person:ray dalio

  • #Elite gathering reveals anxiety over ‘class war’ and ‘#revolution’
    Financial Times 2 mai 2019

    The Milken Institute’s annual gathering of the investment, business and political elites this week featured big names from US Treasury secretary Steven Mnuchin to David Solomon, chief executive of Goldman Sachs.


    Despite widespread optimism about the outlook for the US economy and financial markets, some of the biggest names on Wall Street and in corporate America revealed their anxiety about the health of the economic model that made them millionaires and billionaires.

    Mr Milken himself, whose conference was known as the predators’ ball when he ruled over the booming junk bond market of the 1980s, was among those fretfully revisiting a debate that has not loomed so large since before the fall of the Berlin Wall: whether capitalism’s supremacy is threatened by creeping socialism.

    Mr Milken played a video of Thatcher from two years before she became UK prime minister. “Capitalism has a moral basis,” she declared, and “to be free, you have to be capitalist”. Applause rippled through the ballroom.

    In the run-up to the conference, essays by Ray Dalio of Bridgewater Associates and Jamie Dimon of JPMorgan Chase about the case for reforming capitalism to sustain it have been widely shared. Executives are paying close attention to what one investment company CEO called “the shift left of the Democratic party”, personified by 2020 presidential candidates Bernie Sanders and Elizabeth Warren and the social media success of Alexandria Ocasio-Cortez, the democratic socialist elected to Congress last year.

    Former Alphabet chairman Eric Schmidt issued his own rallying cry as he sat beside Ivanka Trump to discuss the conference theme of “driving shared prosperity”.

    “I’m concerned with this notion that somehow socialism’s going to creep back in, because capitalism is the source of our collective wealth as a country,” Mr Schmidt said, urging his fellow capitalists to get the message out that “it’s working”.

    Mr Milken asked Ken Griffin, the billionaire founder of the hedge fund Citadel, why young Americans seemed to have lost faith in the free market, flashing up a poll on the screen behind them which showed 44 per cent of millennials saying they would prefer to live in a socialist country.

    “You and I grew up in a different era, where the cold war was waking up and there was a great debate in America about the strengths and weaknesses of socialism as compared to the economic freedom that we enjoy in our country,” Mr Griffin replied, saying that they had “seen that question answered” with the collapse of the Soviet Union.

    The younger generation that support socialism are “people who don’t know history”, he said.

    Guggenheim Partners’ Alan Schwartz put the risks of rising income inequality more starkly. “You take the average person . . . they’re just basically saying something that used to be 50:50 is now 60:40; it’s not working for me,” he told another conference session, pointing to the gap between wage growth and the growth of corporate profits.

    “If you look at the rightwing and the leftwing, what’s really coming is class warfare,” he warned. “Throughout centuries what we’ve seen when the masses think the elites have too much, one of two things happens: legislation to redistribute the wealth . . . or revolution to redistribute poverty. Those are the two choices historically and debating it back and forth, saying ‘no, it’s capitalism; no, it’s socialism’ is what creates revolution.”

    There was less discussion of the prospect of higher taxes on America’s wealthiest, which some Democrats have proposed to finance an agenda many executives support, such as investing in education, infrastructure and retraining a workforce threatened by technological disruption and globalisation.

    One top investment company executive echoed the common view among the conference’s wealthy speakers: “ Punitive #redistribution won’t work.”

    But another financial services executive, who donated to Hillary Clinton’s US presidential campaign in 2016, told the Financial Times: “ I’d pay 5 per cent more in tax to make the world a slightly less scary place .”

    #capitalisme #anxiété #capitalistes

  • My Principles for #life and Work

    One of the most impactful things that I did in 2018 was to write down a list of principles to become a better person at home and at work. These principles are inspired by my experience as a product manager, books that I’ve read (especially Ray Dalio’s book), and conversations with people who I respect. Although they’re straightforward, following them isn’t easy and requires daily discipline:Take ownershipUnderstand whyPrioritize and executeFind the truthBe radically transparent1. Take ownership1a. Be humbleStart with how you can improve instead of blaming others or making excuses. 1b. DetachTake ownership of your emotions. When you feel frustrated, take a deep breath, and communicate in a clear, calm manner. Don’t spread negative emotions to others. 1c. Build relationshipsTake ownership of (...)

    #leadership #product-management #life-lessons #self-improvement

  • How To Knock Out Any Obstacle

    Getty ImagesYou are going to face many obstacles in life.In your job, in your start up, in your relationships.Obstacles, barriers and problems are everywhere.Whether you knock them out or get knocked out yourself is up to you.I’ve tried to study the greats my whole life.People like Charlie Munger, Mahatma Gandhi, Abraham Lincoln, Ray Dalio, Steve Jobs and even George Clooney.Here’s what they did to make sure they knocked out any and every obstacle that dared come their way.Be Friggin Rationale:The most successful people are rationale.Is there something holding you back?Is there something you want that isn’t going your way?The first step is to realize that you and only you get to decide how that obstacle will impact you.Scientists have shown that most people make a simple mistake when they (...)

    #life #life-hacking #life-lessons #entrepreneurship #productivity