If you're not familiar with Ray Dalio, he's the founder of Bridgewater, one of the largest and most successful Hedge Funds around. He has also been going around on the talking circuit lately since he wrote his book, Principles, which has provided some interesting insight in the way he thinks about investments and life in general.
In this video he did for Investopedia (you can watch it here: ), he talks about diversification, risk and the holy grail. There are a lot of implications for investing, trading, betting, and of course general financial planning.
The biggest takeaway from the video for me was (paraphrasing):
"If you have 7 or 8 uncorrelated income streams then you're in a good spot"
The key to financial freedom being finding 7 or 8 income streams that are sufficiently large enough. If you're dependent solely on your salary or dividends from an ETF for your upkeep, that's an enormous risk.
