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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 uniue results in both life and business and which any person or organization can adopt to help achieve their goalsIn Ray Dalio founded an investment firm Bridgewater Associates out of his two bedroom apartment in New Principles Life PDFEPUBYork City Forty years later Bridgewater has made 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 most influential people in the world Along the way Dalio disco Ray Dalio showed us that in order to build a successful hedge fund it’s not enough to follow your intuition It’s much wiser to follow a set of principles that will guide you and protect you from bad decisions He divided those principles into life principles and work principlesThe top 3 principles I applied to my life are Think of yourself how to achieve what you want by analyzing what’s true Be radically open minded Look at the machine you and your life from the higher levelI wrote a short summary and list of all the principles with enough details to understand the benefits of them here

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Principles Life and WorkVered a set of uniue 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 successIn 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” When I first began reading it I rather liked it I also liked the idea of it a successful man who has attempted to identify the specific habits or behaviors that enabled his success I was especially interested in his comment about having put the principles into a computer so that he could have software make the same decision and then compare the results to what he and his team came up with so that any differences could be resolved and the rule base improved He brings this up early but never goes into any specifics on how the rule base is structured the technology or what the inputs would be to such a generalized decision making systemThe basic idea is I think very sound use evidence to make decisions; if using opinion weight those with a track record heavily; when you fail and you will learn from the mistakes and incorporate the learnings into your principles or rules or however you want to characterize the set of heuristics you use for decision makingBut the further you go the problematic the book becomes For one thing it's overwritten The real meat of this book can be summarized in a Harvard Business Review article but he keeps circling around to the same topics over and over And not to add evidence but just to talk in vague generalities about how important this or that concept isTake for example the concept of radical honesty Bridgewater famously records conversations and meetings so that they can be used for training purposes which is fair enough In one conversation that allegedly was used for training purposes but is no longer shown is Dalio speaking with an underling who eventually breaks down crying I have never seen it but have no reason to doubt its existence Now this book is 500 pages long and I didn't count how many times he spoke of being a straight shooter and believing in tough love and radical honesty but it was a lot What he never did is print a transcript of any one conversation that he felt was a good example of his radical honesty and offer commentary on why he said the way he said it or reflect on whether it could have been phrased better so that the person on the receiving end didn't feel belittled or demeaned as a result of his tough love approachI've been working professionally for nearly 35 years and I can say that I'm trying pretty hard when I write software my primary task but I know I can make mistakes both in execution and on the big picture view I'm generally uite pleased when someone offers true constructive criticism because I want them to be happy with my work I want them to be engaged in what I've done and constructive criticism means that they're trying too and that they want the project to be its best I've never seen anyone cry not once in 35 years as a result of well intentioned constructive criticismI think that if he had printed a transcript it might have shown that any of the work related criticisms could have been delivered in a manner that would have made it clear that everyone involved was only trying to improve the outcome It would have also shown that there were likely attacks on the individual on their intellectual shortcomings or underlying character I could be wrong though maybe the transcript would have supported his view But the point is that the transcript would have been evidence and it would have improved Dalio's believability on one of the main points of his book He didn't offer a single transcript Not a oneThe fact that Dalio harps on radical honesty and tough love and how a lot of people don't fit with their corporate culture leads me to think that maybe he's actually a dick in his interpersonal relationships Maybe he has no interest in changing how he deals with people that is in a bullying belittling and demeaning manner and so he's constructed this rationale in his own mind that he's a straight shooter that it's tough love and all in service of some higher mission and purpose Because he's a billionaire he has further proof that his rationalization is correctI have no problem with radical transparency either The company I work for uses the the maxim don't do anything that you'd be uncomfortable seeing on the front page of your local newspaper and I'm good with that But it takes little searching to find an example of Bridgewater and its supposedly exemplary culture acting exactly like any other company when stressed The link an incident of alleged sexual harassment of an employee Christopher Tarui If this is believed again it could be a total fabrication but there seems little reason for the employee to make this up it shows the company hiring someone the boss who was not at all considerate of others and a reaction by the company aimed at sweeping an incident under the rug and making it go away than one fueled by radical honesty and transparency where an uncomfortable situation was confronted dissected and learned from I'm not saying the company's behavior was bad illegal or unethical it simply acted as any typical company would trying to protect itself My point in bringing it up is that it in my opinion shows Bridgewater of being utterly unlike the company and culture that Dalio spends 500 pages pontificating about Perhaps Dalio's defense would be that this happened after he stepped away from daily management but if so it would also be evidence that the machine he built did not continue to operate in the same way after his departure and that his principles did not outlast his tenure The likely explanation again my opinion is that his principles are actually after the fact rationalizations attempting to explain his success than the underlying driversMost his work principles seem unsurprising or downright trite I think most people know that work goes better if you treat the people you work with in a considerate fair and euitable manner And that you keep an open mind to the idea that you may be wrongUltimately I would echo the Reverend Martin Sherlock in a review he wrote back in 1781 In general throughout the work what is new is not good; and what is good is not new

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Principles Life and Work reader ä 592 pages Download ↠ Ray Dalio ☆ [Read] ➵ Principles Life and Work By Ray Dalio – Danpashley.co.uk Ray Dalio one of the world’s most successful investors and entrepreneurs shares the unconventional principles that he’s developed refined and used overInclude 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 achieveHere is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business pres • IMPORTANCE OF PRINCIPLES • The most important thing i learned is an approach to life based on principles that helps me find out whats true and what to do about it • Principles are fundamental truths that serve as the foundations for behaviour that gets you what you want out of life They can be applied again and again in similar situations to help you achieve your goals 1 What do you want 2 What is true 3 What should you do to achieve what you want in light of what is true • Having a good set of principles is like having a good collection of recipes for success • The lesson When everybody thinks the same thing such as what a sure bet the Nifty 50 is it almost certainly reflected in the price and betting on it is probably going to be a mistake • The most painful lesson that was repeatedly hammered home is that you can never be sure of anything There are always risks out there that can hurt you badly even in the seemingly safest bets so its always best to assume you're missing something This lesson changed my approach to decision making in ways that will reverberate throughout this book and to which I attribute much of my success • There is almost always a good path that you just haven't figured out yet so look for it until you find it rather than settle for the choice that is then apparent to you • I believed strongly that we should bring problems and disagreements to the surface to learn what should be done to make things better So Ross and i worked to build out an error log in the trading department • I saw that to do exceptionally well you have to push your limits and that if you push your limits you will crash and it will hurt a lot You will think you have failed but that won't be true unless you give up Believe it or not your pain will fade and you will have many other opportunities ahead of you though you might not see them at the time The most important thing you can do is to gather the lessons these failures provide and gain humility and radical open mindedness in order to increase your chances of success Then you press on • I learned a great fear of being wrong that shifted my mind set from thinking Im right to asking myself how do i know I'm right And I saw clearly that the best way to answer this uestion is by finding other independent thinkers who are on the same mission as me and who see things differently from me By engaging them in thoughtful disagreement id be able to understand their reasoning and have them stress test mine That way we can all raise our probability of being right • What happens after we crash is most important Successful people change in ways that allow them to continue to take advantage of their strengths while compensating for their weaknesses and unsuccesful people don't • making money in the markets is tough • Learning from history What had happened after all was another one of those • Meditation has benefited me hugely throughout my life because it produces a calm open mindedness that allows me to think clearly and creativelyI gradually learned that prices reflect peoples expectations so they go up when actual results are better than expected and they go down when actual results are worse than expected And most people tend to be biased by their recent experiences p 11