A2 Basic US 102 Folder Collection
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- Can you go to what you're like?
Can you go to your mistakes?
Can you go to your weaknesses?
I think it's very important to know
what people are like.
I think the greatest tragedy of mankind
is people holding on to wrong opinions
- Hello Believe Nation
I'm Evan Carmichael.

My one word is believe and I believe
that entrepreneurs are going to solve
all of the world's major problems.
So today we're going
to learn from investor

and philanthropist Ray Dalio and my take
on his top ten rules
of success volume two.

Rule number two is my personal favorite
and I'd love to know which
one you guys like the best.

And as always as you're
listening if something

really resonates with
you, there's a message

that really holds true to you,
please leave it down the comments below
and put it in quotes so that other people
can be inspired.
And when you write it
down it's much more likely

to stick with yourself, as well.
Enjoy.
(basketball bounce)
(pop music)
- That's that all the people who feel like
they're, I'm good, I've got it
won't learn.
If you've got it you won't learn, right?
So so you have to get rid of this
ego barrier I've got it thing.
This is Lee, can you tell us
are you authentically
satisfied and fulfilled?

Do you have an experience
in life of being successful?

- I don't think that success
is like a lot of people

believe it is.
And any really successful person.
I think that everybody's
always struggling.

And what happens is you know you just
struggle at a higher level it's like
learning how to ski or play some sport
and you're just kind of doing this
higher thing but it
doesn't feel like that.

It just feels like I'm struggling.
And I think it's
and it's a good feeling.
The way I think of it is
I've always thought that
it's like in order to be

successful in life you
have to cross a jungle.

Or you can stay on the
other side of the jungle

and not cross the jungle.
But if you choose to cross the jungle
the jungle has all sorts of things
that can do you harm and
bite you and everything

along those lines.
And so the best way to do that is
to go into that with people
who can see things differently

and watch themselves and struggle
to make it to the other side.
And then what I've discovered
along the way is that

it's always a struggle and
I enjoy being in the jungle.

I don't want to get to the other side.
I don't want to get out.
So that's what it feels like to me.
Every time I made a mistake
they became painful mistakes but with time
I realized that reflecting
on those mistakes

would give me gems.
What I would do is I'd say
why did I make that mistake

and I would learn from that mistake.
And I'd write down a rule
so what was helpful for me

is I put that rule principles
these principles I wrote

these principles down.
Those principles that I
wrote down I then put into

algorithms in other words equations.
And what I learned by
being able to do that

is by if I took my decision criteria
those principles and then I tested them
back through time I gained a perspective
that was fantastic.
I could test them in,
back a hundred years.

I could test them in different countries
and I would learn how those rules work.
And I put by putting
all those rules together

and then how having these
algorithms the computer

could replicate my thinking
but it could actually think

better than I could.
Because what it would do is
it would take it compresses

more information.
It can process it faster
and it could process

it less emotionally.
So it was like having a
GPS that was next to me

while I was also making my decisions.
Like you're driving in a car
and you have both operating

and to have that next to me was you know
valuable it would learn I would learn.
And together we built that.
I think every place has
to have a culture, right?

And culture is the values
what values are living out.

And so for example this
number one value is

it has to make sense to you,
we have to talk about it,

we have to work it through in
a non-egotistical kind of way.

And so it's an unusual place
and it's an unusual culture.

- [Interviewer] Are you
offended when people

sometimes label it a cult?
- I think that I think a
cult, when I think of a cult

it means believe this.
And we're, it's the opposite.
- [Interviewer] You're taken from on high.
- In other words, a cult means yeah,
somebody's telling you believe this.
- [Interviewer] Because I said.
- And follow it.
- [Interviewer] Because I have a superior.
- Okay it's exactly the
opposite of that, right?

The number one principle is
don't believe anything,
think for yourself.

And now let's go through a process
of what is true
together.
But we can't stop that with ego.
We can't let that
barrier stand in our way.

So we're going to live in a
culture in which we can do that

okay, now that's the opposite of okay.
It's it's a belief system in other words,
I'll ask you do you believe
that we should operate
this way with each other.

If you want to call that a cult
I think it's the opposite of a cult
it means think, right, speak up.
Don't hide it, don't talk
behind people's backs.

It's talking behind peoples.
- [Interviewer] And
you always make a point

that you know what you don't know
and that's equally valuable.
- More valuable.
I want to say that so this
is the whole philosophy.

I I so know that I can be wrong
look, we all should recognize
that we can be wrong.

And if we recognize that we're wrong
and we worry about being wrong
then what we should do is
have a thoughtful dialogue.

It's the mixture of the
elements that matter, right?

If you have a tremendous tenacity
but you're you're
studying, you're learning,

you're trying to memorize and remember
everything that you're being taught.
And you really try hard
you could have great

tenacity, you need the
making sense of something.

You need to embrace
reality, you need these

other dimensions, right?
So that I think the things
that we started to talk about

just before.
The things that these
people have a need for

is first they need to most fundamentally
make sense of things which
is a very different kind of

learning process.
It's a very internalized learning process.
It's not a memory based
process so none of these

people unlike the population a whole
none of these people have a desire to
follow instructions.
For most people you go to school
they tell you what class to go to.
What classes to take.
This goes all the way through University
do this do this to this and then you go
into the class and they say learn this
and this is the information.
And it's largely a memory
based instructional

based process.
This is not what these people do, right?
This is not so the path
what they what they have
is a strong strong desire

to understand and make sense of reality,
how does reality work?
- Your company anticipated
a financial crisis

managed your clients
funds through that period.

Make the argument that your
culture actually has something

to do with that result.
- [Ray] Well first of all I think that
well I'll tell you what
the moment was like.

You do our calculations and
we have a view that's
very different than the

rest of the world's view at that time.
So the independent thinking
we had among ourselves different people
who had different views and the ability
to work ourselves through those.
Was essential for us
to being able to stand

upside from the crowd.
So I needed to have the
independent thinking

and we needed to work it through.
And then even at that time we had to have
the fear of being wrong.
Because you can never be confident
that you're right in the market.
And so to place the bet
but to place the bet in a defensive way
and to work out together
the engineering, what I believe is that
everything happens over and over again.
Through history.
World operates like a machine it happens
over and over again.
And that if you can sort
of go above yourself

in your circumstances
and look down at yourself
within your circumstances

within a historical perspective
and then have agreed upon principles.
You know principles are how
to handle things that
happen over and over again.

By having that it's helpful
and ours are just oriented around this
idea of meritocracy so it allowed us to
have an independent point of view while
being not a hundred percent certain.
And you know to be
defensive and it allowed

us to play that well.
So the big shift in terms of going to
the notion of what do I do with my money.
Let's say you've got a lot of liquidity
and you're look at the
world has lots of liquidity.

Today the world has lots of liquidity.
The question is, what are its choices?
And what do those choices look like?
And then you put your money.
So you produce a lot of money
around a lot of liquidity.

And say, do you stop buying
US bonds when you have

or do stop buying
Japanese bonds when you have
no interest rate and a currency risk.
And so when do you stop buying?
Well, it's when you have confidence
and some ultimately when it's
driven to something else.

At some point you get a
move toward inflation.

If there's a move toward like I want to
hold inflation assets
then you come into problems.
Until you don't have that move
to move toward inflation assets
you have a capacity for
a lot of the buying there

and so the timing.
Can you go to what you're like?
Can you go to your mistakes?
Can you go to your weaknesses, right?
Can you go to other people's
mistakes and weaknesses?

Some people, because of an
ego barrier, can't do that.

And so if they don't
recognize their own mistakes,

their own weaknesses or
others mistakes and weaknesses

what the root cause me being
what they're like because of ego barriers,
if they can't go there they're going to
repeat those mistakes.
They're going to have
them over and over again.

So it's the process essentially of saying
at that stage, what am I like?
Everybody has strengths and
everybody has weaknesses.

The weaknesses are the
other side of the strengths.

So let's say if you're
you know a right brain

creative person you may not be reliable
because just the way you think
necessitates you to think a certain way.
That means you can't think in another way.
That means you're going to
keep bumping into that thing

that's standing in your way.
But unless you can
embrace, I'm not reliable

(laughs) all right and deal with it
you won't get around it.
It's still going to continue
to be a barrier, right?

So the diagnosis to the
root cause is important.

So then, if you diagnose it
then you have to design what
are you going to do about it

that works.
So let's say you are very creative
but not reliable.
You have to find the
means of it first of all

embracing that and then saying if I'm
not reliable what do I do it, do I work
with a reliable person?
Do I learn reliability?
Do I have some compensating mechanism?
Because I can't let
that lack of reliability

stand in the way my goal.
As long as I keep doing that I'm going
to keep running into problems.
So you have to design what
you do about the problems.

And then when you're designing what you do
about the problems then you
have to follow it through.

So you have to follow through
or do the thing you designed.
And the doing the thing you designed
requires self-discipline and so on.
So people have to do those things
in order to be successful, right?
They have to know what their goals are.
They have, they will
encounter their problems.

They have to diagnose
those problems down to

the root cause, the real root cause.
They have to design
ways to get around them

and then they have to
have the self-discipline

to follow that.
And it's a continuous iterative process
so that that's what we keep doing, right?
So you're going in that direction I would
say that all of the
shapers are doing that,

they're doing that, they
doing that well, right?

So they don't mind the
problems, they don't mind that.

I think it's very important
to know what people are like

yet most organizations
don't want to go there.

By knowing what people are like
and having them part of
the process of knowing

what they're like there's
better understanding,

better communication and also, of course,
you can make better teams.
Because there nobody has all that's
needed to be successful.
We need each other to play different roles
and the ability to do that by knowing
what people are like is enhanced.
And have no idea how you
all see things differently.

That there's a thinking spectrum.
Some people are creative and not reliable.
Some people are reliable and not creative.
And as you start to give
people personality tests

like Myers-Briggs or the big five
or different personality
tests you start to learn

how people see things differently.
And then when you see them differently
and you, and that screen pops up wherever
rather than just seeing how you see it
you go above that and you're seeing that
everybody is seeing things differently
it changes how you see things.
Because it starts to make you think,
how do I know I'm not the wrong one?
In other words, as you go
above it and you look down

on all those different ways of seeing,
you start to think, how do I
know I'm not the wrong one?

And, how do I collectively see?
And you see in a color
range it's like seeing in a

different color range or
going from two dimensions

to three dimensions
all of a sudden you see

the full spectrum of seeing things.
And then you go to the
higher level we have systems

that go through the computers
that go the higher level

that say then, how do
we weigh all those ways

of seeing to make the best decisions?
So not so you don't get so
attached to your opinions.

I think the greatest
tragedy of mankind is people

holding on to wrong opinions
that could so easily be
rectified and that's doing

them harm because they're
making wrong decisions.

So how do you collectively do that?
Well, the answer is by
everybody seeing everything

and seeing how others see they begin to
gain those perspectives.
They also get to get an appreciation
for the other way of seeing.
It used to be that everybody
would drive each other crazy

you your what brain works in one way
my brain works in another.
Maybe I see the big picture,
you see detail, right?

Maybe I'm creative and you're reliable.
We drive each other crazy.
When you start to realize
that people are actually

seeing in those ways and
that's a valid way of seeing.

And that I need you and you need me
and how to put together the
team as you're asking about

it gives you the evidence base
it's okay to be different.
- Thank you guys so much for watching.
I made this video because
Hainan Bora asked me to.

If there's someone you like me to profile
in the next top 10 check out
the link in the description

and go and cast your vote.
I'd also love to know what was
your favorite message from this video,
what did you learn from this video
that you're going to immediately apply
somehow in your life or in your business.
Please leave it down the comments below
I'm really curious to find out.
So thank you guys again for watching.
I believe in you, I hope you continue
to believe in yourself and
whatever your one word is.

Much love I'll see you soon.
(basketball bounce)
- Is productivity
which produces income.
You can spend at the end
of the day what you earn

and what you earn is a
function of your productivity.

And for a country it's the
same as for individuals.

You work hard, you're well-educated,
you know you can be more
productive if you work harder

or you can learn more productive
if you will create it.

Productivity is going to be
the single biggest factor,

how do you make people
productive, self-sufficiency.

You know that the single biggest factor
for a number of countries is do people
feel the consequences of their earning?
Or they're not working
in countries where
there's self-sufficiency.

Then and they feel those
consequences rather than

greater social net.
They will have higher
levels of productivity.

So at the end of the day it's
really the things that you

when you look at your
neighbors and you say,

if they can get an income
and they're not going to be penalized much
they're going to be less motivated.
There's a series of those
and what I'm trying to

direct the attention to is what those
specific factors are so that
it's like a health index.
So I'd like to draw people to you know
that the productivity we
did this productivity study.

And you could see then what
those correlations in the nation

because for all nations same formula.
And because it's like a
health report if you can

look at what is your cholesterol level,
what is your, you smoke,
you exercise, you just

you don't.
- [Interviewer] You don't

want to find out.
- [Ray] You can know
your 10 year prognosis

and if you could look
at that unemotionally

with the benchmark you can
see what productivity is.

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"Have a View That's VERY DIFFERENT!" - Ray Dalio (@RayDalio) Top 10 Rules

102 Folder Collection
Tony Yu published on December 18, 2018
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