Principles#1 New York Times Bestseller “Significant...The book is both instructive and surprisingly moving.” —The New York Times Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success. In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve. Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press. |
Contents
19491967 | |
19791982 | |
19831994 | |
19952010 | |
20112015 | |
20162017 | |
Embrace Reality and Deal with | |
Use the 5Step Process to Get What You Want Out of Life | |
Summary and Table of Work Principles | |
to Learn from Them | |
Remember That the WHO Is More Important than the WHAT | |
Constantly Train Test Evaluate and Sort People | |
Manage as Someone Operating a Machine to Achieve a Goal | |
Perceive and Dont Tolerate Problems | |
Diagnose Problems to Get at Their Root Causes | |
Design Improvements to Your Machine to Get Around Your Problems | |
Be Radically OpenMinded | |
Understand That People Are Wired Very Differently | |
Learn How to Make Decisions Effectively | |
Do What You Set Out to | |
And for Heavens Sake Dont Overlook Governance | |
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Common terms and phrases
ability achieve amygdala approach assess Baseball Cards believability-weighted believe better bipolar disorder Bob Prince brain Bridgewater Bridgewater's challenge clear clients create creative culture Dan Bernstein deal decision decision-making diagnose economic effective Elon Musk employees especially Eurozone everything evolution evolve example expected expected value feedback getting in sync give goals happen higher-level hire idea meritocracy important improve inflation-indexed bonds investment learning logic look machine managers markets meaningful relationships metrics mistakes Muhammad Yunus open-mindedness operate organization outcomes pain people's person perspective principles probing problems Process Flow Diagram produce questions radical transparency radical truth radically open-minded reality Recognize Remember role root causes shapers share someone Steve Jobs success sure things thinking thoughtful disagreement truth and radical typically U.S. dollar understand weaknesses what's wrong