"Making money is secondary; the most important thing is to do your best as much as possible."

Organized & Compiled by: Deep Tide TechFlow

Guest: Ray Dalio, Founder of Bridgewater Associates

Host: Jim Haskel, Head of Customer Service

Podcast Source: Bridgewater Associates

Original Title: Ray Dalio Reflects on Bridgewater’s 50-Year Anniversary

Broadcast Date: August 1, 2025

A few weeks after officially leaving Bridgewater Associates, Ray Dalio returned to the public eye during the 50th anniversary celebration in late July 2025, marking his graceful transition from captain to legacy-bearer through a reflective dialogue.

This legendary figure in the investment world looked back on a half-century journey from starting in a basement in 1975 to leading the world's largest hedge fund, emphasizing how the philosophy of "pain plus reflection equals progress" has shaped diversified investments and a unique culture.

Despite having sold his remaining shares and exited the board, Dalio shared early setbacks (such as the lessons from the 1982 debt crisis) and key turning points (like predicting the 2008 financial storm) in a mentor-like manner, reminding the younger generation to cherish meaningful relationships and humility amid uncertainty.

This dialogue serves not only as a vivid footnote in Bridgewater's history but also as Dalio's farewell message regarding the future of investing.

Deep Tide TechFlow has organized and compiled the entire dialogue, as follows.

Key Points Summary

In this episode of the podcast, Bridgewater co-founder Ray Dalio converses with customer service head Jim Haskel, reflecting on the company's past, present, and future. This conversation is part of Bridgewater's 50th anniversary celebration held at their new office in New York. Over the past half-century, while many things have changed, Bridgewater has consistently adhered to its core values: a group of people gathered together in pursuit of meaningful work and building deep relationships; a team focused on deeply understanding the world and translating that understanding into unique insights that create real value and impact for clients.

Highlights of Insights

• Pain plus reflection equals progress.

• Don’t wait for problems to arise before taking action.

• If uncertain, do not take large-scale actions.

• Making money is secondary; the most important thing is to do your best as much as possible.

• When discussing performance and investment decisions, one should not overlook these aspects that embody true meaning; meaningful relationships are particularly important, and these choices require us to make decisions thoughtfully.

• The concept of a five-step cycle: you make progress but encounter problems and mistakes; the key is to reflect and diagnose these issues, find the root causes, and make changes to reach new heights.

• Everyone has the opportunity to succeed as long as they can recognize their weaknesses and understand how reality works.

• If you worry, you don’t need to worry; if you don’t worry, you need to worry. Because if you worry, you will focus on what you are worried about and solve it.

• We need to test decision rules more systematically and validate their effectiveness through backtesting; we must be very clear about what the decision rules are and observe their performance over time.

• Bridgewater's core philosophy is that ideas come first, with meaningful work and relationships achieved through extreme transparency and extreme truthfulness.

• The key to success lies in finding excellent talent who can not only perform tasks exceptionally but also help you achieve leverage while excelling in certain areas more than you do.

• Transparency helps us stay aligned and drives us to give our all.

• "I learned humility from my own experiences and learned to fear making mistakes."

• "First, I learned humility and began to question my judgments, realizing the possibility of being wrong. Second, I recognized the power of diversified investments, which can significantly reduce risk without lowering returns by investing in 15 unrelated streams of income. Finally, I realized that building an environment centered around ideas is crucial."

Ray Dalio's Personal Career Development

Jim Haskel:

Looking back 50 years, we were also in New York City, just in a different location. You mentioned some important moments earlier; how do you feel looking back now? About where we are today and the efforts you put in for this?

Ray Dalio:

These 50 years have been a meaningful journey in life. When I started, I was pursuing meaningful work and meaningful relationships. I had no idea this journey would be so wonderful or that I would face so many challenges. Looking back over these 50 years, I feel that Bridgewater is like my big family. The process of passing the torch gives me the feeling of a father watching his children grow and thrive, which brings me immense satisfaction.

Jim Haskel:

You graduated from Harvard Business School 50 years ago. At that time, the oil market was very turbulent, and you chose to enter the commodity brokerage industry, which was a very unique decision at the time. You mentioned that this decision brought you many opportunities that might have been hard to come by when you were young. Can you talk about the sense of responsibility behind this decision?

Ray Dalio:

I started investing in the markets at a young age and later entered the commodity futures market because it had low margin requirements. I thought that if my judgment was correct, I could earn more with lower margins. When I graduated from Harvard Business School in 1973, I was hired by a brokerage firm as the director of commodities. From a certain perspective, this might not have been a wise choice, but they hired me anyway. However, as the stock market declined, the company nearly went bankrupt, while the commodity and futures markets were exceptionally hot. Eventually, I was fired in 1975.

Yes, at that time, I was in a two-bedroom apartment. My roommate who lived in the other room moved out, and I stayed there. I had a friend who played football, and he was sort of my assistant, helping me with some tasks. There was also a lady who assisted me in some ways. Later, I needed more space, so I moved to the basement of the brownstone building where I lived. That was literally a boiler room, with a boiler inside. We worked in the basement, and that was the starting point of Bridgewater.

1975-1985: The Founding and Early Exploration of Bridgewater

Jim Haskel:

I dare say that most people may not know that in the first 10 years after its founding, from 1975 to 1985, Bridgewater did not manage any client funds. What were we doing during that time?

Ray Dalio:

During that time, our main work was providing hedging advice to companies and helping them manage their risk exposures. That was when Bob joined the team. The global markets were turbulent, and many companies faced various risk exposures and needed professional guidance to navigate these challenges. Since I had previously been responsible for institutional hedging, these companies sought our services in this area. So, I traded with my own account while providing them with advice. At that time, we communicated with clients via telegram, and even the head of the World Bank received our advice. Eventually, the World Bank gave us our first $5 million account, which became the starting point for Bridgewater. Later, Bob joined in 1986, and we became a leading bond management company. (Bob Prince, Co-Chairman and Chief Investment Officer of Bridgewater Associates, and a member of the Bridgewater Board of Directors.)

Jim Haskel:

This was an important turning point, but I want to talk about the early stages first. The client service model you mentioned is very unique; you would put yourself in the clients' shoes to understand their needs, limitations, and opportunities, even thinking about how you would respond if you were them. This approach was not common in the asset management industry at the time, right?

Ray Dalio:

This approach is actually an extension of relationships between people. We have always thought about what I would do if I were the client. This way of thinking has had a profound impact on our work, and you are right.

In our relationships with clients, we focused on daily observations. For example, clients needed our advice almost every day and wanted to understand the latest market developments. At that time, I was in the basement, communicating with clients via telegram. I would dictate the telegram content, and my assistant would type it out and send it. Through this method, we established a close connection with clients, understood their needs, and also managed their investment accounts to some extent. This work was very fulfilling for me, and I still feel that way looking back. But obviously, this method could not be sustained long-term because I couldn't handle everything personally. Therefore, we proposed the concept of client advisors to help clients manage their assets better.

Jim Haskel:

Before Bridgewater transformed into an asset management company, let’s talk about a period you often mention. From 1979 to 1982, you gained some fame for predicting that Paul Volcker's interest rate hikes could lead to a recession. However, it turned out you were wrong. Can you talk about that period and what you learned from it?

Ray Dalio:

In 1979 and 1980, I calculated that the loans American banks were giving to the country exceeded what they could repay, along with interest rates, etc. I realized we would face a debt default. In August 1982, Mexico defaulted on its debt. Over the next decade, many other countries also defaulted. At that time, I thought we would experience a debt crisis, and I was completely wrong.

In August 1982, when Mexico defaulted, I was not wrong about the debt, but I was wrong about the market's reaction. I thought the market would decline, but it surged instead. As a result, I lost money for both myself and my clients. I had to lay off employees, and eventually, I was left alone. At that time, I was thinking, what should I do? Should I put on a tie, take the train to the city, or should I do something else? That was one of the most important learning experiences of my life. It taught me the principle of "pain plus reflection equals progress."

I learned several important lessons that changed the future. First, I learned humility and began to question my judgments, realizing the possibility of being wrong. Second, I recognized the power of diversified investments, which can significantly reduce risk without lowering returns by investing in 15 unrelated streams of income. Finally, I realized that building an environment centered around ideas is crucial. These lessons became the foundation of Bridgewater, and from that low point, we rebuilt the company's direction. Although we faced some setbacks afterward, Bridgewater's overall performance has remained very stable. These experiences deeply influenced our portfolio design and the company's development model.

Jim Haskel:

The cycle diagram you mentioned in your book is a reflection of this concept, right?

Ray Dalio:

That's right, I believe that evolution applies not only to businesses but also to personal growth. It is a five-step cycle: you make progress but encounter problems and mistakes; the key is to reflect and diagnose these issues, find the root causes, and make changes to reach new heights. This cycle is a continuously repeating process. For example, by 1994, we had developed a methodology for learning from mistakes. Even so, I began to appreciate mistakes because they are the best learning opportunities.

Jim Haskel:

While people have heard these stories, they may not truly realize how the concept of "15 unrelated streams of income" proposed from the 1982 experience has had a profound impact on clients. At the same time, the idea of "dumb shit" has also become an important foundation in Bridgewater's internal training to help employees maintain humility. Do you think these great understandings must be gained through experiencing setbacks?

Ray Dalio:

I do think so; while there are other factors, experiencing setbacks is indeed one of the keys. Everyone has the opportunity to succeed as long as they can recognize their weaknesses and understand how reality works. When you start to appreciate the diversity of different members in your team and can build a high-standard team to work together, you can create results like Bridgewater.

1985-1995: Transformation and Formation of Investment Philosophy

Jim Haskel:

Back to 1985. I want to ask you, did you already clearly know that you wanted to enter the investment management industry at that time? Or did you realize you were an investment manager only after the World Bank offered you funding?

Ray Dalio:

Actually, I have been interested in the investment market since I was 12 years old and performed well. I always knew I wanted to work in this field. When I collaborated with the World Bank, this idea became clearer, and later I took others' advice and began my journey in asset management.

Jim Haskel:

Bridgewater's first major breakthrough in managing funds occurred in 1987, the year of a severe stock market crash, and you successfully seized this opportunity. Can you share your experience during this event?

Ray Dalio:

I remember it very clearly. At that time, there was a clear bubble in the market, which also showed signs of fragility. I still remember the morning of the crash; there was a storm in London, and various signs indicated that the market would experience significant volatility. As a result, we decided to short the market, and it turned out to be the right choice. However, the market did not exhibit the expected volatility in the following year, which made me realize that we need to test decision rules more systematically and validate their effectiveness through backtesting. In other words, we need to be very clear about what the decision rules are and observe their performance over time. This was very helpful for us.

Jim Haskel:

The next important event was in 1990 and 1991 when you proposed the concept of "separating alpha from beta," which had a profound impact on investment strategies and Bridgewater's business strategy. Can you introduce the origin and significance of this idea?

Ray Dalio:

At that time in the investment world, managers typically invested based on the authorization range of stocks or bonds and tried to add value within those ranges. Traditional investment benchmarks were usually stocks, and people typically optimized stock performance by timing their investments.

However, alpha refers to returns that exceed the benchmark, and it can come from other areas, not just limited to the stock market. I realized that alpha could be obtained from different fields and could be "transplanted" to overlay these alphas onto the benchmark for more efficient portfolio design. This approach gave us a significant competitive advantage because we could integrate alpha from multiple fields to build a more diversified portfolio, thus achieving higher quality excess returns.

We would advise clients that if they allowed us to construct portfolios in this way, they could retain the S&P 500 index or other benchmarks while also enjoying additional alpha returns. Specifically, we would replicate or hold the benchmark chosen by the client and then overlay diversified alpha strategies on top of it through operations that separated alpha. This innovative approach largely benefited from my deep understanding of futures and derivatives, which made me realize that benchmarks and alpha could be completely separated. This separation design provided us with a tremendous competitive advantage.

Jim Haskel:

This means that we initially focused on pure alpha investments, and by 1991, we had built a comprehensive diversified alpha portfolio. However, we could choose parts of it based on client needs. For example, if a client wanted us to focus on currency overlay business, we could start with currency investments and gradually expand the application of alpha through our client service model.

Ray Dalio:

Yes, clients can choose their beta benchmark, and then we will design alpha strategies for them. Next, we will combine the two to build a more optimized portfolio. This method has brought us significant competitive advantages.

Jim Haskel:

Therefore, we could enter the currency overlay business, the global bond market, and even emerging market debt business. In fact, we could apply our alpha strategies in any field. I have yet to see any other company do this, and this differentiation makes us stand out.

Jim Haskel:

Speaking of team building, in 1986, Bob joined the company, which was before these businesses were launched. But Bob, Giselle Wagner, and Dan Bernstein joined Bridgewater one after another. How did you attract these talented individuals to join Bridgewater? After all, at that time, Bridgewater was not as influential as some well-known brands.

Ray Dalio:

Everyone has their own story. Bob was working at First Oklahoma Bank at the time, which was a very interesting experience. He wrote me a letter; I had a subscription newsletter that cost $290. Bob subscribed to this newsletter and later paid $18,000 for my consulting services. He was only 27 years old at the time but was already an outstanding talent.

We started discussing the market and gradually deepened our communication, and things developed from there. At that time, we were thinking: what is your life goal? You could choose to work at a mature bank like First Oklahoma Bank, or you could join us and pursue an entrepreneurial spirit together. We all loved the market, so he decided to join Bridgewater.

I want to explain why we were able to achieve such success. These are the core principles of Bridgewater: ideas come first, meaningful work and relationships achieved through extreme transparency and extreme truthfulness. This culture is like a knowledge-based "Navy SEAL team," where we hold each other to high standards, pursue excellence, and maintain a high level of rigor.

Through these asset management businesses, our advantages are very significant, while the risks are relatively low. In addition, our performance is uncorrelated with other managers, and we always think from the client's perspective. For example, today clients read our daily observation reports, and we can communicate with them in a high-quality manner. This successful model is determined by multiple factors, and I believe it will continue to drive Bridgewater's future development.

1995-2005: Rapid Growth and Internal Debates

Jim Haskel:

In 1996, Greg officially joined Bridgewater. But before that, in 1995, he was still an intern. At that time, Esquire magazine contacted you and said, "Ray, we would love to interview you in Wilton." You readily agreed. However, during the interview arrangements, you didn't have time to accept the interview due to other matters, so you decided to let intern Greg Jensen take your place. As a result, Esquire magazine featured our intern in their 1995 cover story. What was that experience like for you?

Ray Dalio:

Greg was an intern at the time, but he was very smart and could understand things well. I don't remember how many experienced people were in the company at that time. The interview was great, and he shared a lot of content.

Jim Haskel:

There's also a story that dates back to the 1980s. At that time, you would write the "Bridgewater Daily Observations" every day. But one time you needed to go on a business trip, so you contacted Bob and said, "Bob, I'm going on a business trip and can't write the daily observations." Bob had just joined Bridgewater, and you told him, "Then you can be responsible for writing the daily observations." Bob was very nervous and said, "I usually read the daily observations, not write them." But he ultimately decided to try writing the daily observations. Later, you evaluated the quality of his article, and the result was very good.

From then on, you told him, "Bob, from now on, you will be responsible for writing the daily observations." This task accompanied him for the next 30 years, right?

Ray Dalio:

The key to success lies in finding excellent talent who can not only perform tasks exceptionally but also help you achieve leverage while excelling in certain areas more than you do.

Jim Haskel:

After this period, a significant debate began internally at Bridgewater regarding the future development of the company. As I mentioned, Bridgewater experienced incredible growth and success in the 1990s, despite going through a painful drawdown from 1999 to 2001. But overall, this decade truly laid the foundation for Bridgewater. The debate centered on whether Bridgewater should maintain its current scale and continue as a boutique firm or go all out to develop Bridgewater into a large institutional company. So, who stood on which side?

Ray Dalio:

Our former CFO stood on the boutique firm side, while I supported going all out.

The debate mainly revolved around culture and quality. The key question was: Can we maintain quality when we expand from the current level to a higher level? I believe quality is crucial. When we examine all the demands, such as back-office demands, legal demands, compliance demands, and financial demands, we find that these demands can be better met with larger resources. Therefore, we chose to go all out. I think this is also a challenge: how to achieve this goal.

This is also closely related to culture. I connect it with "extreme transparency." First, we start with investment principles that can be backtested. Then, we record the decision criteria every time we make a decision and make those criteria visible to everyone. We show everything, including our mistakes. This transparency helps us stay aligned and drives us to give our all. A shared sense of mission is an extremely important force; either you have it or you don't. Ultimately, this approach was very successful.

Jim Haskel:

During Bridgewater's transformation from a boutique firm to an institutional company, what aspects did you find more challenging than expected?

Ray Dalio:

The most difficult part was the technical aspect. We faced many challenges. Initially, my view on technology was to build systems quickly, believing they could adapt to changing demands. However, this approach led to technical chaos because we lacked proper documentation support. As personnel and technology changed, we realized we were caught in a technical dilemma. This was our biggest challenge. Other aspects went relatively smoothly, such as solving problems by bringing in talented individuals. This was also the process of forming the client advisory team. You might remember that when I or others couldn't participate in person, we would conduct simulations. I would play the role of the client, and you would play the role of the client advisor, and I would rigorously question you.

Jim Haskel:

At that time, I was a strategist, and you were "testing" my abilities. We also had a strategy team, and client advisors underwent similar training.

Ray Dalio:

The role of the strategist is to replicate my role or that of Bob, Greg, etc. In this way, we achieved growth adjustments. In other words, I couldn't handle everything personally, but through talented individuals, we achieved leverage and found ways to solve problems.

2005-2015: Coping with the Global Financial Crisis and Consolidating Position

Jim Haskel:

Let's fast forward to another important moment, which was a significant turning point for Bridgewater. Around 2006, warning signs began to appear in the mortgage market, indicating that the market was overheating, with an increasing number of speculative homes emerging. These signs were reflected in the daily observation reports. If you look back at those reports, you'll find that the research began to point out the dangers and bubbles in the market.

Ray Dalio:

If we hadn't studied the "Great Depression," we wouldn't understand the nature of these risks. For example, they could alleviate risks by lowering interest rates and injecting funds. But what happens when interest rates drop to zero? When a debt crisis occurs, the last time this happened was in 1933. If we hadn't studied the situation in March 1933 when interest rates dropped to zero, we wouldn't understand this dynamic. The measures taken at that time were quantitative easing. Without understanding this mechanism, we couldn't predict the cyclical downturn in 2008. By 2009, we were almost neutral.

Jim Haskel:

I want to continue exploring this issue. By the way, if you look back at the daily observation reports from 2001, you'll find that there was a viewpoint at that time called "pulling on a string." Do you think there might be an environment where we might not be able to escape?

(Deep Tide TechFlow Note: "Pulling on a string" in the market typically refers to a strategy or behavior that implies influencing or driving larger changes through small, incremental efforts. This strategy can be used in investment, marketing, or other business activities, emphasizing guiding market trends or consumer behavior through subtle adjustments or actions.)

Ray Dalio:

2008 was the crash, but in 2009, I really didn't know what would happen.

Jim Haskel:

You were emphasizing internally at that time that the higher the debt, the greater the sensitivity to interest rates. Therefore, further rate cuts were necessary, but the space was limited. That's the problem, right? So let's go back to 2007. I remember there were many people coming to us during that time.

Ray Dalio:

Banks and brokers were in serious trouble. Yes, we experienced these events, and then our predictions were correct. Then we helped others, such as the head of Standard & Poor's. He needed to give ratings, and we reviewed his ratings and pointed out issues, such as his ratings not aligning with market marks, etc. So many people began to seek our help. I think this might be what you were referring to.

Jim Haskel:

Let's go back to late 2007 and early 2008. Looking back, how confident were you that we had grasped the state of the market and understood the severity of the issues? Even if others were just beginning to realize or had not yet understood, how confident were you in your judgment?

Ray Dalio:

I learned humility from my own experiences and also learned to fear making mistakes. At that time, the situation indeed seemed to align with our predictions, and similar situations had occurred before, so it all seemed reasonable. But the key is how much confidence and resources you would invest in this. So when you ask me about my level of confidence, my habit is to first create a prediction template to judge how things might develop, and then track the actual situation based on that template. The situation at that time did align with this template, but you still needed to observe how the market would react. I would say I was about 70% confident.

Jim Haskel:

When things started to unfold according to your predictions, were you worried that even if your predictions were correct, the entire financial system might collapse, and Bridgewater might not be able to continue operating in the event of a system collapse? How concerned were you about this?

Ray Dalio:

I was indeed worried about the terrifying nature of such extreme situations. But I mainly felt that I was providing real value to clients because they were losing money elsewhere while we were making money for them. It was like being in a battle; you focus on the fight itself and then think about the future after the battle is over.

Ray Dalio:

I remember a meeting where everyone wanted to celebrate our success, saying we did great. I remember saying: stop, or you will become complacent and worry about missing something important. I have a principle: If you are worried, you don't need to worry; if you are not worried, you need to worry. Because if you are worried, you will focus on what you are worried about and solve it. This way, you can be safe.

Jim Haskel:

Next is 2013, because in 2013, Europe seemed to be facing the risk of collapse.

Ray Dalio:

Actually, it all started in 2010. My views on Europe in 2009 and 2010 were the same as when I went to Washington in 2007. I went to Washington in 2007, and I remember an article in the Financial Times describing me bringing a pile of documents to explain the situation. But they threw the documents in the trash, and it was the same before the European crisis broke out in 2009 and 2010. I was fortunate because at that time, Mario Draghi was willing to sit down with us for some discussions, but they still didn't believe. They believed the market would self-adjust and correct, thinking the market was right, etc. They didn't understand a very important principle, which is that supply and demand issues cannot be ignored; don't wait until problems occur to take action. So it all actually started in 2009 and 2010, and then we gradually dealt with these issues. I was fortunate to help them think about how to respond, such as how to monetize in Europe, while also facing restrictions from the German Constitutional Court, etc.

Jim Haskel:

**These countries, especially Spain, Italy, and Greece, had almost no fiscal *freedom* because all power was centralized. That's what you mentioned. So how did you advise them to cope with this situation?**

Ray Dalio:

Because the German Constitutional Court hindered this, if adjustments could be made proportionally in all aspects, then you could implement quantitative easing and other measures. This was the action they later took. I want to emphasize that many people at Bridgewater were involved in these discussions. It was a great team that explored these issues together.

2015-2025: Challenges and Legacy

Jim Haskel:

By the mid-2010s, you had become a very well-known figure, and Bridgewater had also become a very well-known company.

Ray Dalio:

That's the problem. I remember there was a year when we wanted to keep a low profile. But when we became the largest hedge fund, people began to think it was a strange place, even a "cult." Stories about "cults" began to circulate. So I found myself in a dilemma: how should I handle this issue? I decided to publish the book "Principles." In fact, it was initially not a book but a manual. I published it online, and it resulted in 3 million downloads. Then people began to talk about Bridgewater's culture and this unique way of operating. Then, as we became the largest hedge fund, this situation became more public. We had to face the question of what "going public" meant because it had become unavoidable.

Jim Haskel:

So let's fast forward to the end of 2019. The COVID-19 pandemic began to spread in China and gradually expanded. The only similar situation we had experienced before might be the 1918 flu pandemic, but we didn't have many samples regarding pandemics and didn't manage it well. Looking back, how did you and your team handle these issues? What reflections do you have on this?

Ray Dalio:

My approach has always been: Has there been a similar event in history? How did it work? But this time there weren't enough samples, so the arrival of the pandemic was a surprise for us. So we decided to take some protective measures, such as choosing options to protect our investments, because others might suggest going long, but we realized this situation was very special. We responded to the pandemic in this way. My principle is: If uncertain, don't take large-scale actions. So we reduced positions or protected positions through options.

But I also want to mention some other things, the culture is crucial in the development of Bridgewater. In this process, some decisions are very important. I want to emphasize, for example, events like team members getting sick or family members passing away, or attending weddings and funerals. We, as a team, participate in these activities together. I remember there were many such moments in our team, like attending funerals together, celebrating weddings, or welcoming newborns. These things are very important.

I want to convey this: In the pursuit of meaningful work and building meaningful relationships, these actions are indispensable. I believe you are still practicing these values now. I just want to emphasize that when discussing performance and investment decisions, we should not overlook these aspects that embody true meaning, especially in difficult times when meaningful relationships become particularly important, and these choices require us to make thoughtful decisions.

There are some principles that need to be clearly documented, such as how we should respond when someone or their spouse has cancer and needs personal space. Documenting these principles can help us think deeply, which is also very important.

Another important thing is China. I went to China in 1984 purely out of curiosity and interest; it wasn't just a money-making business, making money is secondary, and the most important thing is to do the best we can.

Out of curiosity, I went to China and helped them build markets and develop relationships. These dimensions can continue to be passed down now. This situation also happened in other countries, like Indonesia, where they had a new sovereign wealth fund that needed help. We need to think about how to build these relationships. So before continuing with your question, I want to emphasize this.

Looking Ahead: Bridgewater's Intergenerational Legacy and Continuation of Principles

Jim Haskel:

Final question. Now we celebrate the 50th anniversary of Bridgewater, and the next 50 years will be driven forward by the people present and the team on the screen. I want to ask, what key principles do you think we need to internalize to increase the likelihood of short-term and long-term success and help Bridgewater continue to move forward?

Ray Dalio:

All the principles are in my book, "Principles: Life and Work," which details these contents. These principles are very rich, but I also want to emphasize that you need to practice them in your own way. In other words, it's like intergenerational inheritance. I look at this issue from the perspective of parents; now you are the next generation, and I hope you can achieve your goals in your own way. Just as your parents want you to succeed, they hope you can succeed independently while also maintaining a good relationship with them. This is also my wish. You need to learn through practice and experience, such as facing setbacks and reflecting on these principles. How to create an ideal environment that prioritizes capability is the best principle I can impart. As for how to execute it, that completely depends on you.

Very few companies can exist for 50 years, let alone maintain industry leadership. This proves that our principles and methods are indeed effective.

Jim Haskel:

I want to tell you once again that I don't know if I will have another opportunity to talk with you like this; it is very special for me. I hope you can enjoy everything you have contributed and continue to stay connected with us through daily observation reports, podcasts, and other means. We all hold you in great esteem; you will always be the founder and guiding light of Bridgewater. Ray, congratulations on all your achievements.

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