Ray Dalio: Principles, the Economic Machine, AI & the Arc of Life | Lex Fridman Podcast #54

[@lexfridman]

I really enjoyed this conversation with Ray. Here's the outline: 0:00 - Introduction 2:56 - Doing something that's never been done before 8:39 - Shapers 13:28 - A Players 15:09 - Confidence and disagreement 17:10 - Don't confuse dilusion with not knowing 24:38 - Idea meritocracy 27:39 - Is credit good for society? 32:59 - What is money? 37:13 - Bitcoin and digital currency 41:01 - The economic machine is amazing 46:24 - Principle for using AI 58:55 - Human irrationality 1:01:31 - Call for adventure at the edge of principles 1:03:26 - The line between madness and genius 1:04:30 - Automation 1:07:28 - American dream 1:14:02 - Can money buy happiness? 1:19:48 - Work-life balance and the arc of life 1:28:01 - Meaning of life

[@davidsobell]

Time to quit your day job and go full time on the podcast yet? I mean Elon twice, Ray Dalio... Who next? Bill Gates? AI Jesus?

[@davebrookfield629]

Lex from listening to your chat with Ray about Automation & the American Dream, do you have any plans to interview Andrew Yang?

[@minhquando100]

You should bring Peter Theil onto the show in the future. You ask great questions, he's a one of a kind contrarian.

[@RobertMHelbig]

@@davebrookfield629 Yes, this would be an amazing interview!

[@VRreando]

Ray Dalio talking nonsense 37:37 ... Biccamera is the third largest electronics and home appliance retailer in Japan , they also sell clothes and food www.biccamera.com/bc/c/info/payment/bitcoin.jsp Bitcoin Is World’s Best Performing Asset Class Over Past 10 Years , even this year finance.yahoo.com/news/bitcoin-2019-best-performing-asset-103057442.html

[@richitsengupta9363]

Amazing podcast. Pls invite Peter Thiel .

[@Patrickmwai87]

YES

[@ausroy087]

​@Dick Fageroni unnecessary

[@avinashdwivedi2015]

Marc Andersson too

[@CedricYarishVideo]

Yes please

[@mozkhan111]

Yes!

[@mescellaneous]

this became the smart people podcast. now everyone wants to be on it..

[@codeadict]

Would love to see an interview with neuroendocrinologist Robert Sapolsky.

[@erfanebrahimi9748]

That would be awesome.

[@88HaZZarD88]

Yes !

[@PhilippeLarcher]

Yeaah

[@edt8597]

Please Lex get that most modest of modern intellects Haven't heard *from that reclusive giant for some time Every body learns some counterintuitive stuff wherever they man speaks, including interviewers

[@monikafl2267]

or Daniel Kahneman (but he is around 80s I'm not sure if he still give a talks)

[@CromwellCutaran]

The caliber of recent guests (let alone all of 2019) has left me starstruck... Lex, thank you for crafting a format that allows these great thinkers to maintain their desired level of candor yet ponder/answer each question in its entirety. I feel this is exemplary of how they naturally think through topics (both technical and poetic 🙂) related to their intellectual pursuits.

[@malcolmxbegovic3995]

Hi . I am a teacher in Turkey and I want to learn english. But in turkey no more people to practice in english. İf you help me about this I will be appreciate always.

[@fitonation]

"What's common, produces only common results" - Ray Dalio Insightful conversation. Thank you Ray Dalio and Lex Fredman

[@SciBlink]

❝You form your dreams first, and you can't judge whether you're going to achieve those dreams, because you haven't learned the things that you're going to learn on the way toward those dreams.❞ Amazing interview and guest as always, Lex.

[@malcolmxbegovic3995]

Hi . I am a teacher in Turkey and I want to learn english. But in turkey no more people to practice in english. İf you help me about this I will be appreciate always.

[@juanlaino9893]

I have attempted to meditate many times in my life and prior to this CD the only success I've experienced is with live guided meditation. kzbin.infoUgkxzpa8CIfZcihW4Z0F_ja0QF3W9KIatrsq This is the first CD I've used that cuts through my unmedicated ADHD and enables me to truly relax and experience a quiet and energizing interval. The instructors voice is very soothing and pleasant to listen to. I am easily able to sit successfully through the entire CD, and for quite some time after. I cannot adequately express how tremendously helpful this CD has been on my spiritual journey!! Two thumbs up and 10 stars!

[@gbking911]

Gradually becoming one of my favorite podcasts.

[@thecanopenerpodcast8575]

@Tom Tizya the portal boi

[@ArchetypeFTW]

@@thecanopenerpodcast8575 True Eric Weinstien is a beast. Do you know any other podcasts like these two?

[@mozkhan111]

So true

[@seanfitzgerald4207]

"you have to appreciate all the different ways of being A-players" YES! so true!

[@fedsummer90]

oh my gosh!! This podcast is super awesome!! I'm proud of myself and everybody here following since the first episode!

[@harrypidd4755]

This interview was fantastic. I've seen a few interviews with Ray Dalio and Lex has asked the best questions to elicit valuable insights from Ray. Lex also gave Ray ample time to express his thoughts to completion. Well done.

[@malcolmxbegovic3995]

Hi . I am a teacher in Turkey and I want to learn english. But in turkey no more people to practice in english. İf you help me about this I will be appreciate always.

[@temprd]

This podcast consistently blows my mind in terms of guest selection.

[@lequochoan9315]

The caliber of recent guests (let alone all of 2019) has left me starstruck... Lex, thank you for crafting a format that allows these great thinkers to maintain their desired level of candor yet ponder/answer each question in its entirety. I feel this is exemplary of how they naturally think through topics (both technical and poetic 🙂) related to their intellectual pursuits.

[@cmw3737]

Another video worth watching multiple times. So much wisdom that Dalio is sharing here.

[@FranzVonGaart]

My first time watching you Lex. This was a great interview. You're very humble. You come across well; and you got probably one of the best interviews out of Ray Dalio. You should be very proud of yourself. Keep it up!

[@malcolmxbegovic3995]

Hi . I am a teacher in Turkey and I want to learn english. But in turkey no more people to practice in english. İf you help me about this I will be appreciate always.

[@GeoffreyProfessional]

Just a beautiful conversation with so much to take away. The best one is taking the time to write down your decision criteria in words when you're about to make a decision or when you're just past making a decision which will then become a principle. Loved it. Thanks, Lex!

[@Riggsnic_co]

Great video, I've been interested in investing ever since I came across articles of people making up to $150,000 and more in this period, thanks for the video but is it really possible for a retail investor to achieve this in months?

[@lipglosskitten2610]

I've purchased numerous stocks in individual firms. Because there are so many stocks that will skyrocket in the long run, it is currently safe to buy in on ETF and ride it out. Due to fud, I sold out early, but then retraced my ways and re-invested $350,000 with a financial advisor who manages my account. I received an 82% return last year and will see where it goes this year.

[@Oly_laura]

that's quite impressive, you surely made a good bit of money. I myself invested in warren's BRK-A stock quite pricey but totally worth it.

[@hermanramos7092]

@@Oly_laura 'Catherine Morrison Evans’is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.

[@Oly_laura]

@@hermanramos7092 thanks for sharing this, I am in conversations with your advisor, and she really has substance, having interviewed her properly and reviewed her model, I am hoping she takes me on quite seriously too

[@anirvachanballal4244]

It would be great if you got Peter Thiel on your podcast.

[@nazardplus8596]

I was just thinking about that, and your comment miraculously showed up!!!!

[@GordoNLuv]

Jeeesus man you're killing it lately! Great guests and great job overall on the pod!

[@aishajackson50]

First time watching/listening to this show. Great questions and Ray doesn't let any detail go unchallenged when necessary. Love this interaction.

[@swissmessage]

Lex. One of the best Dalio interviews I have ever seen! Great Job. Thx Stefan

[@markminshull2918]

Fantastic interview Lex. I am a massive fan of Ray Dalio since reading Principles and applying some of his profound wisdom. Thank you for your dedicated efforts to make all these amazing podcasts available to the world. You have great skills as an interviewer and I encourage you to keep on striving. I have learned so much from your podcasts and I look forward to each new guest with great anticipation. You are improving the future of the world. Big respect! Mark.

[@tahasalim9158]

I cannot like this video enough, thank you Lex for doing this. Even though the start was a bit rough and perhaps I'd prefer you take the time to dwelve deeper into his thoughts on the specifics more than what money is, I understand the time aspect can be challenging. Its great seeing you evolve in your podcast experience! You're gaining confidence and it shows the more videos you put up!

[@Techcypherpunk]

Recently found out about your podcast, and I must say, this is absolutely amazing. Honestly just WOW! I have never seen the quality of guest and information from different backgrounds on any other podcast. I have only watched a few episodes, but I’m truly amazed by your work. Keep up the good work.

[@bobbymainz1160]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[@oneiljerry9460]

My main concern is now how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[@stephaniestella213]

It's a delicate season now, so you can do little or nothing on your own. Hence I will suggest you get yourself a financial market expert that can provide you with entry and exit points on the securities you focus on.

[@alexyoung3126]

Very true! I've been able to scale from $50K to $189k in this red season because my FA figured out defensive stratgs which help portfolios be less vulnerable to market downturns

[@kimyoung8414]

@@alexyoung3126 could you please tell me how to reach your coach? because I'm seeking for a more effective invstment approach?

[@alexyoung3126]

@@kimyoung8414 HEATHER ANN CHRISTENSEN is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up

[@dopefi5891]

probably one of the best podcasts on youtube right now. Amazing work Lex.

[@TheLiquidpsy]

When will the youtube algo pick you up and recommend it to everyone ? It needs to happen! Your podcast are just amazing! Love all the guests lately

[@do3176]

OMG, definitely didn’t expect Ray Dalio on your podcast, Lex! Kudos!

[@nadjavale9230]

the world would be greatly benefited with a high production of Ray Dalios

[@pranayrai1937]

Good Job on the interview man! I've seen most of Ray's interviews and this indeed is one of the best!

[@fabriziot3404]

"Evolve and contribute to evolution"....it's fu**ing incredible how he managed to put into a principle even the meaning of life!! Blown away...thanks a lot for this content 🙏

[@pierrebeaini]

I've watched almost every recent interview with Ray; this is one of, if not the best. Thanks, Lex!

[@alexandraalan1351]

This is the best interview I have watched so far with Ray Dalio. Lex, your questions were brilliant. Please stop saying that they are dumb. However, I understand that most probably you were starstruck by Ray Dalio, who is a genius. Thank you for this material and for the wonderful job you are doing.

[@Katy-ye1zr]

Respects to guest Ray Dalio and Lex Fridman for a lineup of excellent questions to which RD answered thoughtfully for us to understand but I will have to listen to this again. I did download the Principles in Action PDF it looks well worth readable and I'm several pages in already. Thank you.

[@88HaZZarD88]

Congrats. Awesome questions and guests. One of the best podcasts around

[@Yoko4797]

Please keep your podcasts unedited to a certain degree as you did here. Loved this one

[@fotoyartefotoyarte1044]

I can't believe this, thank you so much! I love Dalio and i've been following your podcast, bit I never thought you would bring him in, this is AMAZING

[@talk2yuvraj]

One of the wisest guest ever on you podcast, Lex. Wow! Loved this.

[@Matthew-do3zg]

Best interview I have watched. Especially being a fan of Ray Dalio's. Thanks Lex!

[@andreasalmen1067]

Amazing, thank you both Lex and Ray for your contribution of knowledge and thoughts on relevant and intricate topics! Pure pleasure!

[@oleksiisodolinskyi7389]

Thank you Lex Fridman and Ray Dailo for a great interview.

[@oliverschubert8242]

Excellent podcast, best selection of interviewees💫.

[@Leipage]

Great guest and great interview. Ray is a brilliant mind and I’d agree that everyone should take the time to watch his videos and read his writings. Principles is especially good.

[@mikeye9]

Amazing lineup of guests.

[@georgemaximus694]

Wow, you ask very good questions as an interviewer. I had a great time listening to this podcast. I have watched many ray Dalio videos and talks but this has to be the best! Exceptional topics.

[@cesarchiarelli8039]

After I’ve got this video of how economics machine works, I had the same feeling and doubts about what liex just asked. I even watched the same video about 5 times. Thank you so much for this ep, it was a of amazing value. Blew my mind.

[@thoyo]

1:03:12 "What I mean by spirituality is a connectedness to the whole." Beautiful definition

[@reddragon2335]

Yes. :D

[@2hard2find]

I love how Ray looks like he's about to stand up at any moment during the podcast.

[@senamuku]

56:42 - Why you need principles Thanks for this interview, probably one of my fave RD ones so far!

[@anamikabhoi5048]

😅😅😅😅😅😅😅❤😅😅😅😅😅😅😅😅❤❤😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅😅❤😅😅😅❤😅❤😅😅❤😅😅😅😅😅😅❤😅😅😅😅❤😅❤❤😅❤❤❤❤❤❤❤😅❤😅😅😅❤😅❤❤😮😅❤😅😅😅❤ lok😅😅😅😅😅😅😅❤😅😅😅😅😅😅❤❤😅😅😅❤❤❤😅❤😅😅❤😅😅❤❤❤❤😅❤❤ pp😅😅 pp pp❤p0pp pp😅❤ pp😅❤ pp😅😅😅p😅❤ppppp pp p😅 pp pp😅 pp😅😅 pp😅p❤pppp😅 pp😅❤❤ pp❤😅 ok❤😅😅❤😅❤😅00p pp😅 p pp pp😅 pp pp p pp pp😅 p😅❤❤❤❤❤❤ pp p😅p❤p❤❤😅p😅😅 pp😅pppp😅😅❤ pp❤ pp😅😅😅😅 pp pp pp pp p😅😅😅❤ pp😅❤❤❤❤0❤p❤❤p pp😅 pp❤p😅😅 pp😅❤ pp❤p😅❤ ppp❤❤😅 pp😅 pp p❤😅😅😅

[@lPelado]

It's hard to believe this is free. You're amazing Lex. Thank you so much.

[@ffckode]

OMG man. I don't know how you get these interviews, but it is pure gold. Thanks for sharing!! Greetings from Brazil.

[@RobertMHelbig]

Please interview Andrew Yang

[@zacharycedeno6638]

YANG 2020

[@jean-baptistesay6941]

Yang is a perpetual failure. Failed econ grad, failed lawyer, failed entrepreneur, failed nonprofit organizer, and failed politician.

[@ja-cz7iw]

Hi Lex, I enjoy your podcasts. Is this possible to get Nicolas Nassim Taleb and Daniel Kahenman on your show. Thank you for all the discussions and knowledge sharing Lex.

[@tyfoodsforthought]

I would be surprised if they were not on his list. Please and thank you, Lex.

[@alexwhb122]

Awesome talk! Ray is very insightful. Keep the great interviews coming. 😁

[@davetheisen9426]

That loop he talked ab in the beginning is such a good way of describing how to learn to code. I’d been doing that but not knowing it or how to articulate how to learn fast

[@1.21gigawatts]

Finally an interview with Ray Dalio that doesn't ask the same questions as all the other interviews with him. On top of that, your questions are so simple but so deep. Thank you Lex!

[@TheDRAGONFLITE]

First Noam and now Ray, you're on fire Lex! Keep em coming!

[@brianbruin74]

Huge fan of Ray Dalio. Brilliant mind. Thank you, Lex.

[@dentarthurdent42]

Fantastic and fascinating interview, thank you Lex Fridman and Ray Dalio!

[@lstan444]

Thanks you for your hard work this interview was one of your best pieces of work. So much detail that I needed to listen to it again.

[@e75short14]

Thanks for this wonderful youtube channel!! ♡

[@dymka2006]

the most intelligent questions I've heard Ray answered in a long time that I've been following him. well done lex

[@martinmuldoon8166]

Just watched "How the Economic Machine Works" as you recommended. Ray does a fantastic job breaking down the economy. Fantastic! Thank you and Ray!!

[@malcolmxbegovic3995]

Hi . I am a teacher in Turkey and I want to learn english. But in turkey no more people to practice in english. İf you help me about this I will be appreciate always.

[@Deborah_C1]

A number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth no less than $850,000 before I turn 65, I would appreciate any advice on potential investments.

[@tudorrwilson]

There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.

[@Brilliantrans]

I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.

[@shannonsally455]

@@Brilliantrans Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.

[@Brilliantrans]

@@shannonsally455 Can't divulge much ’JULIE ANNE HOOVER’’ is the advisor that oversees my portfolio. She's an extremely intelligent person, very thoughtful, cautious, and has an outstanding credentials, it's easy to find her on the web.

[@shannonsally455]

@@Brilliantrans Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@DrProgNerd]

I've seen the videos that Lex mentioned in this podcast - they're brilliant. I'm reading 'Principles' now and it's not an exaggeration to say it may be one of the most important books I've read.

[@dustinbehnka4589]

Thank you so much for bringing on Ray Dalio!

[@alwaysevolve8594]

He’s been everywhere lately and I am grateful 🙏🏼 found him bc of it

[@ChrisZExp]

This is really very meaningful conversation! Love it.

[@manuelmejia4481]

Amazing Interview .... Two positive Role model's . Much Respect and love from Anaheim

[@Shreds111]

Good on you Lex! Yang gang 2020

[@supersnowva6717]

Well done Lex! Thanks for the education.

[@betauser6233]

First time watcher. Love it so far! Will defiantly continue to watch!

[@uncommonsense6022]

This podcast is so damn value add. Love it. More people will start watching this.

[@kirstinstrand6292]

Dalio: One of the very few Wise and Sane Men on Wall Street. An Honorable man.

[@Rob-ip1km]

Ray Dalio. You sir, are nothing short of genius! Thanks for the gift of sharing your intelligence with us and teaching us.

[@SlashcamStudios]

Valuable information, deeply value this podcast. Thank you.

[@andrewpotapenkoff7723]

I found this channel very inspiring. Lex, you doing a very good and particular job in terms of human evolution.

[@offtheedge1896]

It's amazing in whole! but the Arc of Life is in itself worth watching again and again.

[@PBTKaizen]

His video on how the economic machine works is phenomenal!

[@shubhamz2464]

It’s 3 year old video and yet Ray was futuristic in his views. Great Podcast

[@stlouisix3]

This is gonna be a great video between Lex Fridman & Ry Dalio

[@gerasimpalachorov5325]

Such a great guest, I love this guy!

[@optiongarden7266]

Great conversation and amazing guests as usual

[@namoroman666]

Respect Ray so much. Great interview. Huge inspiration. Thanks Rex.

[@PippyPappyPatterson]

If you can get Peter Thiel on the podcast that would be rad!

[@deborahmeek6529]

Wow this was great!!Watching this December 2020, and so lots of people have interviewed Dalio and I mean really crappy interviewers. Lex you are the best at interviewing people

[@evanstair1547]

absolutely fantastic! gotta love Ray. thank you Lex

[@jaimenavarro222]

Man, I’m so grateful for lex’s work I don’t even skip the ads

[@BiancaAguglia]

What I love about these videos is that Lex isn't afraid to ask the uncomfortable, poetic, deeply philosophical, or revealing-my-own-deep-ignorance kind of questions. I admire that kind of courage and determination to be who you are regardless of what others might think of you. Although I did like this video, I have to say I wasn't impressed with Ray Dalio. Sorry if that comes across as rude. There were at least a couple of things I found funny: 1. For the first half of the interview, Ray seemed too confident he knew exactly what was going on in Lex's mind. Considering what he said at 26:40 that "if you want to learn, you ask questions, you don't argue", it was funny to see how he argued about what some of Lex's questions meant or implied. 2. In the beginning of the interview, Ray says that people rely too much on the past to figure out what truth is. He says that's not good and at 05:05 adds that "what's been discovered before is often not true." Yet, when he talks about economics, business, or the potential impact of AI, he often brings up what history has shown us. 😁 I also disagree with Ray about the opportunity gap and some of his views about AI, but I dished out enough criticism in this comment, so I'll stop talking now. 😊 As always, great, insightful questions, Lex. Keep up the great work. 😊

[@quinntolchin3080]

Bianca A. - There's art to data science there are multiple levels to things, often there are paradoxes and some of the things he says are not less true then their counterpoints

[@me_tenderfoot1011]

Ray’s message seems quite relevant at the present…. Thank you for this interview and for keeping it accessible.

[@me_tenderfoot1011]

Might be good to have him on again 😉

[@modestflexer7524]

Thank you algorithm for bringing me here, I cannot thank you enough Lex for posting this video, It really has had a mental paradigm shift in me

[@fuckgooglealldayallnight930]

I have had respect for you ever since I heard you ask your first question. Keep doing what you doin brotha!

[@GodsNode]

This will be good. Principles is like a bible for life for the agnostic. One of the best books I've ever read. This man gives intense thought and reflection to everything he does.

[@positive_man_jb]

With the advent of CHATGPT, everyone can appreciate what a visionary Ray is. Thank God I listen and read his work. His foresight is as sharp as that of an Israeli prophet

[@aldoluvs]

Ray Dalio!!! Excellent interview Lex! Ty!

[@ouimetco]

Yes Lex I agree with you on “how the economy works”. I watched it a few times. Wish I had this basic information at 10 years old. Thanks for your incredible program too. Cheers

[@malcolmxbegovic3995]

Hi . I am a teacher in Turkey and I want to learn english. But in turkey no more people to practice in english. İf you help me about this I will be appreciate always.

[@roberttatum2826]

this person is extremely amazing....we can learn from this guy

[@kevindurant2727]

Two of my favorite mentors.

[@jamesgillis8122]

glad to see the diversification in guests, comp sci people tent to be hard to listen to sometimes, despite their smarts.

[@vimalcurio]

Wow 😮 ray articulated money so good like it was a fabulous explanation of relationship between money and happiness I ever heard in my entire life 💯