Ray Dalio

Heroes inevitably experience at least one very big failure that tests whether they have the resilience to come back and fight smarter and with more determination.

by. The worst thing you can be is a phony, because if you’re a phony you will lose people’s trust and your own self-respect.

There were only two big forces to worry about: growth and inflation.

Know what your people are like and what makes them tick, because your people are your most important resource. Develop a full profile of each person’s values, abilities, and skills. These qualities are the real drivers of behavior, so knowing them in detail will tell you which jobs a person can and cannot do well, which ones they should avoid, and how the person should be trained.

no system of government, no economic system, no currency, and no empire lasts forever, yet almost everyone is surprised and ruined when they fail.

Don’t just pay attention to your job; pay attention to how your job will be done if you are no longer around.

Listening to uninformed people is worse than having no answers at all.

Don’t have anything to do with closed-minded people. Being open-minded is much more important than being bright or smart.

Don’t mistake possibilities for probabilities. Anything is possible. It’s the probabilities that matter. Everything must be weighed in terms of its likelihood and prioritized.

While I used to get angry and frustrated at people because of the choices they made, I came to realize that they weren’t intentionally acting in a way that seemed counterproductive; they were just living out things as they saw them, based on how their brains worked.

Systemize your decision making.

Over the course of our lives, we make millions and millions of decisions that are essentially bets, some large and some small. It pays to think about how we make them because they are what ultimately determine the quality of our lives.

Evolution is the single greatest force in the universe; it is the only thing that is permanent and it drives everything.

my belief that having an ability to figure things out is more important than having specific knowledge of how to do something.

the mistake of spending virtually no time on designing because they are preoccupied with execution. Remember: Designing precedes doing!