My First Million

Podbit · My First Million

Ray Dalio: The principles that made me a billionaire

Explore episode Jul 17, 2026

Where this was said

Being a caddy

At 31:55 · chapter starts 30:43

Before Bridgewater, before the principles, before everything — there was a teenage kid carrying golf bags for $6 a bag and listening to adults talk about the stock market. Everybody talked about stocks in that era, Dalio recalls; even your barber had tips. So he took his caddying money and bought the only stock he'd heard of that was priced under $5 a share, reasoning that more shares meant more upside. The company was nearly bankrupt. Another company acquired it. The stock tripled. And Dalio thought: I like this game. He was wrong that it was easy — he still knows it isn't — but he was hooked. He'd mail away for hundreds of annual reports from Fortune 500 companies and build a little library at home. Sam draws the parallel to Warren Buffett, who also hustled at golf courses — fishing balls out of ponds and reselling them. Dalio laughs: he did exactly the same thing, walking in the water to feel for balls with his feet. The shared origin story of two investing legends begins with very small water hazards.

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