Episode
Ray Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
1:30:39
Published: Mon Dec 02 2019
Description
Ray Dalio is the founder, Co-Chairman and Co-Chief Investment Officer of Bridgewater Associates, one of the world's largest and most successful investment firms that is famous for the principles of radical truth and transparency that underlie its culture. Ray is one of the wealthiest people in the world, with ideas that extend far beyond the specifics of how he made that wealth. His ideas, applicable to everyone, are brilliantly summarized in his book Principles. This conversation is part of the Artificial Intelligence podcast. If you would like to get more information about this podcast go to https://lexfridman.com/ai or connect with @lexfridman on Twitter, LinkedIn, Facebook, Medium, or YouTube where you can watch the video versions of these conversations. If you enjoy the podcast, please rate it 5 stars on Apple Podcasts or support it on Patreon. This episode is presented by Cash App. Download it (App Store, Google Play), use code "LexPodcast". Here's the outline of the episode. On some podcast players you should be able to click the timestamp to jump to that time. 00:00 - Introduction 02:56 - Doing something that's never been done before 08:39 - Shapers 13:28 - A Players 15:09 - Confidence and disagreement 17:10 - Don't confuse dilusion with not knowing 24:38 - Idea meritocracy 27:39 - Is credit good for society? 32:59 - What is money? 37:13 - Bitcoin and digital currency 41:01 - The economic machine is amazing 46:24 - Principle for using AI 58:55 - Human irrationality 1:01:31 - Call for adventure at the edge of principles 1:03:26 - The line between madness and genius 1:04:30 - Automation 1:07:28 - American dream 1:14:02 - Can money buy happiness? 1:19:48 - Work-life balance and the arc of life 1:28:01 - Meaning of life
Chapters
The founder of Bridgewater Associates, one of the world's largest investment firms known for their culture of radical truth and transparency, discusses how they operate.
00:00 - 02:35 (02:35)
Summary
The founder of Bridgewater Associates, one of the world's largest investment firms known for their culture of radical truth and transparency, discusses how they operate. The text contains an ad for Cash App, a money-sending app that can also be used to buy and sell Bitcoin.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
The speaker emphasizes the essence of using truth as a foundation, doing independent thinking, experimenting, and going into the world of not knowing to learn and discover what's possible.
02:35 - 10:38 (08:03)
Summary
The speaker emphasizes the essence of using truth as a foundation, doing independent thinking, experimenting, and going into the world of not knowing to learn and discover what's possible. By doing so, one can become a shaper who creates unique visualizations and changes the world.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
Successful individuals understand that their success is not just based on what they know, but also their ability to effectively learn from others and tap into the skills of people who see things differently from them.
10:38 - 20:16 (09:37)
Summary
Successful individuals understand that their success is not just based on what they know, but also their ability to effectively learn from others and tap into the skills of people who see things differently from them. They stress test their ideas with others, assess the feedback, know what they're not good at, and are willing to get help from experts in those areas.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
Ray Dalio, founder of Bridgewater Associates, shares his strategy for hiring the smartest and most independent thinkers to work towards audacious goals, emphasizing the importance of openness to new ideas and one's willingness to take risks.
20:16 - 26:46 (06:29)
Summary
Ray Dalio, founder of Bridgewater Associates, shares his strategy for hiring the smartest and most independent thinkers to work towards audacious goals, emphasizing the importance of openness to new ideas and one's willingness to take risks.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
The concept of credit is explained in simple terms, illustrating how it fuels the productivity and growth of the economy.
26:46 - 32:33 (05:47)
Summary
The concept of credit is explained in simple terms, illustrating how it fuels the productivity and growth of the economy. The video offers valuable insight into money, credit, and the economy as a machine.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
The history of currency has shown that all currencies have either ended as a currency or devalued over a long period of time.
32:33 - 40:13 (07:39)
Summary
The history of currency has shown that all currencies have either ended as a currency or devalued over a long period of time. While Bitcoin may emerge as a store of value and medium of exchange in the future, it may be a very long time before it reaches a position relative to gold.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
The speaker shares their perspective on the importance of studying history in order to gain timeless and universal principles for dealing with economic crises, and explains how complex financial systems don't worry them because of their understanding of the mechanics behind them.
40:13 - 46:35 (06:22)
Summary
The speaker shares their perspective on the importance of studying history in order to gain timeless and universal principles for dealing with economic crises, and explains how complex financial systems don't worry them because of their understanding of the mechanics behind them.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
By encoding our expertise into principles, we can write programs that facilitate decision making alongside our own thought processes.
46:35 - 53:56 (07:21)
Summary
By encoding our expertise into principles, we can write programs that facilitate decision making alongside our own thought processes. This allows us to differentiate between thinking that can be done by a computer and that which is better suited for the human mind.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
Ray Dalio explains how articulating your principles can help you make better decisions and how technology is moving towards systems of intelligence.
53:56 - 59:49 (05:52)
Summary
Ray Dalio explains how articulating your principles can help you make better decisions and how technology is moving towards systems of intelligence.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
Aligning subliminal desires with rational intellect is key to achieving desired outcomes, according to the speaker.
59:49 - 1:03:26 (03:36)
Summary
Aligning subliminal desires with rational intellect is key to achieving desired outcomes, according to the speaker.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
Universal basic income can reduce income inequality and ensure that everyone has some financial cushion to fall back on, giving families more opportunities to make the right choices for their children.
1:03:26 - 1:16:30 (13:03)
Summary
Universal basic income can reduce income inequality and ensure that everyone has some financial cushion to fall back on, giving families more opportunities to make the right choices for their children. It can also reduce problems such as the income gap, disparity in education, and disenfranchisement among others.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
The speaker explores the role of work in an individual's journey towards achieving self-actualization and finding purpose in life regardless of age.
1:16:30 - 1:21:42 (05:12)
Summary
The speaker explores the role of work in an individual's journey towards achieving self-actualization and finding purpose in life regardless of age. The discussion includes the modern idea of work-life balance and the potential for personal growth through adventure, business ventures, and philanthropy.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
The key to achieving work-life balance is learning how to maximize productivity and get more out of each hour.
1:21:42 - 1:29:24 (07:41)
Summary
The key to achieving work-life balance is learning how to maximize productivity and get more out of each hour. This enables you to achieve success both in your career and personal life, reducing the challenge of work-life balance.
EpisodeRay Dalio: Principles, the Economic Machine, Artificial Intelligence & the Arc of Life
PodcastLex Fridman Podcast
Lex Fridman speaks with Ray Dalio about the value of reading and the transformative ideas it can bring about.
1:29:24 - 1:30:23 (00:59)
Summary
Lex Fridman speaks with Ray Dalio about the value of reading and the transformative ideas it can bring about.