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Motivation Daily by Motiversity

THE MINDSET OF A BILLIONAIRE - Ray Dalio Billionaire Investors Advice

Motivation Daily by Motiversity

Motiversity

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4.71.9K Ratings

🗓️ 21 September 2022

⏱️ 11 minutes

🧾️ Download transcript

Summary

"You Cannot Be Successful If You Are Betting With The Consensus." RAY DALIO. The Mindset Of A Billionaire.

Inspired? Get Ray Dalio's Best Selling Book PRINCIPLES: https://amzn.to/2QRetQD

Also check out the new illustrated version: https://amzn.to/36SM8ia


Special thanks to Tom Bilyeu. Subscribe for more inspiring interviews: https://www.youtube.com/tombilyeu


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Speaker


Ray Dalio


Music


Audiojungle


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Transcript

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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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