RAY DALIO：How I learn to invest（翻译）

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types of things you've had an amazing success story with Bridgerwater .you started the company in your kitchen.I believe 40 years ago built into the most successful hedge fund in the world.when you started how did you learn to invest? how did you investment strategy change over time?

yeal well .l learn from my mistakes.in other words my instinct is you kown you go there and you place a bet until had winners . l've had losers and what I did well every time? I made a mistake.they become painful mistakes but with time I realized that reflecting on .

those mistakes would give me gems.what I would do is I'd say ?why did I make that mistake ?

I would learn from that mistake and I'd write down a rule so what was helpful for me .is I put that rule principles these principles ?I write these principles.now those principles that I wrote down. I then put into algorithms.in other words equations .what I learned by being able to do that is by ?if by I took my decision criteria those principles and then I tested them back through time. I gained a perspective that was fantastic.I could test them in the back a hundred years.I could test them in different countries and I would learn how those rules work . I put by putting all those rules together and then how having these algorithms .the computer could replicate my thinking but it could actually think better than I could because what it would do is it would take it can process more information.it can process it faster and it could process it less emotionally.

so it was like having a GPS that was next to me while I was also making my decisions.like you're driving in a car.you have both operating and to have that next to me .was you know invaluable it would learn l would and together we built that.

你与桥水有惊人的成功故事。你在你的厨房里开始公司。我相信40年前建成了世界上最成功的对冲基金。在当你开始的时候，你如何学会了投资？随着时间流逝你如何改变投资策略的？

是啊!我从我的错误学习。换句话说，我的直觉是:你知道你去那里?我去哪里，我下注直到成为赢家。我有过失败，每一次做好了什么呢？我犯了一个错误。他们变成了痛苦的错误，但随着时间的推移，我意识到这些错误像"宝石"一样。我说什么呢？我做什么呢？我为什么犯那样的错误？

我会从那个错误中吸取教训，并写下一条规则，这样对我有什么帮助呢？我把那些规则变成了原则，于是我写下了这些原则。我然后把它们变成运算法则，换句话说就是相等式。我学到了能够做什么呢？如果我把这些原则作为我的决定标准，那么我会通过时间来测试它们。我得到了一个很好的视角，我可以在后面一百年测试它们，我可以在不同的国家测试它们，我将学习这些规则是如何工作的？

我将把所有这些规则放在一起，那么这些算法，通过计算机可以复制我的思维。但它实际上比我认为的更快！因为它会做什么，它就可以处理更多的信息，可以处理它更快，它可以处理它那么情绪化。

当我做决定的时候，它就像一个GPS 在我身边。就像你在驾驶汽车，有一个我在我身边，你知道吗？我会将学习宝贵的和我们一起建造。