He used computer algorithms to help his investing.
This loss was the best thing to happen to him because it lead to always questioning if he is right rather than assuming it. He lost most of his net worth early on because of a supposed sure bet. He made the wrong investment decision from arrogance because he was always right, which put his firm out of business. He watched the richest man in the world go broke from the wrong timing while cornering the silver market. You can have almost anything you want but you can’t have everything you want. This log tracked mistakes, which helped the company improve over time and not make the same mistakes. Rather than firing him, which would have only promoted a culture for other employees of hiding their mistakes, re-created a mistake a log. This cost hundreds of thousands of dollars. One of Ray’s employees made a costly mistake of forgetting to make a trade. This is true for relationships just like it is for investing. They will sell too much when times are bad and buy too much when times are good. Humans are shortsighted and more emotional than logical. Bad times reveal who your true friends are. Seeing how someone came to see things in a different perspective than you is invaluable. Judging someone before really seeing things through his or her eyes blocks you from understanding his or her circumstances. These interactions are as valuable as what he has learned from meeting the top entrepreneurs, scientists, and leaders of the world. Traveling and meeting poor, disabled, or local people helped Ray discover that greatness isn’t correlated with conventional forms of success. Its value is in what it can purchase you. Money can’t buy everything and doesn’t hold intrinsic value. That’s what he works for because all the money in the world can’t buy these items. Meaningful relationships and work are most important to him. You can be just as happy and fulfilled as a carpenter versus being the President of the United States. Having met some of the richest and poorest people in the world, he can confidently say that happiness is not correlated with material success. Podcast: Play in new window | Download | Embed
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