Lessons Learned from Failures - Difficulties and failures are great teachers, leading to progress through reflection [1] - Pain plus reflection equals progress [1] - The individual reflected on a painful experience to determine how to achieve upside without downside [4] Debt Crisis and Financial Loss - In 1980 and 1981, the individual calculated that American banks had lent more money to foreign countries than they could repay, predicting a debt crisis [2] - In August 1982, Mexico defaulted on its debts, gaining the individual attention [3] - The individual incorrectly predicted a big debt crisis and stock market decline, resulting in financial losses for themselves and clients [3] - The individual had to borrow $4,000 thousand from their dad to pay family bills due to being broke and humiliated [4] Business Strategy and Reflection - The individual paused and reflected on the experience to determine how to have the upside without the downside [4] - The individual faced a choice regarding their business and started thinking about how to solve the puzzle [4]
My Biggest Failure Became My Strength
Principles by Ray Dalioยท2025-08-20 15:42