Billionaire Ray Dalio reveals the biggest mistake investors make and the top 3 traits he looks for when hiring

• Ray Dalio said the biggest mistake investors make is equating strong performance with a good investment.
• He also named three traits that he looks for when bringing on new talent: character, competence, and creativity.
• Dalio also revealed that the trait he dislikes most is arrogance, or the ability to be "confident and wrong."

For Bridgewater Associates founder Ray Dalio, the long-time mantra in finance that past performance is no guarantee of future results still holds true.

At the Milken Institute Asia Summit in Singapore on Thursday, he was asked what he thinks is the biggest mistake most investors make.