Quote of the day:
I write about strategy, economics and leadership.There are few people as polarizing in business as Ray Dalio. The mere mention of his name in conversation can trigger outbursts of adoration or dislike. Well, success can have that effect. People don’t usually reach that level of success by adopting a conventional approach. Dalio’s book chronicles his unusually methodical approach.
Dalio didn’t set out to revolutionize investing, he simply set out to play the game well and to serve his clients the best way he knew how. Even before heading to HBS, Dalio had developed a fascination in understanding the underlying cause and effect relationships of markets. His continued study over time led him to develop a different approach to price determination, which ultimately allowed him to catch market moves earlier than competitors.
“There I was after eight years in business, with nothing to show for it. Though I’d been right much more than I’d been wrong, I was all the way back to square one. At one point, I’d lost so much money I couldn't afford to pay the people who worked with me. One by one I had to let them go….Bridgewater was now down to just one employee: me. Losing people I cared so much about and very nearly losing my dream of working for myself was devastating.
Slowly, the approach paid off. “Coming out of my crash, I was so broke I couldn’t muster enough money to pay for an airplane ticket to Texas to visit a prospective client, even though the fees I’d earn were many times the cost of the fare - so I didn’t make that trip. Still, I gradually added clients, revenue, and a new team. With time, my upswings increased in magnitude and my downswings were both tolerable and educational.
If you’ve had the misfortune of experiencing an abyss, you know you would never wish it upon anyone else. You also know you would never trade it either because it’s one of the most transformational experiences you can go through, launching you on a trajectory you never thought possible. Life distributes tragedy indiscriminately, but only a few leverage the tragedy as a springboard for something far greater.
If you manage to stay still long enough to dwell in the abyss, you start to realize it isn’t as bad as you initially thought. Pain is a first-level consequence, as Dalio distinguishes it. Optimizing against a first-level consequence is a dumb move. Think about the gym, says Dalio. The first-level consequence is pain. The higher-level consequence is health. To succeed, you need to optimize for the latter.
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