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Principles: Life and Work By Ray Dalio

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, Brid gewater 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 Brid gewater’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.


Table of contents :

Part I: Where I’m Coming From
1 My Call to Adventure: 1949-1967
2 Crossing the Threshold: 1967-1979
3 My Abyss: 1979-1982
4 My Road of Trials: 1983-1994
5 The Ultimate Boon: 1995-2010
6 Returning the Boon: 2011-2015
7 My Last Year and My Greatest Challenge: 2016-2017
8 Looking Back from a Higher Level
Part II: Life Principles
1 Embrace Reality and Deal with It
2 Use the 5-Step Process to Get What You Want Out of Life
3 Be Radically Open-Minded
4 Understand That People Are Wired Very Differently
5 Learn How to Make Decisions Effectively Life Principles: Putting It All TogetherSummary and Table of Life Principles
Part III: Work Principles
Summary and Table of Work Principles
To Get the Culture Right . . .
1 Trust in Radical Truth and Radical Transparency
2 Cultivate Meaningful Work and Meaningful Relationships
3 Create a Culture in Which It Is Okay to Make Mistakes and Unacceptable Not to Learn from Them
4 Get and Stay in Sync
5 Believability Weight Your Decision Making
6 Recognize How to Get Beyond Disagreements
To Get the People Right . . .
7 Remember That the WHO Is More Important than the WHAT 8 Hire Right, Because the Penalties for Hiring Wrong Are Huge9 Constantly Train, Test, Evaluate, and Sort People
To Build and Evolve Your Machine . . .
10 Manage as Someone Operating a Machine to Achieve a Goal
11 Perceive and Don’t Tolerate Problems
12 Diagnose Problems to Get at Their Root Causes
13 Design Improvements to Your Machine to Get Around Your Problems
14 Do What You Set Out to Do
15 Use Tools and Protocols to Shape How Work Is Done
16 And for Heaven’s Sake, Don’t Overlook Governance!
Work Principles: Putting It All Together
About the Author
Conclusion Appendix: Tools and Protocols for Bridgewater’s Idea MeritocracyBibliography


Principles: Life and Work

Author(s): Ray Dalio

Publisher: Simon & Schuster, Year: 2017

ISBN: 1501124021

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