A biography for Ray Daliohasn’t been written yet.
“I don't get caught up in the moment.”
“There is a strong tendency to get used to and accept very bad things that would be shocking if seen with fresh eyes.”
“An economy is not a complicated thing; it just has a lot of moving parts.”
“The big question is: When will the term structure of interest rates change? That's the question to be worried about.”
“The economy is like a machine.”
“There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.”
“Treat your life like a game.”
“What I'm trying to say is that for the average investor, what I would encourage them to do is to understand that there's inflation and growth. It can go higher and lower and to have four different portfolios essentially that make up your entire portfolio that gets you balanced.”
“I was about twenty and the Beatles were meditating and I heard about it and they had a center in New York and I came to the center and I learned about it.”
“I notice a difference from the moment I meditate.”
“Almost everything is like a machine.”
“So how does the machine work that you have a financial crisis? How does deleveraging work - what is the nature of that machine? And what is human nature, and how do you raise a community of people to run a business?”
“I think that the first thing is you should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.”
“Constantly probe the people who report to you, and encourage them to probe you.”
“Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity.”
“The world is still in deleveraging.”
“Know what your people are like, and make sure they do their jobs excellently.”
“Competitiveness is really what it costs you per man-hour to get you what you want. In other words, there's an education level that plays into the mix and so if it's inexpensive to buy an hour of real good education in places like China versus the U.S., that factors in.”
“I'm just saying that if you understand how the economic machine works, it just works like a machine. There are cause-effect relationships.”
“The main reason I write the daily observations is because I want to know where I'm wrong. So lots of times if somebody points something out it helps me, and I want to have a diversified bet of uncorrelated bets.”