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181 " 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. "
― Ray Dalio , Principles: Life and Work
182 " Don’t get distracted by shiny objects "
183 " In trading you have to be defensive and aggressive at the same time. "
184 " To do it well, be sure to avoid the common perils of: 1) valuing your own believability more than is logical and 2) not distinguishing between who is more or less credible. "
185 " Put things in perspective by going back before going forward "
186 " If you just keep doing, you will burn out and grind to a halt. "
187 " Remember that people who see things and think one way often have difficulty communicating with and relating to people who see things and think another way. "
188 " Closed-minded people don’t want their ideas challenged. "
189 " Bob Kegan called Bridgewater “a form of proof that the quest for business excellence and the search for personal realization need not be mutually exclusive—and can, in fact, be essential to each other. "
190 " I 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. "
191 " satisfaction of success doesn’t come from achieving your goals, but from struggling well. "
192 " Logic, reason, and common sense are your best tools for synthesizing reality and understanding what to do about it. "
193 " Watch out for people who confuse goals and tasks, because if they can’t make that distinction, you can’t trust them with responsibilities. "
194 " Don’t pay as much attention to people’s conclusions as to the reasoning that led them to their conclusions. "
195 " Assess believability by systematically capturing people’s track records over time. Every day is not a new day. Over time, a body of evidence builds up, showing which people can be relied on and which cannot. Track records matter, and at Bridgewater tools such as Baseball Cards and the Dot Collector make everyone’s track records available for scrutiny. "
196 " Closed-minded people are more likely to make statements than ask questions. "
197 " Much as I loved the job and the people I worked with, I didn’t fit into the Shearson organization. I was too wild. For example, as a joke that now seems pretty stupid, I hired a stripper to drop her cloak while I was lecturing at a whiteboard at the California Grain & Feed Association’s annual convention. I also punched my boss in the face. Not surprisingly, I was fired. But the brokers, their clients, and even the ones who fired me liked me and wanted to keep getting my advice. Even better, they were willing to pay me for it, so in 1975 I started Bridgewater Associates. "
198 " a. View painful problems as potential improvements that are screaming at you. Though it won’t feel that way at first, each and every problem you encounter is an opportunity; for that reason, it is essential that you bring them to the surface. Most people don’t like to do this, especially if it exposes their own weaknesses or the weaknesses of someone they care about, but successful people know they have to. b. Don’t avoid confronting problems because they are rooted in harsh realities that are unpleasant to look at. Thinking about problems that are difficult to solve may make you anxious, but not thinking about them (and hence not dealing with them) should make you more anxious still. When a problem stems from your own lack of talent or skill, most people feel shame. Get over it. I cannot emphasize this enough: Acknowledging your weaknesses is not the same as surrendering to them. It’s the first step toward overcoming them. The pains you are feeling are “growing pains” that will test your character and reward you as you push through them. "
199 " Investors think independently, anticipate things that haven’t happened yet, and put real money at stake with their bets. Policymakers come from environments that nurture consensus, not dissent, that train them to react to things that have already occurred, and that prepare them for negotiations, not placing bets. Because they don’t benefit from the constant feedback about the quality of their decisions that investors get, it’s not clear who the good and bad decision makers among them are. "
200 " the satisfaction of success doesn’t come from achieving your goals, but from struggling well. "