into this category. They can't afford to fail. They are an activist. They can learn the lessons of every failure from their failed mothers and use them to improve themselves, which has formed an upward trend.
Ceng Zi said: "I save three times a day-is it cheating on people?" Don't believe in making friends? Can't you learn? "
However, what about saving?
In fact, many times, after we fail, we will sigh like this: Hey, if only I had done it! This is a relatively primary reflection, that is, a reflection on failure at the practical level. However, after the feeling is over, we may still plunge into the trivial things of life, and then we may be tempted to step into the same pit next time. Come to think of it carefully, everything has a * * *, and most of our afterlife is just a representation of the past time. Therefore, if we can summarize after each failure, we will find that most of the failures are caused by several reasons, and there are still some internal relations between these reasons. These experiences and lessons can even be summed up like mathematical formulas, thus becoming the principles guiding our work and life. In the long process of life, if we can constantly improve our principles, then there may not be too much light in this world, but you will have great opportunities to work and live happily.
The first impression of getting the book is shock, unparalleled shock. It is not terrible for a person to reflect and sum up progress. What is terrible is that he can form such a systematic principle of life and work. It's like the author sorting out every line in the messy life and work, showing these lines in the best way, and then showing them to everyone: that's my life. And I really can only describe it as amazing.
In fact, most people do not lack the determination to improve or pursue progress. But how? Most of us are stuck in the "how" step, or stagnant, or at a loss. The author showed us his solution. Take the principle of life as an example. If you want to change yourself, the first thing to do is to know yourself. How do humans control their emotions, the structure and characteristics of the human brain and the way of thinking? Only on the basis of truly knowing and understanding human beings or ourselves can we make targeted improvements.
This is a good book worthy of our in-depth study, but what to learn? In my opinion, it is a bit too scripted not to apply the principle of ray dogmatically and directly in the book. Everyone's living and working environment is different, so ray's principle may only be suitable for him, at least for most of them. What we may need to do most is to learn from his methods and spirit and sum up a set of our own work and life standards.
The process of summing up is like a practice, and it is also like building a weapon of your own for yourself. When the weapon is finished, it should not be a problem to go to the end of the world with a sword or keep the road.