Quotes from Ray Dalio

A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.

When people get at each other's throat, the rich and the poor and the Left and the Right and so on, and you have a basic breakdown, that becomes very threatening.

In China anything less than 6% growth is a recession meaning that it also causes financial problems and it's disruptive and it's a problem.

I'm just saying that if you understand how the economic machine works, it just works like a machine. There are cause-effect relationships.

I can be stressed, or tired, and I can go into a meditation and it all just flows off of me. I'll come out of it refreshed and centered and that's how I'll feel and it'll carry through the day.

The big question is: When will the term structure of interest rates change? That's the question to be worried about.

I worry about another leg down in the economies causing social disruption because deleveragings can be very painful - it depends on how they're managed.

Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity.

Constantly probe the people who report to you, and encourage them to probe you.

There is nothing to fear from truth....Being truthful is essential to being an independent thinker and obtaining greater understanding of what is right.

Demand is best measured in terms of spending. You know, I think in traditional economics, it's a mistake to measure it in terms of the quantity of goods.

Credit is a promise to deliver money. It will produce GDP but you'll create credit... So you reach a certain point that that you can't do that anymore... There are choices. And how do we best support, apportion the money? How much is going to be transferred?

Maintain 'baseball cards' and/or 'believability matrixes' for your people. Imagine if you had baseball cards that showed all the performance stats. You could see what they did well and poorly and call on the right people to play the right positions in a very transparent way.

Imagine if you had baseball cards that showed all the performance stats for your people: batting averages, home runs, errors, ERAs, win/loss records. You could see what they did well and poorly and call on the right people to play the right positions in a very transparent way.

I believe that one of the best ways of getting at truth is reflecting with others who have opposing views and who share your interest in finding the truth rather than being proven right

That's what I mean by radical truth. I mean accepting reality.

You have to put yourself in my shoes as a person who believes in radical truth and in being radically transparent, not in seeing things through somebody else's eyes.

Life is like a giant smorgasbord of more delicious alternatives than you can ever hope to taste. So you have to reject having some things you want in order to get other things you want more.

I was about twenty and the Beatles were meditating and I heard about it and they had a center in New York and I came to the center and I learned about it.

Some people seek to understand, and some people seek to portray what they want to portray.

There are two main drivers of asset class returns - inflation and growth.

Pull in your belt, spend less, and reduce debt.

What I'm trying to say is that for the average investor, what I would encourage them to do is to understand that there's inflation and growth. It can go higher and lower and to have four different portfolios essentially that make up your entire portfolio that gets you balanced.

I notice a difference from the moment I meditate.