can you go to what you’re like can you
go to your mistakes can you go to your
weaknesses I think it’s very important
to know what people are like I think the
greatest tragedy of mankind is people
holding on to wrong opinions
hello believe nation I’m Evan Carmichael
my one word is believe and I believe
that entrepreneurs are going to solve
all of the world’s major problems so
today we’re going to learn from investor
and philanthropist Ray Dalio and my take
on his top ten rules of success volume
two rule number two is my personal
favorite and I’d love to know which one
you guys like the best and as always as
you’re listening if something really
resonates with you there’s a message
that really holds true to you please
leave it down the comments below and put
it in quotes so that other people can be
inspired and when you write it down it’s
much more likely to stick with yourself
as well enjoy
that’s that all the people who feel like
they’re I’m good I’ve got it won’t learn
if you’ve got it you won’t learn right
so so you have to get rid of this Eagle
barrier I’ve got it thing this Lee can
you tell us are you authenticating
fulfilled
do you have an experience in life of
being successful I don’t think that
success is like a lot of people believe
it isn’t any really successful person I
think that everybody’s always struggling
and what happens is you know you just
struggle at a higher level it’s like
learning how to ski or play some sport
and you’re just kind of doing this
higher thing but it doesn’t feel like
that it just feels like I’m struggling
and I think it’s and it’s a good feeling
I the way I think of it is I’ve always
thought that it’s like in order to be
successful in life you have to cross a
jungle or you can stay on the other side
of the jungle not cross the jungle but
if you choose to cross the jungle the
jungle has all sorts of things that can
do your harm and bite you and everything
along those lines and so the West best
way to do that is to go into that with
people who can see things differently
and watch themselves and struggle to
make it to the other side and then what
I’ve discovered along the way is that
it’s always a struggle and I enjoy being
in the jungle I don’t want to get to the
other side I don’t want to get out so
that’s what it feels like to make every
time I made a mistake
they became painful mistakes but with
time I realized that reflecting on those
mistakes would give me gems what I would
do is I’d say why did I make that
mistake and I would learn from that
mistake and I’d write down a rule so
what was helpful for me is I put that
rule principles these principles I wrote
these principles now those principles
that I wrote down I then put into
algorithms in other words equations and
what I learned by being able to do that
is by if I took my decision criteria
those principles and then
I tested them back through time I gained
a perspective that was fantastic I could
taste them in the back a hundred years I
could test them in different countries
and I would learn how those rules work
and I put by putting all those rules
together and then how having these
algorithms the computer could replicate
my thinking but it could actually think
better than I could because what it
would do is it would take it compresses
more information it can process it
faster and it could process it less
emotionally so it was like having a GPS
that was next to me while I was also
making my decisions like you’re driving
in a car and you have both operating and
to have that next to me was you know
valuable it would learn I would learn
and together we built that I think every
place has to have a culture right and
culture is the values what what values
are living out and and so for example
this number one value is it has to make
sense to you we have to talk about it we
have to work it through in a non
egotistical kind of way and so it’s an
unusual place and it’s an unusual
culture are you offended when people
sometimes label it a cult I think that I
think a cope when I think of a cult
it means believe this and we’re it’s the
opposite you’re taken from on high in
other words a cult means yeah somebody’s
telling you believe this because I had
to follow it because I have a superior
okay it’s exactly the opposite of that
right the number one principle is don’t
believe anything think for yourself
and now let’s go through a process of
what is true together but we can’t stop
that with ego we can’t let that barrier
stand in our way so we’re going to live
in a culture in which we can do that
okay now that’s the opposite of okay
it’s it’s a belief system in other words
I’ll ask you do you believe that we
should operate this way with each other
okay if you want to call that a cult I
think it’s the opposite of a cult
it means think write speak up don’t hide
it don’t talk behind people’s backs it’s
talking behind people and you always
make a point that you know what you
don’t know and
equally valuable more valuable I want to
say that so this is the whole philosophy
I I so know that I can be wrong
look we all should recognize that we can
be wrong and if we recognize that we’re
wrong and we worry about being wrong
then what we should do is have a
thoughtful dialogue that’s the mixture
of the elements that matter right if you
have a tremendous tenacity but you’re
you’re studying you’re learning you’re
trying to memorize and remember
everything that you’re being taught and
you really try hard you could have great
tenacity you need the making sense of
some something you need to embrace
reality you need these other dimensions
right so that I think the things that we
started to talk about just before but
you know the things that these people
have a need for is first they need to
most fundamentally make sense of things
which is a very different kind of
learning process it’s a very
internalized learning process it’s not a
memory based process so none of these
people unlike the population a whole
none of these people have a desire to
follow instructions for most people you
go to school they tell you what class to
go to they what classes to take this
goes all the way through University they
do this do this to this and then you go
into the class and they say learn this
and this is the information and it’s
largely a memory based instructional
based process this is not what these
people do right this is not so the path
what they what they have is a strong
strong desire to understand and make
sense of reality how does reality work
your company anticipated the financial
crisis managed your clients funds
through that period make the argument
that your culture actually has something
to do with that result well first of all
I think that
well I’ll tell you that what the moment
was like you do our calculations and we
have a view that’s very different than
the rest of the world’s view at that
time so the independent thinking
we had among ourselves different people
who had different views and the ability
to work ourselves through those and was
essential for us to being able to stand
upside from the crowd so I needed to
have the independent thinking and we
needed to work it through and then even
at that time we had to have the fear of
being wrong because you can never be
confident that you’re wrong right in the
markets and so to place the bet but to
place the bet in a defensive way and to
work out together
the engineering what I believe is that
everything happens over and over again
through history world operates like a
machine that happens over and over again
and that if you can sort of go above
yourself in your circumstances and look
down at yourself within your
circumstances within a historical
perspective and then have agreed upon
principles you know principles are how
to handle things that happen over and
over again by having that it’s helpful
and ours are just oriented around this
idea of meritocracy so it allowed us to
have an independent point of view while
being not a hundred percent certain and
you know to be defensive and it allowed
us to play that well so the big shift in
terms of going to the notion of what do
I do with my money let’s say you have a
lot of liquidity and you’re look at the
world has lots of liquidity today the
world has lots of liquidity the question
is what are its choices and one of those
choices look like and then you put your
money so you produce a lot of money
around a lot of liquidity and then say
do you stop buying US bonds when you
have or do stop buying Japanese bonds
when you have no interest rate and a
currency risk and and and so what when
do you stop by well it’s when you have
confidence and some ultimately when it’s
driven to something else at some point
you get a move toward inflation if
there’s a move toward like I want to
hold inflation assets then you come into
problems until you don’t have that move
to move toward inflation assets you have
a capacity for a lot of the buying there
and it and so the timing can you go to
what you’re like can you go to your
mistakes can you go to your weaknesses
right can you go to other people’s
mistakes and weaknesses
some people because of an ego barrier
can’t do that and so if they don’t
recognize their own mistakes their own
weaknesses or others mistakes and
weaknesses what the root cause me being
what they’re like because of ego
barriers if they can’t go there they’re
going to repeat those mistakes they’re
going to have them over and over again
so it’s the process essentially of
saying at that stage what am I like
everybody has strengths and everybody
has weaknesses the weaknesses are the
other side of the strengths so let’s say
if you’re you know a right brain
creative person you may not be reliable
because just the way you think
necessitates you to think a certain way
that means you can’t think in another
way that means you’re going to keep
bumping into that thing that’s standing
in your way but unless you can embrace
I’m not reliable alright and deal with
it you won’t get around it it’s still
going to continue to be a barrier right
so the diagnosis to the root cause is
important so then if you diagnose it
then you have to design what are you
going to do about it
that works so let’s say you are very
creative but not reliable okay you have
to find the means of it first of all
embracing that and then saying if I’m
not reliable what do I do it do I work
with the reliable person do I learn
reliability do I have some compensating
mechanism because I can’t let that lack
of reliability stand in the way my goal
as long as I keep doing that I’m going
to keep running into problems so you
have to design what you do about the
problems and then when you’re designing
what you do about the problems then you
have to follow it through so you have to
follow through or or do the thing you
designed and and and the doing the thing
you designed require self-discipline and
so on so people have to do those things
in order to be successful right if they
know what their goals are they they have
their will encounter their problems they
have to diagnose those problems down to
the root cause the real root cause they
have to design ways to get around them
and then they have to have the
self-discipline to follow that and it’s
a continuous iterative process so that
that’s what we keep doing right so
you’re going in that direction I would
say that all of the shapers are doing
that they’re doing that they doing that
well right so they don’t mind the
problems they don’t mind that I think
it’s very important to know what people
are like
yet most organizations don’t want to go
there by knowing what people are liking
and having them part of the process of
knowing what they’re like there’s better
understanding better communication and
also of course you can make better teams
because there nobody has all that’s
needed to be successful you know that we
need each other to play different roles
and the ability to do that by knowing
what people are like is enhanced and
have no idea how you all see things
differently that there’s a thinking
spectrum some people are creative and
not reliable some people are reliable
not creative and as you start to give
people personality tests like
myers-briggs or the big five or
different personality tests you start to
learn how people see things differently
and then when you see them differently
and you and that screen pops up wherever
rather than just seeing how you see it
you go above that and you’re seeing that
everybody is seeing things differently
it changes how you see things because it
starts to make you think how do I know
I’m not the wrong one in other words as
you go above it and you look down on all
those different ways of seeing you start
to think how do I know I’m not the wrong
one and how do I collectively see and
you see
in a color range it’s like seeing in a
different color range or going from two
dimensions to three dimensions all of a
sudden you see the full spectrum of
seeing things and then you go to the
higher level we have systems that go
through the computers that go the higher
level that say then how do we weigh all
those ways of seeing to make the best
decisions so not so you don’t get too
attached to your opinions I think the
greatest tragedy of mankind is people
holding on to wrong opinions that could
so easily be rectified and that’s doing
them are because they’re making wrong
decisions so how do you collectively do
that well the answer is by everybody
seeing everything and seeing how others
see they begin to gain those
perspectives they also get to get an
appreciation for the other way of seeing
used to be that everybody would drive
each other crazy you your what brain
works in one way my brain works in
another maybe I see big picture you see
detail right maybe I’m creative Dimity
you’re reliable
we drive each other crazy it when you
start to realize that people are
actually seeing in those ways and that’s
a valid way of saying and that I need
you and you need me and how to put
together the team as you’re asking about
it gives you the evidence base it’s okay
to be different
thank you guys so much for watching I
made this video because Hainan Bora
asked me to
is there someone you like me to profile
in the next top 10 check out the link in
the description and go and cast your
vote I’d also love to know what was your
favorite message from this video what
did you learn from this video that
you’re going to immediately apply
somehow in your life or in your business
please leave it down the comments below
I’m really curious find out so thank you
guys again for watching I believe in you
I hope you continue to believe in
yourself and whatever your one word is
much love I’ll see you soon
[Music]
which produces income you can spend at
the end of the day what you are and what
you earn is a function of your
productivity and for a country it’s the
same as for individuals you work hard
you well-educated you know you can be
more productive if you work harder or
you can learn more productive if you
will create it productivity is going to
be the single biggest factor how do you
make people productive self sufficiency
you know that the single biggest factor
for a number of countries is do people
feel the consequences of their earning
or they’re not working in countries
where their self sufficiency then and
they feel those consequences rather than
greater social net they will have higher
levels of productivity so at the end of
the day it’s really the things that you
when you look at your neighbors and you
say if they can get it income and
they’re not going to be penalized much
they’re going to be less motivated
there’s a series of those and what I’m
trying to direct the attention to is
what those specific factors are so that
it’s like a health index so I’d like to
draw people to you know that the
productivity we did this productivity
study and you could see then what those
correlations in the nation because for
all nations same formula and because
it’s like a health report if you can
look at what is your cholesterol level
what is your you smoke you exercise you
just you don’t you could no your account
doesn’t want to find out you can know
your ten-year prognosis and if you could
look at that unemotionally with that
benchmark you can see what productivity
is
go to your mistakes can you go to your
weaknesses I think it’s very important
to know what people are like I think the
greatest tragedy of mankind is people
holding on to wrong opinions
hello believe nation I’m Evan Carmichael
my one word is believe and I believe
that entrepreneurs are going to solve
all of the world’s major problems so
today we’re going to learn from investor
and philanthropist Ray Dalio and my take
on his top ten rules of success volume
two rule number two is my personal
favorite and I’d love to know which one
you guys like the best and as always as
you’re listening if something really
resonates with you there’s a message
that really holds true to you please
leave it down the comments below and put
it in quotes so that other people can be
inspired and when you write it down it’s
much more likely to stick with yourself
as well enjoy
that’s that all the people who feel like
they’re I’m good I’ve got it won’t learn
if you’ve got it you won’t learn right
so so you have to get rid of this Eagle
barrier I’ve got it thing this Lee can
you tell us are you authenticating
fulfilled
do you have an experience in life of
being successful I don’t think that
success is like a lot of people believe
it isn’t any really successful person I
think that everybody’s always struggling
and what happens is you know you just
struggle at a higher level it’s like
learning how to ski or play some sport
and you’re just kind of doing this
higher thing but it doesn’t feel like
that it just feels like I’m struggling
and I think it’s and it’s a good feeling
I the way I think of it is I’ve always
thought that it’s like in order to be
successful in life you have to cross a
jungle or you can stay on the other side
of the jungle not cross the jungle but
if you choose to cross the jungle the
jungle has all sorts of things that can
do your harm and bite you and everything
along those lines and so the West best
way to do that is to go into that with
people who can see things differently
and watch themselves and struggle to
make it to the other side and then what
I’ve discovered along the way is that
it’s always a struggle and I enjoy being
in the jungle I don’t want to get to the
other side I don’t want to get out so
that’s what it feels like to make every
time I made a mistake
they became painful mistakes but with
time I realized that reflecting on those
mistakes would give me gems what I would
do is I’d say why did I make that
mistake and I would learn from that
mistake and I’d write down a rule so
what was helpful for me is I put that
rule principles these principles I wrote
these principles now those principles
that I wrote down I then put into
algorithms in other words equations and
what I learned by being able to do that
is by if I took my decision criteria
those principles and then
I tested them back through time I gained
a perspective that was fantastic I could
taste them in the back a hundred years I
could test them in different countries
and I would learn how those rules work
and I put by putting all those rules
together and then how having these
algorithms the computer could replicate
my thinking but it could actually think
better than I could because what it
would do is it would take it compresses
more information it can process it
faster and it could process it less
emotionally so it was like having a GPS
that was next to me while I was also
making my decisions like you’re driving
in a car and you have both operating and
to have that next to me was you know
valuable it would learn I would learn
and together we built that I think every
place has to have a culture right and
culture is the values what what values
are living out and and so for example
this number one value is it has to make
sense to you we have to talk about it we
have to work it through in a non
egotistical kind of way and so it’s an
unusual place and it’s an unusual
culture are you offended when people
sometimes label it a cult I think that I
think a cope when I think of a cult
it means believe this and we’re it’s the
opposite you’re taken from on high in
other words a cult means yeah somebody’s
telling you believe this because I had
to follow it because I have a superior
okay it’s exactly the opposite of that
right the number one principle is don’t
believe anything think for yourself
and now let’s go through a process of
what is true together but we can’t stop
that with ego we can’t let that barrier
stand in our way so we’re going to live
in a culture in which we can do that
okay now that’s the opposite of okay
it’s it’s a belief system in other words
I’ll ask you do you believe that we
should operate this way with each other
okay if you want to call that a cult I
think it’s the opposite of a cult
it means think write speak up don’t hide
it don’t talk behind people’s backs it’s
talking behind people and you always
make a point that you know what you
don’t know and
equally valuable more valuable I want to
say that so this is the whole philosophy
I I so know that I can be wrong
look we all should recognize that we can
be wrong and if we recognize that we’re
wrong and we worry about being wrong
then what we should do is have a
thoughtful dialogue that’s the mixture
of the elements that matter right if you
have a tremendous tenacity but you’re
you’re studying you’re learning you’re
trying to memorize and remember
everything that you’re being taught and
you really try hard you could have great
tenacity you need the making sense of
some something you need to embrace
reality you need these other dimensions
right so that I think the things that we
started to talk about just before but
you know the things that these people
have a need for is first they need to
most fundamentally make sense of things
which is a very different kind of
learning process it’s a very
internalized learning process it’s not a
memory based process so none of these
people unlike the population a whole
none of these people have a desire to
follow instructions for most people you
go to school they tell you what class to
go to they what classes to take this
goes all the way through University they
do this do this to this and then you go
into the class and they say learn this
and this is the information and it’s
largely a memory based instructional
based process this is not what these
people do right this is not so the path
what they what they have is a strong
strong desire to understand and make
sense of reality how does reality work
your company anticipated the financial
crisis managed your clients funds
through that period make the argument
that your culture actually has something
to do with that result well first of all
I think that
well I’ll tell you that what the moment
was like you do our calculations and we
have a view that’s very different than
the rest of the world’s view at that
time so the independent thinking
we had among ourselves different people
who had different views and the ability
to work ourselves through those and was
essential for us to being able to stand
upside from the crowd so I needed to
have the independent thinking and we
needed to work it through and then even
at that time we had to have the fear of
being wrong because you can never be
confident that you’re wrong right in the
markets and so to place the bet but to
place the bet in a defensive way and to
work out together
the engineering what I believe is that
everything happens over and over again
through history world operates like a
machine that happens over and over again
and that if you can sort of go above
yourself in your circumstances and look
down at yourself within your
circumstances within a historical
perspective and then have agreed upon
principles you know principles are how
to handle things that happen over and
over again by having that it’s helpful
and ours are just oriented around this
idea of meritocracy so it allowed us to
have an independent point of view while
being not a hundred percent certain and
you know to be defensive and it allowed
us to play that well so the big shift in
terms of going to the notion of what do
I do with my money let’s say you have a
lot of liquidity and you’re look at the
world has lots of liquidity today the
world has lots of liquidity the question
is what are its choices and one of those
choices look like and then you put your
money so you produce a lot of money
around a lot of liquidity and then say
do you stop buying US bonds when you
have or do stop buying Japanese bonds
when you have no interest rate and a
currency risk and and and so what when
do you stop by well it’s when you have
confidence and some ultimately when it’s
driven to something else at some point
you get a move toward inflation if
there’s a move toward like I want to
hold inflation assets then you come into
problems until you don’t have that move
to move toward inflation assets you have
a capacity for a lot of the buying there
and it and so the timing can you go to
what you’re like can you go to your
mistakes can you go to your weaknesses
right can you go to other people’s
mistakes and weaknesses
some people because of an ego barrier
can’t do that and so if they don’t
recognize their own mistakes their own
weaknesses or others mistakes and
weaknesses what the root cause me being
what they’re like because of ego
barriers if they can’t go there they’re
going to repeat those mistakes they’re
going to have them over and over again
so it’s the process essentially of
saying at that stage what am I like
everybody has strengths and everybody
has weaknesses the weaknesses are the
other side of the strengths so let’s say
if you’re you know a right brain
creative person you may not be reliable
because just the way you think
necessitates you to think a certain way
that means you can’t think in another
way that means you’re going to keep
bumping into that thing that’s standing
in your way but unless you can embrace
I’m not reliable alright and deal with
it you won’t get around it it’s still
going to continue to be a barrier right
so the diagnosis to the root cause is
important so then if you diagnose it
then you have to design what are you
going to do about it
that works so let’s say you are very
creative but not reliable okay you have
to find the means of it first of all
embracing that and then saying if I’m
not reliable what do I do it do I work
with the reliable person do I learn
reliability do I have some compensating
mechanism because I can’t let that lack
of reliability stand in the way my goal
as long as I keep doing that I’m going
to keep running into problems so you
have to design what you do about the
problems and then when you’re designing
what you do about the problems then you
have to follow it through so you have to
follow through or or do the thing you
designed and and and the doing the thing
you designed require self-discipline and
so on so people have to do those things
in order to be successful right if they
know what their goals are they they have
their will encounter their problems they
have to diagnose those problems down to
the root cause the real root cause they
have to design ways to get around them
and then they have to have the
self-discipline to follow that and it’s
a continuous iterative process so that
that’s what we keep doing right so
you’re going in that direction I would
say that all of the shapers are doing
that they’re doing that they doing that
well right so they don’t mind the
problems they don’t mind that I think
it’s very important to know what people
are like
yet most organizations don’t want to go
there by knowing what people are liking
and having them part of the process of
knowing what they’re like there’s better
understanding better communication and
also of course you can make better teams
because there nobody has all that’s
needed to be successful you know that we
need each other to play different roles
and the ability to do that by knowing
what people are like is enhanced and
have no idea how you all see things
differently that there’s a thinking
spectrum some people are creative and
not reliable some people are reliable
not creative and as you start to give
people personality tests like
myers-briggs or the big five or
different personality tests you start to
learn how people see things differently
and then when you see them differently
and you and that screen pops up wherever
rather than just seeing how you see it
you go above that and you’re seeing that
everybody is seeing things differently
it changes how you see things because it
starts to make you think how do I know
I’m not the wrong one in other words as
you go above it and you look down on all
those different ways of seeing you start
to think how do I know I’m not the wrong
one and how do I collectively see and
you see
in a color range it’s like seeing in a
different color range or going from two
dimensions to three dimensions all of a
sudden you see the full spectrum of
seeing things and then you go to the
higher level we have systems that go
through the computers that go the higher
level that say then how do we weigh all
those ways of seeing to make the best
decisions so not so you don’t get too
attached to your opinions I think the
greatest tragedy of mankind is people
holding on to wrong opinions that could
so easily be rectified and that’s doing
them are because they’re making wrong
decisions so how do you collectively do
that well the answer is by everybody
seeing everything and seeing how others
see they begin to gain those
perspectives they also get to get an
appreciation for the other way of seeing
used to be that everybody would drive
each other crazy you your what brain
works in one way my brain works in
another maybe I see big picture you see
detail right maybe I’m creative Dimity
you’re reliable
we drive each other crazy it when you
start to realize that people are
actually seeing in those ways and that’s
a valid way of saying and that I need
you and you need me and how to put
together the team as you’re asking about
it gives you the evidence base it’s okay
to be different
thank you guys so much for watching I
made this video because Hainan Bora
asked me to
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[Music]
which produces income you can spend at
the end of the day what you are and what
you earn is a function of your
productivity and for a country it’s the
same as for individuals you work hard
you well-educated you know you can be
more productive if you work harder or
you can learn more productive if you
will create it productivity is going to
be the single biggest factor how do you
make people productive self sufficiency
you know that the single biggest factor
for a number of countries is do people
feel the consequences of their earning
or they’re not working in countries
where their self sufficiency then and
they feel those consequences rather than
greater social net they will have higher
levels of productivity so at the end of
the day it’s really the things that you
when you look at your neighbors and you
say if they can get it income and
they’re not going to be penalized much
they’re going to be less motivated
there’s a series of those and what I’m
trying to direct the attention to is
what those specific factors are so that
it’s like a health index so I’d like to
draw people to you know that the
productivity we did this productivity
study and you could see then what those
correlations in the nation because for
all nations same formula and because
it’s like a health report if you can
look at what is your cholesterol level
what is your you smoke you exercise you
just you don’t you could no your account
doesn’t want to find out you can know
your ten-year prognosis and if you could
look at that unemotionally with that
benchmark you can see what productivity
is
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