自己在阅读Ray Dalio的时候发现，自己的英语思维并没有形成，阅读原版更多的陷入到与英语搏斗的陷阱里面，对于学习原则本身帮助不是很大，自己面对中文会理解更为深入。

我想很多人都会面对这样的问题，所以我想我把它翻译成为中文岂不是可以让很多小伙伴受益。翻译当中有个人的理解偏差，所以我把原版也放出来，如果有理解上的困惑大家也可以参照原文。

我不在意有没有其他中译本，因为这件事对我来说有很多好处，如果对你也有一丁点儿好处，那就太好了。

这次发布的不是文章的开头，因为起初的翻译有很多的随意的地方，我会修改后陆续放出。

Part 2: My Most Fundamental Life Principles
我基本的生活原则：

Time is like a river that will take you forward into encounters with reality that will require you to make decisions. You can’t stop the movement down this river, and you can’t avoid the encounters. You can only approach these encounters in the best way possible.That is what this part is all about.

时间就像一条永不停息的河流总是让你面对现实的遭遇时做出抉择。你不能够阻止时间的流逝，你也不能避免生活中的各种遭遇。你唯一能做的是通过最好的方式去处理这些遭遇。那就是这一章的主题。

Where I’m Coming From
Since we are all products of our genes and our environments and approach the world with biases, I think it is relevant for me to tell you a bit of my background so that you can know where I’m coming from.

我从哪里来。因为我们都是基因和环境的产物，所以我们带着偏见去接近世界，我想告诉你一些我的背景是很有意义的，这样你就可以知道我来自哪里了。(这一段翻译的极为糟糕)

I grew up in a middle-class neighborhood on Long Island, the only son of a jazz musician and a stay-at- home mom. I was a very ordinary kid, and a less-than-ordinary student. I liked playing with my friends— for example, touch football in the street—and I didn't like the school part of school, partly because I had, and still have, a bad rote memory4 and partly because I couldn’t get excited about forcing myself to remember what others wanted me to remember without understanding what all this work was going to get me.

我出生于长岛的一个中产家庭，我的爸爸是爵士乐演奏家，妈妈是家庭主妇。我事一个天子普通的孩子，我喜欢和我饿的小伙伴们一起玩耍，但是我不喜欢上学，因为学校的死记硬背给我留下了不好的印象。我很讨厌别人强加于让我，在不明就里的情况下学习知识。

In order to be motivated, I needed to work for what I wanted, not for what other people wanted me to do. And in order to be successful, I needed to figure out for myself how to get what I wanted, not remember the facts I was being told to remember.

为了生活的更为积极，我不会按照别人编写的剧本去工作，而是按照自己的想法去工作。为了取得成功，我需要自己找到成功的方法，而不是听从别人的意见去背诵一些教条。

One thing I wanted was spending money. So I had a newspaper route, I mowed lawns, I shoveled the snow off driveways, I washed dishes in a restaurant, and, starting when I was 12 years old, I caddied.

有一件事让我念念不忘，就是增加自己的零用钱。因此我开始了送报纸，刈草坪，在马路上铲积雪，在餐馆里洗盘子，12岁那年我开始当球童。

It was the 1960s. At the time the stock market was booming and everyone was talking about it, especially the people I caddied for. So I started to invest. The first stock I bought was a company called Northeast Airlines, and the only reason I bought it was that it was the only company I had heard of that was trading for less than $5 per share, so I could buy more shares, which I figured was a good thing. It went up a lot. It was about to go broke but another company acquired it, so it tripled.

1960年，股市一片繁荣，每个人都在谈论股市，尤其是被我提供捡球服务的主顾。因此，我开始了投资。我购买的第一支股票是一家称为东北航空的公司。我购买这家公司的唯一原因是，这是我所知道的股价低于5美元唯一一家公司，因为我可以买到更多的份额，我认为这是一件好事。当这家公司快要倒闭的时候，另外一家公司收购了它，就这样这只股票翻了三倍。

I made money because I was lucky, though I didn’t see it that way then. I figured that this game was easy. After all, with thousands of companies listed in the newspaper, how difficult could it be to find at least one that would go up? By comparison to my other jobs, this way of making money seemed much more fun, a lot easier, and much more lucrative. Of course, it didn’t take me long to lose money in the markets and learn about how difficult it is to be right and the costs of being wrong.

这次的赚钱经历纯属运气，但是当时我不那样想。我认为这个赚钱游戏如此简单。毕竟，成百上千的公司摆在你面前，从中捞出来一支能够赚钱的是多么的不容易。跟其他工作相比较，这种赚钱方式显得更为有趣，也更为简单，而且还利润丰厚。好景不长，不长时间我就在股市里赔钱了。这时才发现，股市中赚钱的不易和股市中的学费还是极其昂贵的。

So what I really wanted to do now was beat the market. I just had to figure out how to do it. The pursuit of this goal taught me:
因此我发自内心的想战胜市场。我必须知道如何去做

1. It isn't easy for me to be confident that my opinions are right. In the markets, you can do a huge amount of work and still be wrong.

在股票市场里即使你做了很多准备，你又可能还是错的。所以，在股市里建立自信对我来说是非常困难的。

2. Bad opinions can be very costly. Most people come up with opinions and there’s no cost to them. Not so in the market. This is why I have learned to be cautious. No matter how hard I work, I really can’t be sure.

在股票市场里错误的决定是非常昂贵的。很多人做了非常多的决定，但是这些决定并不会有太多经济方面的损失。在股票市场里，这会大不一样。无论你如何努力工作，我还是不能笃行我是正确的。这就是我在股票市场里如此谨慎的原因。

3. The consensus is often wrong, so I have to be an independent thinker. To make any money, you have to be right when they’re wrong.

即使那些大家一致看好的事情常常也是错的，我必须成为一个独立思考者。如果想赚钱，你必须在别人犯错的时候做出正确的决定。

So ...
...1) I worked for what I wanted, not for what others wanted me to do. For that reason, I never felt that I had to do anything. All the work I ever did was just what I needed to do to get what I wanted. Since I always had the prerogative to not strive for what I wanted, I never felt forced to do anything.

1）我为我自己的想法工作，而不是在别人的强迫下工作。由于这个原因，我从来没有被迫做一些事情。所有的工作都是自己计划，然后去取得预想的结果。当然我也有很高的自主权放弃自己要做的事，反正我从来不被迫的做一些事情。

...2) I came up with the best independent opinions I could muster to get what I wanted. For example, when I wanted to make money in the markets, I knew that I had to learn about companies to assess the attractiveness of their stocks. At the time, Fortune magazine had a little tear-out coupon that you could mail in to get the annual reports of any companies on the Fortune 500, for free. So I ordered all the annual reports and worked my way through the most interesting ones and formed opinions5 about which companies were exciting.

2）如果我想在某个领域内拥有独立思考能力，我就必须成为该领域内的专家。举例来说，当我想在股票市场上赚钱的时候，我就必须学习如何评估我感兴趣的公司的股票。在那个时候，财富杂志有一项优惠活动。如果你发邮件给他们，你就可以免费获得任意500强公司的年报。因此我就订阅了所有公司的年报，并且以我的方式研究我所感兴趣的公司。
...3) I stress-tested my opinions by having the smartest people I could find challenge them so I could find out where I was wrong.6 I never cared much about others’ conclusions—only for the reasoning that led to these conclusions. That reasoning had to make sense to me. Through this process, I improved my chances of being right, and I learned a lot from a lot of great people.

3）通过压力测试检验自己的想法。我尽可能的找一些精英人士，通过质疑他们来发现我错在哪里。我从不在乎别人的结论，但我非常在意这些结论的推理过程。这些推理过程对我来说意义重大。通过这个过程，我增加了我的准确率，同时也从精英人士哪里学到了不少。

...4) I remained wary about being overconfident, and I figured out how to effectively deal with my not knowing. I dealt with my not knowing by either continuing to gather information until I reached the point that I could be confident or by eliminating my exposure to the risks of not knowing.7

4）我持续的警惕过分的自信。我认识到如何有效的面对未知的领域。面对我未知的领域要么从各种渠道收集信息，直到我觉得自己变得有信心，要么我就尽力避免将自己暴露在各种风险之中。

...5) I wrestled with my realities, reflected on the consequences of my decisions, and learned and improved from this process.

5)我不断和现实做斗争，从我的决策之中获得想要的结果，从不断面对现实的过程中学习和改进。

By doing these things, I learned how important and how liberating it is to think for myself.

通过这些事情，我学习到独立思考的重要性，独立思考也更能够解放思想。

In a nutshell, this is the whole approach that I believe will work best for you—the best summary of what I want the people who are working with me to do in order to accomplish great things. I want you to work for yourself, to come up with independent opinions, to stress-test them, to be wary about being overconfident, and to reflect on the consequences of your decisions and constantly improve.
After I graduated from high school, I went to a local college that I barely got in to. I loved it, unlike high school, because I could learn about things that interested me; I studied because I enjoyed it, not because I had to.

简而言之，这是一条我认为对你非常有效的路，也是我想告诉与我一起共事完成非凡事情的人的高度总结。我希望你们能够独立思考，然后对它们进行压力测试，警惕过分自信，时刻留意你所做的决定产生的结果，最后要不断持续的改进它。高中毕业后，我费了九牛二虎之力才进入当地的一所我所梦寐以求的学校。我非常喜欢这所学校，和高中不一样，因为我能够学习我所感兴趣的知识；我学习我喜欢，而不是被迫学习。

At that time the Beatles had made a trip to India to learn how to meditate, which triggered my interest, so Ilearned how to meditate. It helped me think more clearly and creatively, so I’m sure that enhanced my enjoyment of, and success at, learning.8 Unlike in high school, in college I did very well.

在那个时候Beatles专程前往印度学习如何“冥想”，这激发了我的兴趣。因此，我也开始学习如何冥想。冥想帮助我思考的更清晰和更有创造力。我非常确信他提高了我学习的能力和思考的质量。在这一点上，我在大学做的很好。

And of course I continued to trade markets. Around this time I became interested in trading commodities futures, though virtually nobody traded them back then. I was attracted to trading them just because theyhad low margin requirements so I figured I could make more money by being right (which I planned tobe).

当然我也继续活跃在交易市场上。在这个时间段，我被期货市场深深的吸引，而其他一些人则已经出局。期货市场吸引我的地方在于，我只需要支付很低的交易保证金，这样我可以依据我的判断赚更多的钱。

By the time I graduated college, in 1971, I had been admitted to Harvard Business School, where I wouldgo in the fall. That summer between college and HBS I clerked on the floor of the New York StockExchange. This was the summer of the breakdown of the global monetary system (i.e., the BrettonWoods system). It was one of the most dramatic economic events ever and I was at the epicenter of it, so it thrilled me. It was a currency crisis that drove all market behaviors, so I delved into understanding thecurrency markets. The currency markets would be important to me for the rest of my life.

1971年夏天，我被HBS录取。在未到HBS报道之前，我成为了纽交所的一名实习交易员。那个夏天，全球货币体市场发生振荡。那是一次非常喜剧性的经济事件，我恰巧在EPI 中心，这件事激发了我的好奇心。那是一次货币领域的危机，它影响了所有人的市场交易行为，因此我又深入研究了货币市场。货币市场在我后来的投资中具有深远的影响。

That fall I went to Harvard Business School, which I was excited about because I felt that I had climbed tothe top and would be with the best of the best. Despite these high expectations, the place was evenbetter than I expected because the case study method allowed open-ended figuring things out anddebating with others to get at the best answers, rather than memorizing facts. I loved the work-hard, play-hard environment.

那年秋天我进入了HBS，对于我能够成为HBS精英中的一员我感到非常自豪。虽然我预想了很多种可能，实际上我还是低估了HBS的魅力。因为课程容许大家开放的思考，为了得到最好结论我们可以相互争论和碰撞，而不是像机器一样死记硬背。我真的好喜欢这种努力钻研的氛围。

In the summer between my two years at HBS, I pursued my interest in trading commodities futures byconvincing the Director of Commodities for Merrill Lynch to give me a job as his assistant. At the time,commodities trading was still an obscure thing to do.

在HBS的第二年，我说服了期货市场的专家Merrill给了非常渴望的助理工作。在那个时候，期货交易市场依然是一个偏门的存在。

In the fall I went back to HBS, and in that academic year, 1972-73, trading commodities futures became ahot thing to do. That is because the monetary system’s breakdown that occurred in 1971 led to an inflationary surge that sent commodity prices higher. As a result of this, the first oil shock occurred in1973. As inflation started to surge, the Federal Reserve tightened monetary policy to fight it, so stocks went down in the worst bear market since the Great Depression.

1972-1973年，期货市场成为一个热炒的市场。由于1971年金融系统的崩溃，引发了通货膨胀的蔓延最终导致期货市场价格飙升。最终在1973年导致了石油危机。随着通货膨胀的蔓延，联邦储备委员会实行了紧缩的货币政策对抗通胀，因此股票市场开始了大萧条以后的最严重熊市。

So, commodities futures trading was hot and stock market investing was not. Naturally, brokerage houses that didn’t have commodities trading departments wanted them, and there was a shortage of people who knew anything about it. Virtually nobody in the commodities futures business had the type of Harvard Business School background that I had.

因此，期货市场交易似火而股票市场则平淡如水。自然的，那些没有期货交易部门的经纪公司希望建立这样的部门，与之相对真正了解期货市场的人少之又少。事实上，没有人像我一样既了解期货市场又拥有HBS学校的教育背景。

So I was hired as Director of Commodities at a moderate-size brokerage and given an old salt who had lots of commodities brokerage experience to help me set up a commodities division. The bad stock market environment ended up taking this brokerage house down before we could get the commodities futures trading going. I went to a bigger, more successful brokerage, where I was in charge of its institutional/hedging business. But I didn’t fit into the organization well, so I was fired essentially for insubordination.

因此，我拥有了在一家中等规模的经纪公司担任负责任的机会，并有一位富有经验的老油条协助我建立部门。糟糕的股票行情让这家经纪公司关门的速度快过了我筹建期货部门速度，公司破产了。我前往了一家更大的经纪公司负责行政工作。由于我不能很好的融入公司，最终因违抗命令而被开除。

So in 1975, after a quick two-year stint on Wall Street after school, I started Bridgewater. Soon after, I got married and began my family.

到了1975年，经过两年的华尔街大学的历练，我开始了桥水资本的运营。很快，我结婚组建了自己的家庭。

Through this time and till now I followed the same basic approach I used as a 12-year-old caddie trying tobeat the market, i.e., by 1) working for what I wanted, not for what others wanted me to do; 2)coming up with the best independent opinions I could muster to move toward my goals; 3) stress-testing my opinions by having the smartest people I could find challenge them so I could find outwhere I was wrong; 4) being wary about overconfidence, and good at not knowing; and 5)wrestling with reality, experiencing the results of my decisions, and reflecting on what I did to produce them so that I could improve.

在那段时间直到现在，我都遵守着与12岁时想要打败市场的相同准则。
1.做我想做，绝不被动接受任务。
2.独立思考，并找到直达目的的方法。
3.挑战牛人，用压力测试矫正自己的想法。
4.警惕过分自信。
5.不断通过现实打磨自己的想法，总结这些想法产生的源头和如何改进它们。
By the way, I still meditate and I still find it helpful.
顺便说一句，我还在冥想，它依然很有效果。