Hedge-fund billionaire Ray Dalio revealed via Twitter on Tuesday that he is mentoring hip-hop mogul Sean "Diddy" Combs. Dalio also posted a 25-minute video of their "mentor session."
"He asked me to mentor him to help him take his great success to another level," Dalio tweeted on Tuesday. "The greatest joy I'm having now is helping other people to be successful, particularly helping people who can help a lot of people. Sean Combs, also known as Diddy, is one such person."
In the video, Dalio and Combs discuss a range of topics, including success, Dalio's concept of "radical open-mindedness" and team-building.
"This is a once in a lifetime experience for anybody to actually have a one-on-one conversation with you about 'Principles,'" Combs said, referring to Dalio's books, "Principles: Life & Work" and "Principles for Success."
Combs, who is worth an estimated $740 million, particularly wanted Dalio's advice on "raising the bar" after achieving massive success. Combs said his team wasn't living up to his "very high" level of excellence.
In response, Dalio said, "Whatever you want in your life, you have to ask, 'Who is gonna be capable of giving that to me?'...You're gonna be the captain of the team."
Dalio also shared his own process for continuing success.
Go after your goals, Dalio told Combs. And when you inevitably encounter problems, handle them by first getting to the root cause of each issue, and then by designing and implementing an attack plan for each one.
"Push through to result," Dalio told Combs.
If you use this process "over and over, you have the formula for success," Dalio said.
As the pair continued their session, Dalio revealed the next stage of his life will be about giving back and mentoring others.
"I learned along the way certain things that helped me be successful. So whatever success I've had is not because of me. It's because of principles that I've learned along the way. I'm 70 years old. I want to pass on what's been good for me. When I do that, I can have peace."
"That right there, that's the definition of a mentor-mentee relationship," Combs said.
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