Hedge fund billionaire Ray Dalio to younger self: 'Why are you so stupidly arrogant!?!' (via CNBCMakeIt)
Today, at 69 years old, Ray Dalio is widely admired and famous for being the founder of the largest hedge fund in the world, Bridgewater Associates, which manages $160 billion. But things could have turned out very differently because of a mistake Dalio made when he was a young entrepreneur.
"The big message I would want to have given myself is 'Why are you so stupidly arrogant!?!'" Dalio wrote on Reddit.Dalio says he was convinced the global economy was going to go into a depression and was too arrogant and overconfident to do the appropriate historical research, so he traded his stocks accordingly.
Dalio lost so much money he had to let go of his employees and borrow $4,000 from his father just to get by. So with hindsight and some hard-won wisdom, Dalio would have told his younger self,"you can be worlds smarter and raise your chances of making better decisions if you could simply be humble and worried enough about being wrong to have the smartest people who are willing to disagree with you and challenge you so that you could examine their reasoning," Dalio wrote on Reddit.
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