Principles - Ray Dalio
Updated: Apr 15
Simply, this is a great book for anyone who wants to start a project, study success and/or improve their corporate practices.
Ray Dalio is one of the wealthiest people in the world and is known for founding and leading Bridgewater Associates, one of the most relevant investment funds.
The first part of the book is his autobiography, reviewing the relevant episodes of his life from 1949 to 2017 retrospectively. This first part has great value to understand the milestones that led Dalio to his success and shows how failure and effort are always an important part of any entrepreneurial story.
Parts II and III refer to the personal and work principles that Ray has been building throughout his life and that have allowed him to achieve the life he has.
* Accept and deal with reality.
* Use a 5-step process to get what you want from life:
Have clear goals.
Identify and do not tolerate problems that obstruct your way to achieving goals.
Diagnose problems accurately to eliminate them at their roots.
Design plans that will help you overcome problems.
Do what is necessary to convert designs into results.
* Be radically open-minded.
* Understand that people think very differently.
* Learn how to make effective decisions.
Understand culture well.
Trust in radical truth and radical transparency
Cultivate meaningful work and meaningful relationships
Create a culture where it is okay to make mistakes and unacceptable not to learn from them
Synchronize and stay synchronized
Credibility weighs in your decision making
Recognize how to go beyond disagreements
* People's well-being
Remember that WHO is more important than WHAT
Hire well, because the penalties for hiring badly are enormous
Train, test, evaluate, and constantly classify people.
* To build and evolve your machine...
Manage as someone who operates a machine to achieve a goal
Perceive and do not tolerate problems
Diagnose problems to get to their roots
Improve the design of your machine to solve its problems
Do what you set out to do
Use tools and protocols to shape how work is done