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Two years out of business school, Dalio found himself with no job. When he was let go, he stayed on good terms with his brokers and their clients. They valued his advice and were still willing to pay him for it. Out of pure interest, Dalio had also been trading his own account on the side since graduating HBS. It struck him he could leverage circumstances to build a company of his own.In 1975, Bridgewater Associates was born.
This key insight drove much of his early success and by the late 1970s Bridgewater was gaining attention. That, though, was about to change.In the early 1980’s, Bridgewater experienced a fall out from the silver crash. Based on his models, Dalio predicted a depression would soon hit the U.S. economy. Instead, the U.S. experienced an economic boom. “I was dead wrong….
Making a choice, though, doesn’t make executing on that choice any easier. Dalio was now in his early thirties. He was paving a path forward with no guarantee of success, a little like trying to walk when it's pitch black. So he focused on what he could see. “From my earlier failures, I knew that no matter how confident I was in making any one bet I could still be wrong.” Dalio didn’t fixate on his past experiences; he fixed it. He applied the process to his work too.
“At some point in life you will crash in a big way. You might fail at your job or with your family, lose a loved one, suffer a serious accident or illness, or discover the life you imagined is out of reach forever. There are a whole host of ways that something will get you. At such times, you will be in pain and might think that you don’t have the strength to go on.
Many people think the point of life is to avoid pain, but the only way to beat failure is to forge through it. “I saw that to do exceptionally well you have to push your limits and that, if you push your limits, you will crash and it will hurt a lot. You will think you have failed - that won’t be true unless you give up. Believe it or not, your pain will fade and you will have many other opportunities ahead of you, though you might not see them at the time,” Dalio writes.
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