![]() ![]() Given his unexceptional academic performance in high school, Ray Dalio had some difficulty finding a college. By the time he graduated from high school, he had assembled a stock portfolio worth several thousand dollars, a significant amount for a teenager in the late ’60s. When he formed an opinion of the prospects of a given stock, he asked the smartest investors he knew to critique his reasoning. He also learned that the only way to beat the market is to be right when others are wrong. He found that even careful research can result in mistakes, and that mistakes can be expensive. Ray dario investment all weather up in 2008 trial#By trial and error, he learned principles he has continued to apply in his investing career. He read the annual reports of major companies, and engaged older investors in conversation. As it happened, Northeast became the object of a merger effort, and the 12-year-old caddy quickly tripled his investment. At five dollars a share, it was the only major company whose stock he could afford. With $300 he had saved from his caddy earnings, he bought shares of Northeast Airlines. In the boom years of the 1960s, talk on the golf links centered on the surging stock market and Ray Dalio was intrigued. Ray Dalio addresses the Academy delegates at the 2012 International Achievement Summit in Washington, D.C. From age 12, he worked as a caddy at the Links Golf Club, an exclusive course where his customers included the Duke of Windsor (formerly King Edward VIII of England) and the former vice president (soon-to-be president) Richard Nixon, as well as many Wall Street investors. For spending money, he held down a paper route, mowed his neighbors’ lawns and shoveled snow from their driveways. The young Ray Dalio enjoyed sports and playing with his friends, but disliked the routine of school, particularly rote memorization. When Ray was eight, the family moved farther out on Long Island to the suburban community of Manhasset. An only child, his mother was a homemaker, his father a jazz musician who played clarinet and saxophone in night clubs such as Manhattan’s Copacabana. Ray Dalio was born in Jackson Heights, in the borough of Queens, New York City. ![]()
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