3 Important Things That Repeat Throughout History

2025-10-23

In the late 1970’s, I calculated that we were going to have a global debt default. I was so confident in what that meant for the markets that I went to Congress to share my perspective.

I couldn’t have been more wrong. While several countries defaulted on their debt, the impact on markets was the opposite of what I expected.

And I lost a lot of money — for me and for my clients. I had to let all of my employees go.

But it was the best experience that ever happened to me because it taught me that pain + reflection = progress.

And it taught me three lessons that became the foundation of Bridgewater’s success.

1) It gave me humility — the fear of being wrong was so strong that I had to always ask, “How do I know I’m right?”

2) It taught me the power of diversification — and how 15