Ray Dalio: Long Island University Commencement Speech

Ray Dalio, speaking at Long Island University's 2026 commencement, reflected on his own graduation from CW Post College in 1971 and the lessons learned over 55 years. He described his early struggles as a rebellious student with poor rote memory, his introduction to markets at age 12 while caddying, and his first stock purchase. Dalio credited meditation, which he learned at 19 after the Beatles' example, as invaluable. He outlined his three phases of life and emphasized the importance of learning from painful mistakes, citing his 1982 debt crisis prediction and subsequent losses. He defined success as meaningful work and relationships, not wealth or status. He offered graduates his book 'Principles: Life and Work' and free transcendental meditation lessons.

Key takeaways

1. Life unfolds in three phases: learning, working, and passing along what you've learned.
2. In 1982, Dalio predicted a debt crisis but was wrong about the market, losing nearly everything and borrowing $4,000 from his dad.
3. Meditation, learned at 19, has been invaluable for equanimity and spirituality.

Numbers and commitments

Chapters

1. 0:00Greetings and congratulations
2. 0:46Personal history and early life
3. 3:22Meditation and spirituality
4. 4:13Principles and life phases
5. 7:48Learning from mistakes
6. 8:49The 1982 debt crisis
7. 10:53Family and life partner
8. 12:14Pain plus reflection equals progress
9. 13:04Definition of success
10. 15:25Final advice and closing