This week, Phil and Danielle continue their discussion of Ray Dalio’s 5 principles for inevitable success. If you haven’t listened to episode 200 you probably want to start there.We also discuss how difficult it is to understand why you made a mistake and how to fix it. Phil thinks that most of the time mistakes happen because you don’t fully understand something. Phil illustrates this by telling the story of the almond orchard that he purchased. The most important thing that you can do to tell if you truly understand something is to invert the entire story.Finally, we talk about index investing. When you invest in an index, you’re effectively betting on the economy of another country. There might occasionally be a company in Canada, Europe, China, or Turkey you might want to invest in, but you have to consider the government of each of these countries and what they could potentially do to that business.For show notes and more information visit www.investedpodcast.comLearn more about your ad choices. Visit megaphone.fm/adchoices