Ray, when you were building everything, what motivated you. Was it knowledge or money. >> It was really the game.I love the fact that I could be tested in the real world because I'm having these interactions. And I love the fact that I'm scored every day. I could score how I'm doing to three decimal places, you. ...

Here's one other things that's different about 1929 and now and even 20 2008 and now the deficit is enormous. I mean we had a budget surplus in 1929. Budget surplus the whole dynamic was completely different back then.So we could handle you would think that we could handle some of these shocks. Today you would think it would be so much more dangerous. Well >> maybe it's not.I don't know. What what what we have here uh now is the private sector had a lot of the debt and now the government sector has a lot of ...

Principles for Success, an ultra minisseries adventure [music] in 30 minutes and in eight episodes. Episode 1, the call to adventure. Before we begin, let me just establish the fact that I don't know much relative to what I need to know.Whatever success I've had [music] in life has more to do with my knowing how to deal with my not knowing than anything I know. that I should be telling other people what to do sounds [music] kind of presumptuous to me, but I'm going to do it because I believe that [music] th ...

It sounds like you believe that the success of Bridgewwater or at least Bridgewwater's greatest edge was you recruited a great team. >> Yeah. People, culture, and then one other thing.E every decision that I made, I always thought what were the criteria for making that decision and I wrote them down as principles. I've written literally like thousands of principles and then I had them put into computer code and then I tested them back to see how they would have worked in the past. So I'm have I'm executing ...

difficulties and failures are great teachers. One principle that I've really learned is pain plus reflection equals progress. I've learned that there are lessons and and difficulties and failures are great teachers.>> What painful experiences have you been through that have led to your progress in life. I'd like to tell you about one that really stuck in my mind and changed me in a really beneficial way, but it was painful. 1980 and 81, long time ago, um I had calculated that American banks had lent to fore ...

I have a, you know, principle. If you worry, you don't have to worry. And if you don't worry, you need to worry because if you worry, you will take care of the thing you're worrying about and you'll be okay.Yeah. ...

Historical Context & Monetary Policy Shift - In 1971, the US defaulted on its debts due to insufficient gold reserves to back its paper currency [1][2][3] - President Nixon suspended the convertibility of the dollar into gold to defend the dollar against speculators [5] - Breaking the link to gold allowed the US to print more money, leading to a devaluation of the dollar [9] - A similar event occurred in 1933 under President Roosevelt, who also broke the link between paper dollars and gold [7][8] Market Reaction & Economic Impact - Contrary to expectations, the stock market rose nearly 25% after the dollar devaluation in 1971 [6] - The strength of a nation's currency is based on the strength of that nation's economy [4]

What's the best principle for dealing with pain. >> First of all, um to calm yourself down and to get centered. Meditation has had a big beneficial effect on my life, but the ability to, you know, in a sense calm yourself down when the time is right to reflect on what's happened both to understand how reality works.You know, you want to be a hyper realist. I understand how reality works. Therefore, I need to do this under this set of circumstances which means developing principles.And so what I did whenever ...

Happiness by and large is how things transpire relative to our expectations. >> That's correct. >> Not the absolute level of our conditions.Somebody who doesn't have much money and they get $10,000, they're elated. Somebody's got billions and they lose a hundred million or something and they're still very rich. They're depressed.So happiness is I think how that developed relative to our expectations. >> A reason. >> It creates a dilemma.Because we can become very attached to our expectations and as distinct ...

Economic Cycles & Debt - Excessive debt coupled with economic downturns can lead to financial bubbles bursting, forcing countries to choose between defaulting or printing money [1] - Historically, financial crises have been triggered by financial excesses and the costs of wars, as seen with the Dutch, British, and the US [2] - Governments often resort to printing money to manage debt, which devalues the currency and raises inflation [1] Internal Conflict & Political Extremism - Economic hardship, declining living standards, and wealth inequality exacerbate internal conflicts among different groups [3] - Political extremism arises as populism of the left seeks wealth redistribution, while populism of the right aims to preserve wealth [3] - Rising taxes on the wealthy during turbulent times can lead to capital flight, reducing tax revenue and hollowing out the economy [4] Societal Instability & Leadership - Capital flight and turbulent conditions undermine productivity, shrinking the economic pie and intensifying conflicts [5] - Populist leaders emerge, promising order and control, challenging democracy and potentially leading to strong, authoritarian leadership [5]