The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.
Ray DalioEach person assesses each other person's credibility on different dimensions, because people are strong and weak in different things.
Ray DalioBe wary of the arrogant intellectual who comments from the stands without having played on the field.
Ray DalioI think if you look at the statistics and you deal with fake media - and fake media and distorted media is a continuum - the vast majority of the population says, "I don't know what to believe." There are no checks and balances in quality control.
Ray Dalio