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!

[@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)

[@mescellaneous]

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

[@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.

[@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.

[@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

[@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

[@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.

[@seanfitzgerald4207]

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

[@cmw3737]

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

[@thoyo]

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

[@reddragon2335]

Yes. :D

[@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

[@jsfnnyc]

Watching Lex and Ray go head to head is amazing. Brings the best out of the conversation!

[@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.

[@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!!!!

[@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 🙏

[@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.

[@Surf_Cat]

Thank you for these wonderful conversations Lex. It's amazing how frequent you provide high-quality conversations and interesting guests without the need for clickbait or dumbing it down with gimmicks during the video. It really enriches my life and probably a lot of others as well. Can't express my gratitude enough.

[@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

[@fedsummer90]

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

[@swissmessage]

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

[@nadjavale9230]

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

[@PippyPappyPatterson]

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

[@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!

[@Yoko4797]

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

[@abcdjhffkuggf]

I was very surprised to hear Ray Dalio's answer about the limitations of AI, it's actually one of the better explanations I've heard - and I'm a software engineer

[@vivianzhang]

Oh. Yes. I am lucky to have this book free. Thank you. Mr Ray. Wonderful book. I am reading it now. Thank you. Vivian

[@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.

[@GordoNLuv]

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

[@do3176]

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

[@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!

[@yuviiiiiiiiiiiiiiiii]

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

[@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!

[@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.

[@manuelmejia4481]

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

[@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.

[@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❤😅😅😅

[@aishajackson50]

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

[@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.

[@funnyguylol69]

Amazing lineup of guests.

[@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

[@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

[@ddlosrios]

Just ended seeing this today & saw the news of his son being killed ina car crash. Life is so fragile and transient that one only can hope to have as much meaningful moments with the people you love in life because the economy and other stuff is in essence trivial when you think about it. Wish Dalio much love and fortitude.

[@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!

[@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.

[@PBTKaizen]

"Don't let something that's never been done before stand in the way of you doing that thing particular thing ...the only way to understand what truth is through experimentation..." Amen! love this guy!!!

[@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

[@kirstinstrand6292]

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

[@brianbruin74]

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

[@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

[@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

[@Rob-ip1km]

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

[@dopefi5891]

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

[@WarrenRedlich]

50 minutes in - Question: Do humans have deep understanding? Whenever I see people questioning AI, I feel like they overestimate human intelligence and decisionmaking. Maybe Ray Dalio has deep understanding. Maybe hundreds, thousands, or even millions of humans have deep understanding. But if you watch humans in action in your daily life, it seems like a large percentage don't have anything close to deep understanding. There are a lot of terrible parents who do an awful job of raising their children. Many people make terrible decisions about who to marry. And if you go with that notion that some subset of humanity does have deep understanding, how do we know which humans do? Seems very hard to make that determination.

[@miguelpereira9859]

Yes, most humans do not understand anything or care to understand

[@trolley2327]

definitely

[@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.

[@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.

[@PyjamasBeforeChrist]

Yang Gang 🧢 watch from 1:04:30!! Ray is onboard!!

[@reptoid3866]

No he SEEMS to be but listen closely. he takes a long way around to say that it should go to those who deserve it and will use it wisely. its the same double standard cause we dont care what the stockholders do with with their dividend checks yet joe average has to be held to a higher standard.

[@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.

[@shubhamz2464]

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

[@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.

[@dymka2006]

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

[@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.

[@pranayrai1937]

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

[@kevindurant2727]

Two of my favorite mentors.

[@StubbsMillingCo.]

Tom wood and Mark Thronton are also a couple great minds on economics that can shed light just as Mr. Dalio has on how it works and flows. The cycles and pattern that transpires through time over and over and over and over and over again. The clothes, nation name and tools change but the economics or PRINCIPLES of, never change and neither do the outcomes.

[@jaimenavarro222]

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

[@Matthew-do3zg]

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

[@oliverschubert8242]

Excellent podcast, best selection of interviewees💫.

[@ProperChaos]

This interview is as helpful for me as the very first time I listen to Joe Rogan speak to Jordan Peterson, it's eye-opening and humbling. Thank you Lex

[@lPelado]

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

[@PBTKaizen]

His video on how the economic machine works is phenomenal!

[@camillacalhoun1089]

Love Ray Dalio’s energy and positive attitude, especially about freedom and 70-80 age as peak happiness.

[@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 😉

[@TheDRAGONFLITE]

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

[@ffckode]

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

[@oleksiisodolinskyi7389]

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

[@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

[@eyoutube1]

Lex didn't interrupt Ray. Instant Like.

[@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.

[@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 💯

[@Shreds111]

Good on you Lex! Yang gang 2020

[@Nunyabusiness40]

My man Lex interviews the most interesting people

[@dustinbehnka4589]

Thank you so much for bringing on Ray Dalio!

[@InvestingCatalysts]

HEY LEX - Ray is the best macro economics lecturer I have ever listened to and do so every chance I get. Cathie Wood is best Micro economics lecturer I know of. You should get here on and question her about here contrarian disruption model at ARKK.

[@31Daca]

I love Ray Dalio. Incredible man.

[@benglassop]

This channel is getting better faster than AI

[@kylecollins1045]

Noam and now Ray?! This is awesome. Surprised this doesn’t have more views.

[@e75short14]

Thanks for this wonderful youtube channel!! ♡

[@2hard2find]

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

[@pierrebeaini]

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

[@Robert-dt3is]

Amazing to get Ray on the podcast!! Need to get Andrew Yang on! Would’ve loved to have heard Ray’s opinion on UBI

[@88HaZZarD88]

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

[@stlouisix3]

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

[@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.

[@nathansmith8187]

Probably the sharpest wittiest sounding 70 year old I've ever heard speak. Nothing bad about being 70+ but usually a person of that age leans more on experience rather than wit and speaks with a slower more deliberate cadence. Dalio on the other hand sounds like he's still in his intellectual prime. I can only imagine how crazy smart he actually was 40 years ago.

[@alengm]

56:40 Collective decision making 1:25:00 life arc

[@reddragon2335]

:O

[@offtheedge1896]

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