Despite our relatively poor investment performance, 1988 was a great year for Bridgewater, because by reflecting on and learning from our poor performance, we made systematic improvements. I have come to realize that bad times coupled with good reflections provide some of the best lessons, and not just about business but also about relationships. One has many more supposed friends when one is up than when one is down, because most people like to be with winners and shun losers. True friends are the opposite.
— Principles: Life and Work (Ray Dalio), Loc. 910-13