Source: Breaking the Enlightenment spell | Prospect Magazine

Being an economist is not essential to successful investing but having a belief about how the economy works is a great step. There are only a few things to understanding economists…..first, think about the economy as a front loading washing machine…………………

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Then watch this must watch 30 minute video from Ray Dalio, a successful investor, on his investment beliefs about……………How the economy worksKong: Skull Island (2017)

“…..……few (investors) are explicit and transparent as to the nature of these beliefs — i.e., how they believe markets operate, their definition of success in investment, and their assessment of the proper role of investors in the marketplace. Fund managers and trustees have an obligation to their beneficiaries to be as clear and explicit as possible about these beliefs, to act on them coherently and consistently…………………”

IRI Working Paper, “Investment Beliefs Statements”, Harvard Kennedy School, October 2011