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What did Ray Dalio do to make better decisions?

In 1982 Ray Dalio, founder of Bridgewater Associates, made a decision that changed the course of his life.  Dalio, confident that the banking crisis at that time was an indication of a larger, global economic recession, traded accordingly.  As it turned out, he was wrong.

Although a painful experience that lost him a considerable amount of his and his client’s money, Dalio sees it as one of the best things that could have happened to him. It “gave me humility” and allowed him to re-evaluate how he made decisions.

In an interview with our founder Theo Kocken, Dalio describes how his decision-making processes have changed and what kind of culture this philosophy has created at Bridgewater Associates.