Ray Dalio on Wealth Quotes

"The best way to manage risk is to diversify."

"To be a successful investor, you must be an independent thinker who bets against the consensus and is right."

"A debt crisis occurs when debt and debt service costs rise faster than the incomes."

"Diversification is the only 'free lunch' in investing."

"Capitalism is a system that incentivizes people to be productive."

"Productivity is the most important force in the long run, but credit is the most important in the short run."

"Pain plus reflection equals progress."

"If you don't own gold, you know neither history nor economics."

"The economy is just the sum of the transactions that make it up."

"There are three main forces that drive the economy: productivity growth, the short-term debt cycle, and the long-term debt cycle."

"The most important thing is that you have a process for making decisions."

"The printing of money is a way to redistribute wealth."

"Radical transparency and radical truth are the foundations of a great organization."

"Debt is a double-edged sword that can create wealth or destroy it."

"Cash is trash because it loses value over time through inflation."

"In the long run, your spending must be less than your income."

"The holy grail of investing is to have 15 or more uncorrelated return streams."

"The biggest mistake investors make is to think that what happened in the recent past is likely to persist."

"You have to be an independent thinker because you can't make money agreeing with the consensus."

"Success is a result of having a good system."

"Greatness is not a matter of luck; it’s a matter of discipline."

"Don't have debt rise faster than income, because your debt burdens will eventually crush you."

"Money is a byproduct of excellence, not a goal."

"Do all that you can to raise your productivity, because in the long run, that's what matters most."

"The long-term debt cycle typically lasts 75 to 100 years."

"Wealth is the ability to live the life you want."

"Every time you buy something, you are voting for what kind of economy you want."

"Risk is not knowing what you're doing."

"The more you give, the more you get."

"Financial freedom comes from understanding the game and playing it well."

"Principles are ways of successfully dealing with reality to get what you want out of life."

"Inflation is a tax on those who hold cash."

"History shows that all empires and their currencies eventually fail."