Ray Dalio’s full commencement speech at Long Island University (LIU, formerly CW Post College) for the Class of 2026. He graduated from this very school 55 years ago (in 1971), so his speech is like a letter to “the version of himself 55 years ago,” sharing the most important life lessons he’s learned. In high school, he struggled academically and was rebellious—only passionate about trading stocks (he started at age 12; his first investment nearly bankrupted him, but luck turned it into a double, and he became hooked). After entering LIU, he discovered he loved learning and began to enjoy the process of thinking, eventually going on to Harvard Business School. At 19, he followed the Beatles into Transcendental Meditation—a skill that became one of the most valuable in his life, bringing him calm, spiritual connection, and physical and mental well-being. He gifted the graduates a meditation course on the spot. Three Stages of Life First Stage (You’re just graduating): You depend on others; your focus is learning. Second Stage (The next 10–30 years): You work, others depend on you; you’ll encounter immense opportunities and painful setbacks. Third Stage (Where he is now): No obligations—free to pass on what you’ve learned to the next generation. You’re about to enter the second stage. The most important thing is to constantly experiment, make mistakes, reflect, and find a path that aligns with your nature. Key Principles and Lessons Pain + Reflection = Progress. Pain is a signal that something is wrong—treat it as a puzzle to solve, and you’ll uncover “gemstone” principles. He shared his painful experience at age 34, when he predicted a debt crisis but failed spectacularly, nearly went bankrupt, and had to lay off employees. That failure taught him humility, the value of seeking dissenting views, stress-testing his ideas, and diversifying risk—lessons that later enabled his success (building Bridgewater into the world’s largest hedge fund). Success is not “making a lot of money or gaining status”—it’s meaningful work + meaningful relationships. True happiness comes from merging your work with your passion and doing things with people you care about. The most important decision you’ll make is choosing a life partner. He’s been married for 48 years, has four children and eight grandchildren, but has also endured the loss of a child. Meditation and his principles helped him through it all. Advice for Graduates: Don’t be arrogant (schooling can make you believe “knowing a lot = success”). Reality will teach you what truly matters. Be radically open-minded: listen to diverse opinions, think deeply about “how reality works,” then create principles to navigate it. Take full responsibility for your life—turn every experience, good or bad, into a learning opportunity. “The most valuable asset you have isn’t your diploma—it’s your attitude toward life. If you treat every experience as a chance to learn, you’ll find the right work and relationships—and live your best life.”