Principles: Life and Work

by Ray Dalio

To make money in the markets, one needs to be an independent thinker who bets against the consensus and is right.

believe that all organizations basically have two types of people: those who work to be part of a mission, and those who work for a paycheck.

There were only two big forces to worry about: growth and inflation. Each could either be rising or falling, so I saw that by finding four different investment strategies—each one of which would do well in a particular environment (rising growth with rising inflation, rising growth with falling inflation, and so on)—I could construct an asset-allocation mix that was balanced to do well over time while being