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首页 生活,工作和投资《原则》-Ray-Dalio-Principles.pdf

生活,工作和投资《原则》-Ray-Dalio-Principles.pdf

生活,工作和投资《原则》-Ray-Dalio-Principl…

上传者: 打响指的石头 2017-01-14 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《生活,工作和投资《原则》-Ray-Dalio-Principlespdf》,可适用于经济金融领域,主题内容包含copyRayDalioPrinciplsbyRayDalioWhatfollowsarthrdistinctpartsthatcanbradith符等。

copyRayDalioPrinciplsbyRayDalioWhatfollowsarthrdistinctpartsthatcanbradithrindpndntlyorasaconnctdwholPartisaboutthpurposandimportancofhaingprinciplsingnral,haingnothingtodowithminPartxplainsmymostfundamntallifprinciplsthatapplytorythingIdoPart,xplainsmymanagmntprinciplsasthyarbinglidoutatBridgwatrSincmymanagmntprinciplsarsimplymymostfundamntallifprinciplsapplidtomanagmnt,radingPartwillhlpyoutobttrundrstandPart,butitrsquosnotrquirdmdashyoucangodirctlytoParttoswhatmymanagmntprinciplsarandhowBridgwatrhasbnrunOndayIrsquodliktowritaPartonmyinstmntprinciplsIfyouarlookingtogtthmostbangforyourbuck(i,undrstandingforthffort),IsuggstthatyouradPartsand,andthbginningofPart(throughthSummaryandTablofPrincipls)whichwillgiyounarlythwholpicturItrsquosonlyaboutpagsofanormalsizbookAboallls,Iwantyoutothinkforyourslfmdashtodcid)whatyouwant,)whatistruand)whattodoaboutitIwantyoutodothatinaclarhaddthoughtfulway,sothatyougtwhatyouwantIwrotthisbooktohlpyoudothatIamgoingtoaskonlytwothingsofyoumdash)thatyoubopnmianbapplidorandoragaininsimilarcircumstancsasdistinctfromnarrowanswrstospcificqusti<spanclass='wran'>ons<span>ErygamhasprinciplsthatsuccssfulplayrsmastrtoachiwinningrsultsSodoslifPrinciplsarwaysofsuccssfullydalingwiththlawsofnaturorthlawsoflifThoswhoundrstandmorofthmandundrstandthmwllknowhowtointractwiththworldmorffctilythanthoswhoknowfwrofthmorknowthmlsswllDiffrntprinciplsapplytodiffrntaspctsoflifmdashg,thrarldquoskiingprinciplsrdquoforskiing,ldquoparntingprinciplsrdquoforparnting,ldquomanagmntprinciplsrdquoformanaging,ldquoinstmntprinciplsrdquoforinsting,tcmdashandthrarorarchingldquolifprinciplsrdquothatinfluncourapproachstoallthingsAnd,ofcours,diffrntpoplsubscribtodiffrntprinciplsthatthybliworkbstIamconfidntthatwhatrsuccssBridgwatrandIhahadhasrsultdfromouropratingbycrtainprinciplsCratingagratcultur,findingthrightpopl,managingthmtodogratthingsandsolingproblmscratilyandsystmaticallyarchallngsfacdbyallorganizati<spanclass='wran'>ons<span>WhatdiffrntiatsthmishowthyapproachthschallngsThprinciplslaidoutinthpagsthatfollowconyouruniquwaysofdoingthsthings,whicharthras<spanclass='wran'>ons<span>forouruniqursultsBridgwatrrsquossuccsshasrsultdfromtalntdpoplopratingbythprinciplsstouthr,anditwillcontinuifthsorothrtalntdpoplcontinutoopratbythmLikgttingfit,irtuallyanyoncandoitifthyarwillingtodowhatittaksWhatiswrittnhrisjustmyundrstandingofwhatittaks:mymostfundamntallifprincipls,myapproachtogttingwhatIwant,andmyldquomanagmntprincipls,rdquowhicharbasdonthosfoundati<spanclass='wran'>ons<span>Takntogthr,thsprinciplsarmanttopaintapicturofaprocssforthsystmaticpursuitoftruthandxcllncandforthrwardsthataccompanythispursuitIputthminwritingforpopltoc<spanclass='wran'>ons<span>idrinordrtohlpBridgwatrandthpoplIcaraboutmostSincIlarndthsprinciplsbyncountringralityandrflctingonmyncountrs,andIamstilldoingthsthings,IxpctthrarmorprinciplstocomSoIamstillcratingthisdocumntbythrowingariousthoughtsdownwhnthyoccurtom,tryingtoputthminsomsnsiblordrandtryingtosmoothorthbumpsOrganizingthsprinciplsintoasnsiblordrisachallngsincthyrlattoachothrmorlikamatrixthanasasquncTohlpguidyou,Irsquotridtoorganizthmaroundlargthmslikbuildingagratcultur,managingpoplwll,andcratiproblmsolingIwillcontinuthsthings,sothisisanolingdocumntIrsquomsurthatIwillcomupwithmorasIlarnmorWhnIsaythatthsarmyprincipls,IdonrsquotmanthatinapossssiorgotisticalwayIjustmanthatthyarxplanati<spanclass='wran'>ons<span>ofwhatIprsonallybliIblithatthpoplIworkwithandcaraboutmustthinkforthmslsIstthsprinciplsoutandxplaindthlogicbhindthmsothatwcantogthrxplorthirmritsandstrsststthmWhilIamconfidntthatthsprinciplsworkwllbcausIhathoughthardaboutthm,thyhaworkdwllformformanyyars,andthyhastooduptothscrutinyofthhundrdsofsmart,skpticalpopl,IalsoblithatnothingiscrtainIblithatthbstwcanhopforishighlyprobablByputtingthmoutthrandstrsststingthm,thprobabilitisofthirbingrightwillincrasIntroductioncopyRayDalioIalsoblithatthosprinciplsthatarmostaluabltoachofuscomfromourownncountrswithralityandourrflcti<spanclass='wran'>ons<span>onthsncountrsndashnotfrombingtaughtandsimplyaccptingsomonlsrsquosprinciplsSo,Iputthsoutthrforyoutorflctonwhnyouarncountringyourralitis,andnotforyoutoblindlyfollowWhatIhopformostisthatyouandothrswillcarfullyc<spanclass='wran'>ons<span>idrthmandtryopratingbythmaspartofyourprocssfordiscoringwhatworksbstforyouThroughthisxploration,andwiththirincrasdusag,notonlywillthybundrstood,butthywillolfromldquoRayrsquosprinciplsrdquotoldquoourprincipls,rdquoandRaywillfadoutofthpicturinmuchthsamwayasmmorisofonrsquosskiortnnisinstructorfadandpoplonlypayattntiontowhatworksThrarofcourslotsofothrtypsofprinciplsForxampl,IhoptoondaywritaboutmyinstmntprinciplsHowr,managmntprinciplsarnowwhatwndmost,sohrarth<spanclass='wran'>ons<span>thatIthinkmaksnsandhaworkdformSo,whndigstingachprincipl,plasaskyourslf:ldquoIsittrurdquoBforIdiscussthmanagmntprinciplsthmsls,itrsquosimportantformtoarticulatmyownmostfundamntallifprinciplsbcausmymanagmntprinciplsaranxtnsionofthmInPart,IxplainwhatImanbyprincipls,whyIblithyarimportant,andhowthyarssntialforgttingwhatyouwantoutoflifPartxplainsmymostfundamntallifprinciplsIdscribwhatIbliarthbstwaysofintractingwithralitytolarnwhatitrsquoslik,andhowtomostffctilydalwithittogtwhatyouwantIalsodiscusswhatIbliarthmostcommontrapsthatpoplfallintothatprntthmfromgttingwhatthywant,andhowpoplrsquosliscanbradicallybttrbyaoidingthmIwrotthissoyoucanbttrundrstandwhymyothrprinciplsarwhatthyar,thoughyoudonrsquotndtoradthisparttoundrstandthothrsPartisaboutmymanagmntprinciplsAsIharunBridgwatrformorthanyars,itxplainsBridgwatrrsquosapproachuptillnowItbginsatthbigpictur,concptualll,withanxplanationofwhyIblithatanycompanyrsquosrsultsarprimarilydtrmindbyitspoplanditsculturItthndrillsdownintowhatIbliarthimportantprinciplsbhindcratingagratcultur,hiringthrightpopl,managingthmtoachixcllnc,solingproblmssystmaticallyandmakinggooddcisi<spanclass='wran'>ons<span>WhilthisparticulardocumntwillalwaysxprssjustwhatIbli,othrswillcrtainlyhathirownprincipls,andpossiblynthirownprinciplsdocumnts,andfuturmanagrsofBridgwatrwillworkinthirownwaystodtrminwhatprinciplsBridgwatrwillopratbyAtmost,thiswillrmainasonrfrncofprinciplsforpopltoc<spanclass='wran'>ons<span>idrwhnthyardcidingwhatrsquosimportantandhowtobhaPart:ThImportancofPrinciplscopyRayDalioIblithathaingprinciplsthatworkisssntialforgttingwhatwwantoutoflifIalsoblithattoundrstandachothrwhatoundrstandachothrrsquosprinciplsPart:ThImportancofPrincipls)WhatarprinciplsThatiswhyIbliwndtotalkaboutthmWwillbginbyxaminingthfollowingqusti<spanclass='wran'>ons<span>:WhatarprinciplsWhyarprinciplsimportantWhrdoprinciplscomfromDoyouhaprinciplsthatyouliyourlifbyWhatarthyHowwlldoyouthinkthywillwork,andwhyAnswrallqusti<spanclass='wran'>ons<span>withcomplth<spanclass='wran'>ons<span>ty,withoutworryingwhatIorothrsmightthinkThath<spanclass='wran'>ons<span>tywillallowyoutobcomfortablliingwithyourownprincipls,andtojudgyourslfbyhowc<spanclass='wran'>ons<span>istntlyyouopratbythmIfyoudonrsquothamanywllthoughtoutprincipls,donrsquotworryWwillgtthrtogthr,ifwrmainopnminddYouralusarwhatyouc<spanclass='wran'>ons<span>idrimportant,litrallywhatyouldquoalurdquoPrinciplsarwhatallowyoutolialifc<spanclass='wran'>ons<span>istntwiththosalusPrinciplsconnctyouralustoyouracti<spanclass='wran'>ons<span>thyarbac<spanclass='wran'>ons<span>thatguidyouracti<spanclass='wran'>ons<span>,andhlpyousuccssfullydalwiththlawsofralityItistoyourprinciplsthatyouturnwhnyoufachardchoics)WhyarprinciplsimportantAllsuccssfulpoplopratbyprinciplsthathlpthmbsuccssfulWithoutprincipls,youwouldbforcdtoracttocircumstancsthatcomatyouwithoutc<spanclass='wran'>ons<span>idringwhatyoualumostandhowtomakchoicstogtwhatyouwantThiswouldprntyoufrommakingthmostofyourlifWhilopratingwithoutprinciplsisbadforindiiduals,itisnworsforgroupsofindiiduals(suchascompanis)bcausitladstopoplrandomlybumpingintoachothrwithoutundrstandingthirownalusandhowtobhainordrtobc<spanclass='wran'>ons<span>istntwiththosalus)WhrdoprinciplscomfromSomtimswforgourownprinciplsandsomtimswaccptothrsrsquoprincipls,orholisticpackagsofprincipls,suchasrligionandlgalsystmsWhilitisnrsquotncssarilyabadthingtousothrsrsquoprinciplsmdashitrsquosdifficulttocomupwithyourown,andoftnmuchwisdomhasgonintothosalradycratdmdashadoptingprpackagdprinciplswithoutmuchthoughtxpossyoutothriskofinc<spanclass='wran'>ons<span>istncywithyourtrualusHoldingincompatiblprinciplscanladtoconflictbtwnalusandacti<spanclass='wran'>ons<span>mdashlikthhypocritwhohasclaimstobofarligionytbhascountrtoitstachingsYourprinciplsndtorflctalusyourallybliinIwishryonwrotdownthirprinciplsIwishIcouldradandcomparthprinciplsofallthpoplIrsquomintrstdinmdashStJobs,AlbrtEinstin,poplrunningforpoliticaloffic,poplIsharmylifwith,tcI#dlotoknowwhatthyalumostandwhatprinciplsthyustogtwhatthywantImaginhowgratthatwouldbmdashgimaginhowmuchaluablfundamntalthinkingcouldbharnssdIhopthatmydoingthiswillncouragothrstodothsamPart:ThImportancofPrinciplscopyRayDalio)DoyouhaprinciplsthatyouliyourlifbyWhatarthyYourprinciplswilldtrminyourstandardsofbhaiorWhnyountrintorlati<spanclass='wran'>ons<span>hipswithothrpopl,yourandthirprinciplswilldtrminhowyouintractPoplwhohashardalusandprinciplsgtalongPoplwhodonrsquotwillsuffrthroughc<spanclass='wran'>ons<span>tantmisundrstandingsandconflictwithonanothrToooftninrlati<spanclass='wran'>ons<span>hips,poplrsquosprinciplsarunclarThinkaboutthpoplwithwhomyouarclosstArthiralusaligndwithyoursWhatdoyoualumostdply)Howwlldoyouthinkthywillwork,andwhyThosprinciplsthatarmostaluablcomfromourownxprincsandourrflcti<spanclass='wran'>ons<span>onthosxprincsErytimwfachardchoics,wrfinourprinciplsbyaskingourslsdifficultqusti<spanclass='wran'>ons<span>Forxampl,whnourrprsntatisinWashingtonarinstigatingwhthrarioussgmntsofsocityarbhaingthically,thyarsimultanouslygrapplingwithqusti<spanclass='wran'>ons<span>suchas,ldquoShouldthgornmntpunishpoplforbadthics,orshoulditjustwritandnforcthlawsrdquoQusti<spanclass='wran'>ons<span>ofthiskindmdashinthiscas,aboutthnaturofgornmntmdashpromptthoughtfulassssmntsofaltrnatiapproachsThsassssmntsinturnladtoprinciplsthatcanbapplidtosimilaroccasi<spanclass='wran'>ons<span>inthfuturAsanothrxampl,ldquoIwonrsquotstalrdquocanbaprincipltowhichyourfrwhnthchoicofwhthrornottostalarissButtobmostffcti,achprinciplmustbc<spanclass='wran'>ons<span>istntwithyouralus,andthisc<spanclass='wran'>ons<span>istncydmandsthatyouask:WhyIsthrasonyouwonrsquotstalbcausyouflmpathyforyourpotntialictimIsitbcausyoufargttingcaughtByaskingsuchqusti<spanclass='wran'>ons<span>,wrfinourundrstanding,andthdlopmntofourprinciplsbcomsbttraligndwithourcoralusTobsuccssful,youmustmakcorrct,toughchoicsYoumustbabltoldquocutoffalgtosaalif,rdquobothonanindiiduallland,ifyouladpopl,onagroupllAndtobagratladr,itisimportanttormmbrthatyouwillhatomakthschoicsbyundrstandingandcaringforyourpopl,notbyfollowingthmYouhatoanswrthsqusti<spanclass='wran'>ons<span>foryourslfWhatIhopformostisthatyouwillcarfullyc<spanclass='wran'>ons<span>idrthprinciplswwillbxploringinthisdocumntandtryopratingbythm,aspartofthprocssofdiscoringwhatworksbstforyouIntim,thanswrstothsqusti<spanclass='wran'>ons<span>willolfromldquoRayrsquosprinciplsrdquotoldquomyprincipls,rdquoandldquoRayrdquowillfadfromthpicturinmuchthsamwayasmmorisofyourskiinstructororbasktballcoachfadaftryouhamastrdthsportSo,asIblithatadoptingprpackagdprinciplswithoutmuchthoughtisrisky,IamaskingyoutojoinminthoughtfullydiscussingthprinciplsthatguidhowwactWhnc<spanclass='wran'>ons<span>idringachprincipl,plasaskyourslf,ldquoIsittrurdquoWhilthisparticulardocumntwillalwaysxprssjustwhatIbli,othrpoplwillcrtainlyhathirownprincipls,andpossiblynthirownprinciplsdocumnts,andfuturmanagrsofBridgwatrwillworkinthirownwaystodtrminwhatprinciplsBridgwatrwillopratbyAtmost,thiswillrmainasonrfrncofprinciplsforpopltoc<spanclass='wran'>ons<span>idrwhnthyardcidingwhatrsquosimportantandhowtobhaPart:MyMostFundamntalLifPrinciplscopyRayDalioIgrwupinamiddlclassnighborhoodonLongIsland,thonlysonofajazzmusicianandastayathommomIwasaryordinarykid,andalssthanordinarystudntIlikdplayingwithmyfrindsmdashforxampl,touchfootballinthstrtmdashandIdidn#tlikthschoolpartofschool,partlybcausIhad,andstillha,abadrotmmoryPart:MyMostFundamntalLifPrinciplsTimislikarirthatwilltakyouforwardintoncountrswithralitythatwillrquiryoutomakdcisi<spanclass='wran'>ons<span>Youcanrsquotstopthmomntdownthisrir,andyoucanrsquotaoidthncountrsYoucanonlyapproachthsncountrsinthbstwaypossiblThatiswhatthispartisallaboutWhrIrsquomComingFromSincwarallproductsofourgnsandournironmntsandapproachthworldwithbiass,IthinkitisrlantformtotllyouabitofmybackgroundsothatyoucanknowwhrIrsquomcomingfrom)Itisn#tasyformtobconfidntthatmyopini<spanclass='wran'>ons<span>arrightInthmarkts,youcandoahugamountofworkandstillbwrongandpartlybcausIcouldnrsquotgtxcitdaboorcingmyslftormmbrwhatothrswantdmtormmbrwithoutundrstandingwhatallthisworkwasgoingtogtmInordrtobmotiatd,InddtoworkforwhatIwantd,notforwhatothrpoplwantdmtodoAndinordrtobsuccssful,InddtofiguroormyslfhowtogtwhatIwantd,notrmmbrthfactsIwasbingtoldtormmbrOnthingIwantdwasspndingmonySoIhadanwspaprrout,Imowdlawns,Isholdthsnowoffdriways,Iwashddishsinarstaurant,and,startingwhnIwasyarsold,IcaddidItwasthsAtthtimthstockmarktwasboomingandryonwastalkingaboutit,spciallythpoplIcaddidforSoIstartdtoinstThfirststockIboughtwasacompanycalldNorthastAirlins,andthonlyrasonIboughtitwasthatitwasthonlycompanyIhadhardofthatwastradingforlssthan$prshar,soIcouldbuymorshars,whichIfigurdwasagoodthingItwntupalotItwasabouttogobrokbutanothrcompanyacquirdit,soittripldImadmonybcausIwaslucky,thoughIdidnrsquotsitthatwaythnIfigurdthatthisgamwasasyAftrall,withthousandsofcompanislistdinthnwspapr,howdifficultcoulditbtofindatlastonthatwouldgoupBycomparisontomyothrjobs,thiswayofmakingmonysmdmuchmorfun,alotasir,andmuchmorlucratiOfcours,itdidnrsquottakmlongtolosmonyinthmarktsandlarnabouthowdifficultitistobrightandthcostsofbingwrongSowhatIrallywantdtodonowwasbatthmarktIjusthadtofigurouthowtodoitThpursuitofthisgoaltaughtm:Rotmmoryismmoryforthingsthatdonrsquothaanintrinsiclogicforbingwhatthyar,likarandomsrisofnumbrs,wordsinaforignlanguagandpoplrsquosnams(allofwhichIhatroublwith)Onthothrhand,IhaagratmmoryforthingsthatmaksnsinacontxtForxampl,IcantllyouwhathappndinryyarinthconomyandmarktssincthmidsandhowmanythingsworkPart:MyMostFundamntalLifPrinciplscopyRayDalio)Badopini<spanclass='wran'>ons<span>canbrycostlyMostpoplcomupwithopini<spanclass='wran'>ons<span>andthrrsquosnocosttothmNotsointhmarktThisiswhyIhalarndtobcautiousNomattrhowhardIwork,Irallycanrsquotbsur)Thc<spanclass='wran'>ons<span>nsusisoftnwrong,soIhatobanindpndntthinkrTomakanymony,youhatobrightwhnthyrsquorwrongSo)IworkdforwhatIwantd,notforwhatothrswantdmtodoForthatrason,InrfltthatIhadtodoanythingAllthworkIrdidwasjustwhatInddtodotogtwhatIwantdSincIalwayshadthprrogatitonotstriforwhatIwantd,Inrfltforcdtodoanything)Icamupwiththbstindpndntopini<spanclass='wran'>ons<span>IcouldmustrtogtwhatIwantdForxampl,whnIwantdtomakmonyinthmarkts,IknwthatIhadtolarnaboutcompanistoassssthattractinssofthirstocksAtthtim,FortunmagazinhadalittltaroutcouponthatyoucouldmailintogtthannualrportsofanycompanisonthFortun,forfrSoIordrdallthannualrportsandworkdmywaythroughthmostintrsting<spanclass='wran'>ons<span>andformdopini<spanclass='wran'>ons<span>)Istrsststdmyopini<spanclass='wran'>ons<span>byhaingthsmartstpoplIcouldfindchallngthmsoIcouldfindoutwhrIwaswrongaboutwhichcompaniswrxciting)Irmaindwaryaboutbingorconfidnt,andIfigurdouthowtoffctilydalwithmynotknowingIdaltwithmynotknowingbyithrcontinuingtogathrinformationuntilIrachdthpointthatIcouldbconfidntorbyliminatingmyxposurtothrisksofnotknowingInrcardmuchaboutothrsrsquoconclusi<spanclass='wran'>ons<span>mdashonlyforthrasoningthatldtothsconclusi<spanclass='wran'>ons<span>ThatrasoninghadtomaksnstomThroughthisprocss,Iimprodmychancsofbingright,andIlarndalotfromalotofgratpopl)Iwrstldwithmyralitis,rflctdonthc<spanclass='wran'>ons<span>quncsofmydcisi<spanclass='wran'>ons<span>,andlarndandimprodfromthisprocssBydoingthsthings,IlarndhowimportantandhowlibratingitistothinkformyslfInanutshll,thisisthwholapproachthatIbliwillworkbstforyoumdashthbstsummaryofwhatIwantthpoplwhoarworkingwithmtodoinordrtoaccomplishgratthingsIwantyoutoworkforyourslf,tocomupwithindpndntopini<spanclass='wran'>ons<span>,tostrsststthm,tobwaryaboutbingorconfidnt,andtorflctonthc<spanclass='wran'>ons<span>quncsofyourdcisi<spanclass='wran'>ons<span>andc<spanclass='wran'>ons<span>tantlyimproAftrIgraduatdfromhighschool,IwnttoalocalcollgthatIbarlygotintoIlodit,unlikhighschool,bcausIcouldlarnaboutthingsthatintrstdmIstudidbcausInjoydit,notbcausIhadtoThwayIlarnistoimmrsmyslfinsomthing,whichpromptsqusti<spanclass='wran'>ons<span>,whichIanswr,promptingmorqusti<spanclass='wran'>ons<span>,untilIrachaconclusionThisincluddmyrtailstockbrokr,thpoplIwascaddyingfor,nmylocalbarbr,whowasquallyngrossdinthstockmarkt(ItwasnrsquotasprcociousasitsoundsAtthtim,instadoftalkingaboutthYanks,ryonwastalkingaboutstocksThatwasthworldIgrwupin)SomtimswhnIknowthatIdonrsquotknowwhichwaythcoinisgoingtoflip,ItrytopositionmyslfsothatitwonrsquothaanimpactonmithrwayInothrwords,IdonrsquotmakaninadrtntbtItrytolimitmybtstothlimitdnumbrofthingsIamconfidntinPart:MyMostFundamntalLifPrinciplscopyRayDalioAtthattimthBatlshadmadatriptoIndiatolarnhowtomditat,whichtriggrdmyintrst,soIlarndhowtomditatIthlpdmthinkmorclarlyandcratily,soIrsquomsurthatnhancdmynjoymntof,andsuccssat,larningBythway,IstillmditatandIstillfindithlpfulUnlikinhighschool,incollgIdidrywllAndofcoursIcontinudtotradmarktsAroundthistimIbcamintrstdintradingcommoditisfuturs,thoughirtuallynobodytraddthmbackthnIwasattractdtotradingthmjustbcausthyhadlowmarginrquirmntssoIfigurdIcouldmakmormonybybingright(whichIplanndtob)BythtimIgraduatdcollg,in,IhadbnadmittdtoHarardBusinssSchool,whrIwouldgointhfallThatsummrbtwncollgandHBSIclrkdonthfloorofthNwYorkStockExchangThiswasthsummrofthbrakdownofthglobalmontarysystm(i,thBrttonWoodssystm)ItwasonofthmostdramaticconomicntsrandIwasatthpicntrofit,soitthrilldmItwasacurrncycrisisthatdroallmarktbhaiors,soIdldintoundrstandingthcurrncymarktsThcurrncymarktswouldbimportanttomforthrstofmylifThatfallIwnttoHarardBusinssSchool,whichIwasxcitdaboutbcausIfltthatIhadclimbdtothtopandwouldbwiththbstofthbstDspitthshighxpctati<spanclass='wran'>ons<span>,thplacwasnbttrthanIxpctdbcausthcasstudymthodallowdopnnddfiguringthingsoutanddbatingwithothrstogtatthbstanswrs,rathrthanmmorizingfactsIlodthworkhard,playhardnironmntInthsummrbtwnmytwoyarsatHBS,IpursudmyintrstintradingcommoditisfutursbyconincingthDirctorofCommoditisforMrrillLynchtogimajobashisassistantAtthtim,commoditistradingwasstillanobscurthingtodoInthfallIwntbacktoHBS,andinthatacadmicyar,,tradingcommoditisfutursbcamahotthingtodoThatisbcausthmontarysystmrsquosbrakdownthatoccurrdinldtoaninflationarysurgthatsntcommoditypricshighrAsarsultofthis,thfirstoilshockoccurrdinAsinflati<spanclass='wran'>ons<span>tartdtosurg,thFdralRsrtightndmontarypolicytofightit,sostockswntdowninthworstbarmarktsincthGratDprssionSo,commoditisfuturstradingwashotandstockmarktinstingwasnotNaturally,brokraghoussthatdidnrsquothacommoditistradingdpartmntswantdthm,andthrwasashortagofpoplwhoknwanythingaboutitVirtuallynobodyinthcommoditisfutursbusinsshadthtypofHarardBusinssSchoolbackgroundthatIhadSoIwashirdasDirctorofCommoditisatamodratsizbrokragandginanoldsaltwhohadlotsofcommoditisbrokragxprinctohlpmstupacommoditisdiisionThbadstockmarktnironmntndduptakingthisbrokraghousdownbforwcouldgtthcommoditisfuturstradinggoingIwnttoabiggr,morsuccssfulbrokrag,whrIwasinchargofitsinstitutionalhdgingbusinssButIdidnrsquotfitintothorganizationwll,soIwasfirdssntiallyforinsubordinationSoin,aftraquicktwoyarstintonWallStrtaftrschool,IstartdBridgwatrSoonaftr,IgotmarridandbganmyfamilyThroughthistimandtillnowIfollowdthsambasicapproachIusdasayaroldcadditryingtobatthmarkt,i,by)workingforwhatIwantd,notforwhatothrswantdmtodo)comingupwiththbstindpndntopini<spanclass='wran'>ons<span>Icouldmustrtomotowardmygoals)strsststingmyopini<spanclass='wran'>ons<span>byhaingthsmartstpoplIcouldfindchallngthmsoIcouldfindoutwhrIwaswrong)bingwaryaboutorconfidnc,andgoodatnotknowingand)wrstlingwithrality,xprincingthrsultsofmydcisi<spanclass='wran'>ons<span>
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