Ray Dalio’s Harvard presentation. If you’re talented, don’t go into a business in which the macro environment will determine your success.
What each decade is like is determined by the excesses of the prior decade.
If you can understand the linkages and not get carried away by the excitements of the times, you can maneuver strategically.
Whenever there’s a boom and debts are rising faster than incomes, a bust will follow.
Governments will always choose to print money rather than tighten their belts, if the pain of debt gets bad enough.
Whatever career has the highest percentage increase in HBS grads going to it is probably headed for trouble.