Page 59 - Ray Dalio - Principles
P. 59

ourselves and the amount of time it would take. I found myself
                       constantly on the phone at three in the morning, trying to make
                       sense of the shaky accounting and questionable controls at the

                       companies  we  were  interested  in—with  all  my  Bridgewater
                       responsibilities awaiting me when the sun came up.

                          After  about  a  year  of  this,  I  could  see  that  running  both
                       Bridgewater and Bridgewater China Partners wasn’t going to
                       be  possible,  so  I  closed  its  doors.  Nobody  made  or  lost  any
                       money, because I hadn’t been comfortable enough with what I
                       was  seeing  to  make  any  investments.  I’m  sure  that  if  I  had

                       devoted all my time to it, we would have had great success,
                       but then Bridgewater would not be what it is today. Despite
                       passing up this great opportunity, I don’t regret my choice. I
                       learned that if you work hard and creatively, you can have just
                       about  anything  you  want,  but  not  everything  you  want.
                       Maturity is the ability to reject good alternatives in order to
                       pursue even better ones.


                          While  I  stepped  away  from  that  opportunity,  China
                       remained an important part of my own and my family’s lives.
                       We loved it, especially the people. In 1995, my wife, Barbara,
                       our eleven-year-old son, Matt, and I decided together that Matt
                       would spend a year in Beijing, attending an all-Chinese school
                       and living with our friend Madame Gu, who had stayed with
                       us in America during the Tiananmen Square days and whom

                       Matt  had  visited  in  China  with  us  when  he  was  three.
                       Standards  of  living  in  China  were  very  different  from  what
                       Matt  was  accustomed  to  in  Connecticut.  For  example,  the
                       apartment Madame Gu and her husband lived in had hot water
                       for showers only twice a week, and the school Matt attended

                       didn’t have heat until well into the winter, so the students wore
                       their coats in the classrooms. Matt didn’t speak Chinese and
                       none of his classmates spoke English.

                          All of this was not just a huge adventure for Matt; it was
                       completely  unprecedented  and  required  special  permission
                       from the Chinese government. I was excited for Matt because I
                       knew  he would see a different world  and broaden his mind.

                       Barbara needed a little convincing and a couple of visits to a
                       child psychologist for reassurance, but she had lived all around
                       the world herself and knew how it had benefited her, so she
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