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🗓️ 21 September 2022
⏱️ 11 minutes
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"You Cannot Be Successful If You Are Betting With The Consensus." RAY DALIO. The Mindset Of A Billionaire.
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Ray Dalio
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0:00.0 | If you want your life to be successful, you will not let yourself do certain things because |
0:09.2 | you're just no good at them. |
0:11.0 | Once you get that picture down, then you can find the past wherever the paths are. |
0:15.3 | You're open minded. |
0:19.6 | The Holy Grail of Invested, it's three pages long, and it explains basically this important |
0:27.2 | thing because when that epiphany happened to me and how I would do it, it changed everything. |
0:32.1 | And it's so important for the average person who's listening, and let me explain why that |
0:36.3 | is. |
0:37.4 | Because the average person who's listening, too many people, think that they can go into |
0:43.4 | this very difficult zero-sum game of betting against the consensus and be right. |
0:50.0 | You know what I mean? |
0:51.0 | In other words, Investor says, I'm going to go in the markets, I'm going to make money. |
0:54.6 | Think against the consensus and be right. |
0:57.2 | Because the consensus is built into the price, so think of it as like going to a horse race |
1:04.7 | and there's handicaps. |
1:06.1 | You're not going to pick the best horse, and you're not going to pick the best company. |
1:11.4 | A terrible company can be a better investment than a terrific company. |
1:17.3 | A terrible company can be a better investment, just like the terrible horse can be a better |
1:22.5 | investment. |
1:23.5 | Because the odds are changing, like you go into that, that becomes the long shot. |
1:29.2 | But because the long shot is going to pay off 25 to 1, if he comes in, you could just |
1:38.1 | as likely bet on the long shot as the leader, and it's going to be equally likely that |
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