📖Ray Dalio
Meaningful Work and Relationships
Purpose and relationships matter more than money.
Meaningful work and meaningful relationships are the most important things in life. Making money is a side effect of pursuing these well.
🏠 Everyday Analogy
📖 Core Interpretation
Ray Dalio advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Wealth is a byproduct of meaningful pursuits.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Global Financial Crisis (2008)
All-Weather, with balanced risk across asset classes, declined far less than equity-heavy portfolios and avoided forced selling during the crash.
✨ Outcome：Preserved capital relative to stocks and participated in the subsequent recovery, illustrating crisis resilience.
2
COVID-19 Market Shock (2020)
During the rapid pandemic selloff, diversified risk exposures helped cushion losses versus concentrated equity portfolios, while bonds and some commodities offset part of the drawdown.
✨ Outcome：Smaller drawdown and quicker recovery reinforced the strategy’s goal of stability across economic environments.
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