Principles的读书笔记 “so I learned not to believe government policymakers when they assure you that they won’t let a currency devaluation happen. The more strongly they make those assurances, the more desperate the situation probably is, so the more likely it is that a devaluation will take place.” 专家/权威/上层，越是信誓旦旦的保证事情越不可控。 “The lesson? When everybody thinks the same ...
When I was faced with types of situations I had encountered before,I drew on the principles I had learned for dealing with them.But when I ran into ones I hadn't seen before,I would be painfully surprised.Studying all those painful first-time encounters,I learned that even if they hadn't happened to me,most of them had happened to other people in other times and places,which gave me a healthy r...
I didn't value experience as much as character,creativity,and common sense,which I suppose was related to my having started Bridgewater two years out of school myself,and my belief that having an ability to figure things out is more important than having specific knowledge of how to do something. 解析问题、进而解决问题的能力比纯粹的精通业务更重要。
After about a year of this,I could see that running both Bridgewater and Bridgewater China Partners wasn't going to be possible,so I closed its doors.Nobody made or lost any money,because I hadn't been comfortable enough with what I was seeing to make any investments.I'm sure that if I had devoted all my time to it,we would have had great success,but then Bridgewater would not be what it is tod...
But I needed to have both low risk and high returns,and by setting out on a mission to discover how I could,I learned to go slowly when faced with the choice between two things that you need that are seemingly at odds.That way you can figure out how to have as much of both as possible.There is almost always a good path that you just haven't discovered yet,so look for it until you find it rather...
I saw the only way I could succeed would be to: 1.Seek out the smartest people who disagreed with me so I could try to understand their reasoning. 2.Know when not to have an opinion. 3.Develop,test,and systemize timeless and universal principles. 4.Balance risks in ways that keep the big upside while reducing the downside. What I care is to be right, whether the right answer comes from me or fr...
I saw that to do exceptionally well you have to push your limits and that,if you push your limits,you will crash and it will hurt a lot.You will think you have failed-but that won't be true unless you give up.Believe it or not,your pain will fade and you will have many other opportunities ahead of you,though you might not see them at the time.The most important thing you can do is to gather the...
It is a great paradox that individually we are simultaneously everything and nothing. Through our own eyes, we are everything---e.g., when we die, the whole world disappears. So to most people (and to other species) dying is the worst thing possible, and it is of paramount importance that we have the best life possible. However, when we look down on ourselves through the eyes of nature we are o...
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