저자: RayDalio/WarrenBuffett관련클립—제목·설명란기준RayDalio인터뷰클립 · 외국인
요약 보기
Dalio가 학창시절 주식 투자 경험과 1971년 닉슨 금태환 중단, 1933년 루즈벨트 조치 등 역사적 통화 전환 사례를 통해 '겪어보지 못한 역사적 사건'의 중요성을 배웠다고 회고. 이후 Bridgewater를 1,500명, 1,500억 달러 규모의 세계 최대 헤지펀드로 키운 과정과 '고통+성찰=진보' 원칙을 강조. 자산 가격 방향에 대한 예측은 없음.
다듬은 글
So I want to ask about your early life cycle and what the most important strategic or wealth generating decisions you made that you would encourage everybody to consider if their nature is aligned to yours. Okay. My nature was I hated school. I didn't like the whole thing of remembering this and remembering this and then give it back to me.
And there were these uh you know history like there's William the Conquer in 1066 and what did he do and you know like all of that was what education represented. And when I was um 12, a kid, I earned money with odd jobs like um I had a paper route and um I mowed lawns and I caddied and I took my cadding money and when I was 12 I got everybody was talking about the stock market.
So I put some money in the stock market. I didn't know what I was doing, of course, but I um I picked um the stock that was the only stock I ever heard of that was selling for less than $5 a share. And my reasoning was I could buy more shares, so if it went up, I could make more money. Okay, that was a stupid criteria, but it was a company that was about to go bankrupt.
And another company acquired it and it tripled in price. and I said, "I like this game." So, I got I got hooked on the game. I'm still hooked on the game, right? So, I liked it. Okay. That that affected me. So, I barely got into uh CW Post College and then I went to uh Harvard Business School and that opened my eyes to the world in in many ways because of who were there and what it was like and all that, you know, the best and the brightest kind of thing.
But I always still traded markets because I always played the game. I could tell you stories. You want a couple of quick stories? 100%. Okay. So, I'm clerking on the floor of the New York Stock Exchange between graduating from college and in the summer between graduating from college and going to uh Harvard Business School.
And that is 197 the summer of 1971. Mhm. And on August 15th, 1971, Richard Nixon gets on the television and says that, you know, the promise that that you were going to be able to take your paper money and go get gold, you can't do that and we're not we're going to cut off that off. He didn't say it in exactly those words, but money then was gold and what we think of as paper money, fiat money was claims on the gold.
So I walked on the floor of the New York Stock Exchange that summer and I thought the market was going to go down a lot and the market went up a lot and I didn't understand why because I never went through a devaluation before. And I studied history and I found that in March of 1933, Roosevelt got on the radio and made the exact same announcement that you're not going to get your gold and they're going to print the money.
And when you print a lot of money, you have that. Okay. So, I learned that history of things that never happened in my lifetime before were important things to understand. Okay. I went back then to Harvard Business School two for two years and and two years later as a result of all the printing of money and the oil shock because of all of that uh we had the in 1973 oil shock and now because of my background I'm head hired to be director of commodities at a Wall Street brokerage firm.
Okay. Mhm. [clears throat] Which and then all sorts of things happened. Um turbulence and so on so forth. That firm went broke. I went to another firm and I was uh rowdy. I wasn't your typical good employee, you know, follow everything. And uh so I got fired and that was in uh 1975 and then I but uh clients all liked me and for things and so they would pay me for advice and I continued to trade the markets and that's when I formed Bridgewwater.
Okay. And what that was 1975. I just passed along Bridgewater 50 years later. Yeah. Okay. So there's a journey there that has failures and successes and learnings. You know, I have a principle. Pain plus reflection equals progress. Okay? Your best learnings come from the pain. It's a message. Pay attention.
Learn how reality works and how to deal with it differently so you have principles for re dealing with reality better. And I learned that process. And from that process, my company Bridgewwater became the largest hedge fund in the world. Um, extremely successful managing how much? $150 billion. 1,500 people, $150 billion.
And that's made you a very wealthy man. And made me a very wealthy man, which by the way was not my intention. Okay. I just wanted to play the game and to have meaningful work and meaningful relationships. That was paramount, but it happened to be the game I played. If you're good at the game, you make a lot of money.
And now I'm at a stage in my life where I'm I want to pass things along. I need to pass things along, right? So, hence the books, hence our conversation and here we are. That's the life arc. But I learned a lot.
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