In an exclusive interview conducted by Bridgewater Associates and seen by Business Insider, Ray Dalio chatted with legendary economist and former Federal Reserve chair Paul Volcker.
Volcker laid out three main principles that have shaped his worldview and helped him make world-altering decisions throughout his career.
“He sees things from the top.”
That’s how billionaire investor Ray Dalio describes his idol, Paul Volcker — the former Federal Reserve chair who’s commonly viewed as one of the most important and influential figures in US economic history.
It was that zoomed-out perspective that helped Volcker rescue America from the skyrocketing inflation that afflicted it in the late 1970s and early 1980s. His tight monetary policy was unpopular in the short term, but he was proven correct by 1983. Inflation came down, growth surged, and the US enjoyed a decade of economic prosperity.
And while that’s arguably Volcker’s crowning achievement, he stayed active for decades after leaving the Fed in 1987.
One prime example was his stint as chairman of the Economic Recovery Advisory Board under former president Barack Obama, a position he held for roughly two years from 2009 to 2011. As part …read more
Source:: Businessinsider – Finance