Ray Dalio With Larry Summers – ValueWalk Premium
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Ray Dalio With Larry Summers

Wednesday, February 21, 2018 – 6:00pm
Mossavar-Rahmani Center for Business & Government

A Conversation with
Ray Dalio
Founder, Bridgewater Associates
Author, Principles
Lawrence H. Summers
Charles W. Eliot University Professor of Harvard University
Co-Director, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School

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00:00 great night and welcome to the John F 00:01 Kennedy jr. gathering my name is Sawan Park 00:05 I’m examining financial aspects at the school 00:07 and I’m individual from the JFK jr. discussion 00:09 panel here at the Institute of 00:11 Politics before Wiegand please take note of the 00:14 leave entryways which are situated on both the 00:17 stop side and the JFK road side in the 00:21 occasion of a crisis stroll to the exit 00:23 nearest to you and assemble in the JFK 00:26 stop please additionally pause for a minute now to 00:29 hush your phones you can join 00:31 the discussion today around evening time online by 00:34 tweeting with the hashtag radical 00:36 straightforwardness which is likewise recorded in 00:38 your program please sit down now 00:41 and go along with me in respecting our visitors Ray 00:43 Dalio and Larry Summers I am charmed 01:04 to welcome my companion Ray Dalio to the 01:09 Kennedy School discussion where Gallio has 01:13 carried on with an astounding life if there’s 01:19 any individual who speaks to an American 01:23 example of overcoming adversity 01:25 conceived in under brilliant conditions 01:32 utilized at a very early stage in his life as a golf 01:36 caddie where among others he

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caddied for 01:40 the Duke of Windsor Edward the eighth 01:42 and thusly for Richard Nixon who 01:48 he lets me know did not have a particularly 01:50 recognized golf amusement beam went ahead to 01:58 the Harvard Business School when 02:01 he got to the Harvard Business School he 02:03 had just been a generously 02:06 effective stock merchant the primary stock 02:09 he purchased and his life was upper east 02:12 Airlines 02:13 which he blocked on the grounds that it had a low 02:15 cost thus you could get a ton of 02:16 offers with the restricted measure of cash 02:19 that he had it tripled when it was taken 02:22 over and Ray was snared beam went to the 02:28 Harvard Business School Ray established 02:31 Bridgewater relates in two or three 02:36 incarnations the second lives 02:39 on today rationalists say that you can 02:45 judge the astuteness of Acts by accomplishing 02:50 the best useful for the best 02:53 number similarly you can judge the 02:57 achievement of advantage directors by procuring the 03:03 biggest profits for the best sum 03:06 of cash and keeping in mind that there are numerous 03:10 fruitful speculative stock investments on the planet 03:13 there are none that have earned as much 03:17 in all for their speculators as Ray 03:22 dahlias Bridgewater and keeping in mind that beam will 03:28 discuss the different courses inside Virg 03:33 water in which there is coordinated effort 03:36 and wrangle in no time flat any individual who 03:42 has taken after from the outside will know 03:46 that there would be no lease no extension 03:49 water without Ray’s driving and 03:55 steady vision driving and reliable 03:59 vision both concerning hypotheses and 04:02 understandings of how the market and the 04:06 economy works as for methods for 04:10 knowing 04:11 checking confirming and investigating 04:15 theories and regarding 04:18 keeping up an extremely unmistakable culture 04:25 that puts 04:26 Premium as beam sees it on the 04:31 meritocracy of thoughts the outcomes talk 04:35 for themselves in the profits that have 04:38 been earned the volume of benefits that 04:42 have been accumulated and in case you’re in 04:45 markets it’s not entirely nonsensical to 04:48 apply a market test and Ray is 04:52 easily inside the best tenth of the 04:57 Forbes 400 on the off chance that one peruses the Forbes 400 05:01 his recommendation and shrewdness is excitedly looked for 05:05 on monetary issues and financial 05:09 issues by policymakers around the globe 05:14 and we are exceptionally blessed to have us 05:17 have him with us this evening 05:19 so welcome Ray Dalio 05:22 [Applause] 05:29 beam you and I initially met pretty much 20 05:40 years prior when I was at the Treasury 05:46 striving to present the list security 05:51 and you were of the view that the file 05:56 security was a conceivably imperative 05:58 security which your firm could profit 06:02 from exchanging considerably and we had a 06:08 number of should we say overwhelming 06:14 discoursed though the typical discussion 06:19 between someone in government and 06:22 some individual in the business sectors takes the frame 06:26 of the individual in the business sectors being extremely 06:29 neighborly relatively docile to the individual 06:32 in government and the individual in 06:34 government being nearly being exceedingly 06:38 affable and kind back you and I 06:43 ended up utilizing phrases like 06:46 that is simply wrong and that can’t be 06:49 right 06:50 and unquestionably there’s a superior method to ponder it than what you just said with a 06:56 incredible arrangement of force and that was 06:59 sensibly suitable to me I assume 07:01 this won’t not be a shock to some of 07:03 my companions in the group of onlookers and it was 07:06 sensibly harmonious to you and we 07:10 moved toward becoming companions however what I came to 07:14 acknowledge as I read the declaration you 07:19 posted on the web a few years back 07:21 and afterward had an opportunity to peruse your 07:26 as of late distributed book that these 07:31 standards of head on showdown of 07:37 thoughts were extremely vital to 07:40 how you moved toward life and integral to 07:44 the organization that you had made at 07:47 Bridgewater so perhaps a decent method to start 07:50 would be for me to simply abandon it open 07:53 for you to talk for a brief period around 07:56 those standards and your vision and 07:59 approach approve it’s so intriguing to me 08:07 and I believe it’s fascinating to you 08:09 most likely that keen contradiction to 08:14 get a fact and to simply slice it slice 08:16 through it isn’t a delight for everyone and 08:19 clinicians analyze this since they 08:22 say such a significant number of individuals shape a decision and 08:26 have an amygdala reaction that it’s a 08:31 assault if there’s difference like it 08:36 isn’t it a joy to have the capacity to thump 08:39 things around and simply attempt to make sense of 08:42 what’s actual isn’t attentive 08:45 difference a delight to endeavor to discover 08:47 what the best answer is isn’t it a 08:49 peculiarity that that exists 08:52 it’s a peculiarity at any rate I examined I invested 08:56 more energy addressing neuroscientists 08:58 and therapists about that Larry said 09:03 that I could take I don’t know five to 09:05 ten minutes to attempt to portray what this 09:08 is about and I’m going to do that and I 09:11 have a few slides that I’ll do that with 09:14 and I and alright they’ll be back there so 09:18 I’m simply going to kind of rapidly go 09:21 along by the way I he made myself 09:25 foundation sounds so much better let me 09:27 simply say the main reason I purchased the 09:28 stock at twelve I purchased the stock as I 09:31 said was the in light of the fact that I was sufficiently imbecilic 09:35 to think it was the main organization I heard 09:37 of that was offering for under five 09:39 dollars an offer and I wanted to purchase 09:43 more offers so on the off chance that it went up I’d profit that was with my venture 09:47 criteria idiotic right yet I lucked out and 09:50 then I understood how troublesome the diversion 09:52 is yet at any rate what I need to do is 09:54 kind of depict rapidly what this thing 09:56 is about no doubt about it I played the amusement and 10:03 then I escaped Harvard Business 10:05 School thus this is the thing that it looked 10:09 jump at the chance to me affirm so I pursue my 10:11 venturesome objectives and after that I experience my 10:16 triumphs and disappointments and in case you’re a 10:20 individual in the business sectors or you’re a 10:23 business person you need to wager against the 10:26 agreement and be correct on the grounds that the 10:28 accord is incorporated with the value so if 10:32 you need to do that against the 10:33 agreement and be correct and that is 10:35 troublesome you will fizzle a reasonable 10:37 sum or in case you’re a business visionary you 10:39 need to wager against the agreement and be 10:41 right thus disappointment is turned out to be one of 10:44 those learning forms it’s so torment 10:48 or more reflection levels with advance to me so 10:52 disappointment and after that what I got in the propensity 10:55 of doing is changing my way to deal with 10:58 disappointment where disappointment appeared to be agonizing 11:01 what I understood is that inevitably it 11:05 turned out to be more similar to a confound that would 11:08 give me a pearl and the bewilder was what 11:11 would I do another way later on so 11:13 I would have a superior outcome and the jewel 11:16 was a rule that I would figure out how to complete 11:19 something better later on and I 11:21 figured out how to compose those down this and 11:23 then I spoke with individuals by 11:25 thinking of them down and considering 11:27 those rules that implied that I would 11:29 change and thus then at that point changes lead 11:34 to change and after that you follow 11:35 more on daesh’s objectives and it appears to me 11:38 like it resembles that again and again 11:39 so this turned into this is the thing that life looks 11:43 get a kick out of the chance to me is the thing that development looks like 11:44 to me development of results of advancement 11:47 and its different nature you pursue your 11:49 objectives you on your way to your objectives you 11:52 experience your issues you can’t 11:56 endure your issues whatever the 11:58 issues are you need to analyze them 12:00 to your underlying driver and the underlying driver 12:02 can be that you’re accomplishing something incorrectly 12:06 or that you have a shortcoming 12:08 or another person is accomplishing something 12:09 wrong it has a shortcoming so you can’t 12:11 depersonalized that you need to take a gander at 12:13 it and after that whatever the determination is 12:15 that you get at the main driver then you 12:17 need to have an outline to change and get 12:21 around that underlying driver and after that stage 12:23 number five is you need to push through 12:25 to comes about so’s what it generally 12:28 looks like development and in the event that you were to 12:30 take any organization blackberry they have 12:32 the objectives they have the issues on the off chance that they 12:34 don’t analyze it to the main driver and 12:37 change they will pass on and on the off chance that they complete 12:40 they’ll advance so it would appear that that for 12:42 me again and again and I’ve committed 12:45 awfully excruciating errors disappointments so 12:49 one that rings a bell obligation is that in 12:54 1981-82 I figured I did figurings 13:00 that I imagined that remote banks would 13:04 not have the capacity to get paid once again from the 13:08 organization the tally

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