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Quote by Ray Dalio

“For the most part, life gives you so many decisions to make and so many opportunities to recover from your mistakes that, if you handle them well, you can have a terrific life. Of course, sometimes there are major influences on the quality of our lives that come from things beyond our control—the circumstances we are born into, accidents and illnesses, and so forth—but for the most part even the worst circumstances can be made better with the right approach. For example, a friend of mine dove into a swimming pool, hit his head, and became a quadriplegic. But he approached his situation well and became as happy as anybody else, because there are many paths to happiness.”

Quote by Ray Dalio

Work

Principles: Life and Work

This book delves into the author's philosophy on life and work, providing a framework for making decisions and achieving success. It covers a range of topics, including ethics, productivity, and personal growth. more

Author

Ray Dalio
Ray Dalio

Ray Dalio, born in 1949, is a renowned American businessman, investor, and the founder of Bridgewater Associates, one of the world's largest hedge funds. He is known for his unique investment philosophy and successful corporate management. more

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“There is always opportunity cost in choosing one path over others. The betting elements of decisions—choice, probability, risk, etc.—are more obvious in some situations than others. Investments are clearly bets. A decision about a stock (buy, don’t buy, sell, hold, not to mention esoteric investment options) involves a choice about the best use of financial resources. Incomplete information and factors outside of our control make all our investment choices uncertain. We evaluate what we can, figure out what we think will maximize our investment money, and execute. Deciding not to invest or not to sell a stock, likewise, is a bet. These are the same decisions I make during a hand of poker: fold, check, call, bet, or raise.”

“For any single decision, there are different ways the future could unfold—some better, some worse. When you make a decision, the decision makes certain paths possible (even if you don’t know where they lead) and others impossible. The decision you make determines which set of outcomes are possible and how likely each of those outcomes is. But it doesn’t determine which of that set of outcomes will actually happen.”

“If you had a navigation app for your goals and decisions, it would work like a premortem and a backcast and its output would look like the Decision Exploration Table. You’ve identified two broad categories of future events (those within and outside your control) that could decrease or increase your chances of failure or success and made an educated guess about their likelihood. You now have a good map of what might lie in the path on the way to your goal.”

“Remember, managers are hubs of communication (see Chapter 12). The better they communicate across these sphere boundaries, the more people they can communicate with, and the more data they have. This consequently leads to better decision making. Ultimately, stronger communicators make better-informed decisions, and hopefully they are more successful because they waste less time wondering what to do.”

“The Leads of Leads are switch hitters. Their day is equal parts tactics and strategy. While they have developed true distance from the day-to-day work, they still know how the work is done and can have an informed opinion about tactics relative to the work. They also have a more complete picture of the state of the company, which enables them to make better decisions and define better strategy. They see the complete game board. They see all the pieces, so they can be credible strategists.”

“October knew, of course, that the action of turning a page, of ending a chapter or shutting a book, did not end the tale. Having admitted that, he would also avow that happy endings were never difficult to find: "It is simply a matter," he explained to April, "of finding a sunny place in a garden, where the light is golden and the grass is soft; somewhere to rest, to stop reading, and to be content.”