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" 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? "

Ray Dalio

Nature

Run

Business

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" 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. "

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" When growth is slower-than-expected, stocks go down. When inflation is higher-than-expected, bonds go down. When inflation is lower-than-expected, bonds go up. "

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Down

" If it didn't happen in your life before, then you're not paying attention you don't think it's possible. But almost all important events never happen in your life before. "

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" The economy is like a machine. "

Ray Dalio

Economy

Machine

" Maintain 'baseball cards' and/or 'believability matrixes' for your people. Imagine if you had baseball cards that showed all the performance stats. You could see what they did well and poorly and call on the right people to play the right positions in a very transparent way. "

" The world is still in deleveraging. "

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World

Still

" A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic. "