Ray Dalio: commitment

Transcript context

…More than hippopotamuses have? Even more than hippopotamuses. What do I think about Cape buffalo? I think you’re probably referring to my having bow-hunted Cape buffalo. I love being in nature. I love the interactions with species. That experience, which requires focusing one’s attention, playing the edge correctly, and being in that environment is something that has been invigorating. I assume that’s why you’re asking that question. In terms of what is coming next, I’m 72 years old. I’m in an arc. There’s a life arc. I’m in the part of the life arc of transitioning out of my second phase of my life to my third phase of my life. I believe life takes place in three phases. The first phase is, you’re dependent on others. You’re learning. The second phase, you graduate from school, you graduate from whatever college or high school, and you go to work. And increasingly, you’re working and others are dependent on you, and you’re trying to be successful. Then as you go to your third phase in life, you no longer have any desire to be more successful yourself. You start to care about others, and you particularly care about others who will be beyond you — your children, your grandchildren, and the like, but also the society. And what you want to do is instinctively pass along those things that have been helpful, and that’s the phase of life that I’m in. While I’m still playing my game of the markets and the economy, I’m also doing these studies and doing these investments and all that. I like it, but the joy of transitioning my company to have others run it . . . It’s like having my family — adult children — I don’t want to be responsible for their lives. I’m there when they need me, and so on. I’m here to pass along things. I think that what’s next for me — there’s this book, which is passing along what I think are the most important things of our time. People can take or leave them, but I think they’re important. Others have thought — Henry Kissinger, Larry Summers — others said that this is a very important book, and anyway, people could judge for themselves. My next will be to complete my economic and investment principles because I do think differently about economics and investments than some people, which I believe is what has given me the edge, so I want to pass that along. I imagine then, in something like a year or two, I will do that, and then I will go quiet. Again, everyone, Ray’s new book is called Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail. Ray Dalio, thank you very much.…

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