Ray dalio principles free download

Ray dalio principles free download

PRINCIPLES BY RAY DALIO,Screenshots

WebApr 29,  · Principles: Life And Work: Ray Dalio: Free Download, Borrow, and Streaming: Internet Archive Principles: Life And Work by Ray Dalio Topics principles WebDownload Principles In Action and enjoy it on your iPhone, iPad, and iPod touch. ‎Principles In Action is a free app that brings to life Ray Dalio’s best-selling book Principles: Life & WebMar 12,  · Principles Life and Work By Ray Dalio PDF Free Download - Epicpdf Principles Life and Work from Ray Dalio, one of the world’s most successful investors WebOct 26,  · Before you start Complete Principles: Life and Work PDF EPUB by Ray Dalio Download, you can read below technical ebook details: Full Book WebRay 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 ... read more

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d Distinguish between 1 idle complaints and 2 complaints that are meant to lead to improvement. a To avoid confusion, make clear which kind of conversation debate, discussion, or teaching you are having b Communication aimed at getting the best answer should involve the most relevant people. c Communication aimed at educating or boosting cohesion should involve a broader set of people than would be needed if the aim were just getting the best answer. d Leverage your communication. a A hierarchy of merit is not only consistent with a meritocracy of ideas but essential for it.

” a Ask yourself whether you have earned the right to have an opinion. b People who have repeatedly and successfully accomplished the thing in question and have great explanations when probed are most believable. a Make it clear who the meeting is meant to serve and who is directing the meeting. b Make clear what type of communication you are going to have in light of the objectives and priorities. c Lead the discussion by being assertive and open-minded. d A small group 3 to 5 of smart, conceptual people seeking the right answers in an open-minded way will generally lead to the best answer.

f Navigate the levels of the conversation clearly. g Watch out for “topic slip. ” h Enforce the logic of conversations. i Worry about substance more than style. j Achieve completion in conversations. k Have someone assigned to maintain notes in meetings and make sure follow-through happens. l Be careful not to lose personal responsibility via group decision-making. To Get the People Right… 37 Recognize the Most Important Decisions You Make Are Who You Choose to Be Your Responsible Party a Most importantly, find people who share your values. b Look for people who are willing to look at themselves objectively and have character.

c Conceptual thinking and common sense are required in order to assign someone the responsibility for achieving goals as distinct from tasks. a People are best at the jobs that require what they do well. Explore them openly with the goal of figuring out how you and your people are built so you can put the right people in the right jobs and clearly assign responsibilities. a emember that people tend to pick people like themselves, so pick interviewers who can identify what you are looking for. b Understand how to use and interpret personality assessments.

d Dig deeply to discover why people did what they did. f Ask for past reviews. g Check references. a Managing the people who report to you should feel like “skiing together. ” b An excellent skier is probably going to be more critical and a better critic of another skier than a novice skier. b Communicate the logic and welcome feedback. a Hold yourself and others accountable. a Have agreed-upon goals and tasks that everyone knows from the people in the departments to the people outside the departments who oversee them. b Watch out for the unfocused and unproductive “we should do something. a Tool: Use daily updates as a tool for staying on top of what your people are doing and thinking. a Make sure your people know to be proactive. b Tool: An escalation button. a Remind the people you are probing that problems and mistakes are fuel for improvement. ” Fight them all.

These will help clarify assessments and communication surrounding them. a Put your compliments and criticisms into perspective. b Remember that convincing people of their strengths is generally much easier than convincing them of their weaknesses. c Encourage objective reflection. d Employee reviews a Get in synch in a non-hierarchical way regarding assessments. b Learn about your people and have them learn about you with very frank conversations about mistakes and their root causes. a When criticizing, try to make helpful suggestions. b Learn from success as well as from failure. a A common mistake: training and testing a poor performer to see if he or she can acquire the required skills without simultaneously trying to assess their abilities. ” Sort People into Other Jobs at Bridgewater, or Remove Them from Bridgewater If not, fire them. To Perceive, Diagnose, and Solve Problems… Know How to Perceive Problems Effectively a “Pop the cork.

” b Hold people accountable for raising their complaints. c The leader must encourage disagreement and be either impartial or open-minded. d The people closest to certain jobs probably know them best, or at least have perspectives you need to understand, so those people are essential for creating improvement. Yet fixing unacceptable problems is actually a lot easier than not fixing them, because not fixing them will make you miserable. a Tool: Have all new employees listen to tapes of “the story” to bring them up to date. b Beware of paying too much attention to what is coming at you and not enough attention to what your responsibilities are or how your machine should work to achieve your goals.

Take the time to come up with a game plan. a First come up with the best workflow design, sketch it out in an organizational chart, visualize how the parts interact, specify what qualities are required for each job, and, only after that is done, choose the right people to fill the jobs. b Organize departments and sub-departments around the most logical groupings. c Make departments as self-sufficient as possible so that they have control over the resources they need to achieve the goals. a Everyone must be overseen by a believable person who has high standards. b The people at the top of each pyramid should have the skills and focus to manage their direct reports and a deep understanding of their jobs. c The ratio of senior managers to junior managers and to the number of people who work two levels below should be limited, to preserve quality communication and mutual understanding.

d The number of layers from top to bottom and the ratio of managers to their direct reports will limit the size of an effective organization. e The larger the organization, the more important are 1 information technology expertise in management and 2 cross-department communication more on these later. f Do not build the organization to fit the people. a You should be able to delegate the details away. b It is far better to find a few smart people and give them the best technology than to have a greater number of ordinary and less well-equipped people. c Use “leveragers. c Use “double-do” rather than “double-check” to make sure mission-critical tasks are done correctly. a People doing auditing should report to people outside the department being audited, and auditing procedures should not be made known to those being audited. b Remember: There is no sense in having laws unless you have policemen auditors.

To Make Decisions Effectively… Recognize the Power of Knowing How to Deal with Not Knowing ” b Finding the path to success is at least as dependent on coming up with the right questions as coming up with answers. a Successful people ask for the criticism of others and consider its merit. b Triangulate your view. c Understand how valuable it is to raise the probability that your decision will be right by accurately assessing the probability of your being right. Make 15 or more good, uncorrelated bets. c Watch out for “detail anxiety. Watch out for people who tend to argue against something because they can find something wrong with it without properly weighing all the pros against the cons. Understanding, accepting, and knowing how to effectively deal with reality are crucial for achieving success. Having truth on your side is extremely powerful. Being truthful, and letting others be truthful with you, allows you to explore your own thoughts and exposes you to the feedback that is essential for your learning.

Being truthful is an extension of your freedom to be you; people who are one way on the inside and another on the outside become conflicted and often lose touch with their own values. While the first-order effects of being radically truthful might not be desirable, the second- and third-order effects are great. Do you agree with this? Openness leads to truth and trust. ” The main reason Bridgewater performs well is that all people here have the power to speak openly and equally and because their views are judged on the merits of what they are saying. Through that extreme openness and a meritocracy of thought, we identify and solve problems better. Since we know we can rely on honesty, we succeed more and we ultimately become closer, and since we succeed and are close, we are more committed to this mission and to each other.

It is a self-reinforcing, virtuous cycle. Integrity comes from the Latin word integer, meaning “one. ” People who are one way on the inside and another way outside lack integrity; they have duality. The second- and third-order effects of having integrity and avoiding duality are great. It helps you sort the people you are around and the environments you are in. Having nothing to hide relieves stress. It also builds trust. Badmouthing people behind their backs shows a serious lack of integrity and is counterproductive.

Next to being dishonest, it is the worst thing you can do at Bridgewater. You need to follow this policy to an extreme degree. In these places, openly expressing your concerns is considered disloyal, and is discouraged. I believe in a truer, healthier form of loyalty, which does the opposite. Healthy loyalty fosters improvement through openly addressing mistakes and weaknesses. The more people are open about their challenges, the more helpful others can be. In an environment in which mistakes and weaknesses are dealt with frankly, those who face their challenges have the most admirable character.

By contrast, when mistakes and weaknesses are hidden, unhealthy character is legitimized. Allowing people direct access lets them form their own views and greatly enhances accuracy and the pursuit of truth. Winston Churchill said, “There is no worse course in leadership than to hold out false hopes soon to be swept away. ” The candid question-and-answer process allows people to probe your thinking. Of course, there are some times when privacy is required. If someone gives you confidential information, keep it confidential until you have permission to disclose it. Increasingly you engage in logical, unemotional discussions in pursuit of truth in which criticisms are not viewed as attacks, but as explorations of possible sources of problems.

Chances are they will. The cost of keeping someone around who has been dishonest is likely to be higher than any benefits. For every mistake that you learn from you will save thousands of similar mistakes in the future, so, if you treat mistakes as learning opportunities that yield rapid improvements, you should be excited by them. Your work environment will be marked by petty back-biting and malevolent barbs rather than by a healthy, honest search for truth that leads to evolution and improvement. Because of this, the more mistakes you make and the more quality, honest diagnoses you have, the more rapid your progress will be. or just talk. ” “I am not discouraged, because every wrong attempt discarded is another step forward. ” “Results! Why, man, I have gotten a lot of results. ” “When I have fully decided that a result is worth getting I go ahead of it and make trial after trial until it comes.

I once had a ski instructor who had taught Michael Jordan, the greatest basketball player of all time, how to ski. He explained that Jordan enjoyed his mistakes and got the most out of them. At the start of high school, Jordan was an unimpressive basketball player; he became a champion because he loved using his mistakes to improve. Good school learners are often bad mistake-based learners because they are bothered by their mistakes. I particularly see this problem in recent graduates from the best colleges, who frequently shy away from exploring their own weaknesses. Connect the dots without ego barriers. If there is a pattern of mistakes, it probably signifies a weakness. Everyone has weaknesses. Weaknesses are due to deficiencies in learning or deficiencies in abilities. Deficiencies in learning can be rectified over time, though usually not quickly, while deficiencies in abilities are virtually impossible to change. Neither is a meaningful impediment to getting what you want if you accept it as a problem that can be designed around.

They are opportunities to improve. Everyone has weaknesses and can benefit from knowing about them. Put your insecurities away and get on with achieving your goals. If a criticism is accurate, it is a good thing. You should appreciate it and try to learn from it. ” When people hear, “You did XYZ wrong,” they have an instinctual reaction to figure out possible consequences or punishments rather than to try to understand how to improve. Remember that what has happened lies in the past and no longer matters, except as a method for learning how to be better in the future. Create an environment in which people understand that remarks such as “You handled that badly” are meant to be helpful for the future rather than punitive for the past.

While people typically feel unhappy about blame and good about credit, that attitude gets everything backwards and can cause major problems. Worrying about “blame” and “credit” or “positive” and “negative” feedback impedes the iterative process essential to learning. Identifying who made mistakes is essential to learning. It is also a test of whether a person will put improvement ahead of ego and whether he will fit into the Bridgewater culture. ” This occurs when people are uncomfortable connecting specific mistakes to specific people because of ego sensitivities. This creates dysfunctional and dishonest organizations. Since individuals are the most important building blocks of any organization and since individuals are responsible for the ways things are done, the diagnosis must connect the mistake to the specific individual by name. Someone created the procedure that went wrong, or decided we should act according to that procedure, and ignoring that fact will slow our progress toward successfully dealing with the problem.

You can convert the “pain” of seeing your mistakes and weaknesses into pleasure. If there is only one piece of advice I can get you to remember it is this one. Calm yourself down and think about what is causing your psychological pain. Ask other objective, believable parties for their help to figure it out. Find out what is true. Remember that pains that come from seeing mistakes and weaknesses are “growing pains” that you learn from. Stay in them and explore them because that will help build the foundation for improvement. It is widely recognized that 1 changing your deep-seated, harmful behavior is very difficult yet necessary for improvement and 2 doing this generally requires a deeply felt recognition of the connection between your harmful behavior and the pain it causes. Psychologists call this “hitting bottom. ” Embracing your failures is the first step toward genuine improvement; it is also why “confession” precedes forgiveness in many societies.

When there is pain, the animal instinct is ”fight or flight” i. When you can calm yourself down, thinking about the dilemma that is causing you pain will bring you to a higher level and enlighten you, leading to progress. If when you are calm, you can think clearly about what things are at odds, you will learn more about what reality is like and how to better deal with it. It really will produce progress. If, on the other hand, the pain causes you to tense up, not think, feel sorry for yourself, and blame others, it will be a very bad experience. We must bring mistakes into the open and analyze them objectively, so managers need to foster a culture that makes this normal and penalizes suppressing or covering up mistakes. Highlighting them, diagnosing them, thinking about what should be done differently in the future, and then adding that new knowledge to the procedures manual are all essential to our improvement.

Using this tool is mandatory because we believe that enforcing this behavior is far better than leaving it optional. Getting in synch helps you achieve better answers through considering alternative viewpoints. It can take the forms of asking, debating, discussing, and teaching how things should be done. Sometimes it is to make our views on our strengths, weaknesses, and values transparent in order to reach the understanding that helps us move forward. Sometimes it is to be clear about who will do what and the game plan for handling responsibilities.

So this process can be both a means of finding the best answers and pushing them ahead. Quality conversations about what is true and what should be done will produce better outcomes and many fewer misunderstandings in the future. Yet acknowledging those weaknesses e. ” In a culture that values both independent thinking and innovation, each individual has both the right and the obligation to ensure that what they do, and what we collectively do, in pursuit of excellence, makes sense to them. So, get in synch about these things. Discuss or debate important issues with the right relevant parties in an open-minded way until the best answers are determined. This process will maximize learning and mutual understanding. Thrash it out to get to the best answer. Just try to find out what is true.

Finding out that you are wrong is even more valuable than being right, because you are learning. Opinions are easy to produce, so bad ones abound. Open-minded people seek to learn by asking questions; they realize that what they know is little in relation to what there is to know and recognize that they might be wrong. Closed-minded people always tell you what they know, even if they know hardly anything about the subject being discussed. They are typically made uncomfortable by being around those who know a lot more about a subject, unlike open-minded people who are thrilled by such company. If you must deal with them, the first thing you have to do is open their minds. Being open-minded is far more important than being bright or smart.

And avoid that trap yourself. They are required to explain the thinking behind a decision openly and transparently so that all can understand and assess it. The person s resolving the dispute must do this objectively and fairly; otherwise our system will fail at maintaining its meritocracy of ideas. I believe that in all relationships, including the most treasured ones, 1 there are principles and values each person has that must be in synch for the relationship to be successful and 2 there must be give and take. I believe there is always a kind of negotiation or debate between people based on principles and mutual consideration. What you learn about each other via that “negotiation” either draws you together or drives you apart. If your principles are aligned and you can work out your differences via a process of give and take, you will draw closer together.

If not, you will move apart. It is through such open discussion, especially when it comes to contentious issues, that people can make sure there are no misunderstandings. Ironically, people who suppress the mini-confrontations for fear of conflict tend to have huge conflicts later, which can lead to separation, precisely because they let minor problems fester. On the other hand, people who address the mini-conflicts head-on in order to straighten things out tend to have the great, long-lasting relationships.

They fuel the learning that helps us be at our best. Sometimes when there are disagreements, people get angry. As a result, there is less of both. So instead of getting angry, they should welcome the fact that disagreements and open debate are encouraged here. I have seen people who agree on the major issues waste hours arguing over details. Be wary of bogging down amid minor issues at the expense of time devoted to solidifying important agreements. Operating otherwise would essentially give someone typically the boss a de facto veto right. For example, if the responsible party being challenged has a vision, and the decision under disagreement involves a small detail, evaluate the decision within the context of the broader vision. It is meant to provide the decision-maker with alternative perspectives in anticipation of a better answer. Debate, discussion, and teaching are all ways of getting in synch, but they work differently and the approach you choose should reflect your goal and the relative believability of the people involved.

Debate is generally among approximate equals; discussion is open-minded exploration among people of various levels of understanding; and teaching is between people of different levels of understanding. People should consider their own levels of believability and understanding to assess if the probing makes sense. They are the most impacted by and most informed about the issues under discussion, and so they are the most important parties to be in synch with. As a result, there is an overabundance of confident bad opinions around and very few thoughtful conclusions arising from learning from each other.

It is common for conversations to be exchanges of sentences that begin “I think…” followed by their conclusions, and both parties believing that they had a good conversation and feeling good about each other, even though nothing was accomplished. Less experienced, less believable people will be included. Conversely, if you are willing to be challenged, and others behave the same way, you can demand that all critical communication be done openly. Imagine if a group of us were trying to learn how to play golf with Tiger Woods, and he and a new golfer were debating how to swing the club. Would it be helpful or harmful to our progress to ignore their different track records and experience? Of course it would be harmful and plain silly to treat their points of view equally, because they have different levels of believability. It is better to listen to what Tiger Woods has to say, without constant interruptions by some know-nothing arguing with him.

While I believe this is true, it would be most productive if Tiger Woods gave his instructions and then answered questions. So he should approach his questioning with that perspective rather than overblown confidence. I feel exactly the same way about getting at truth at Bridgewater. While open communication is very important, the challenge is figuring out how to do it in a time-efficient way. It is helpful to use leveraging techniques like open e-mails posted on a FAQ board. If the reporting ratios are organized as described in the principles on organizational design, there should be ample time for this. In such cases, you will need even greater leverage and prioritization e. Almost everyone has an opinion, but many are worthless or harmful. The views of people without track records are not equal to the views of people with strong track records. Treating all people equally is more likely to lead away from truth than toward it.

People without records of success who are nonetheless confident about how things should be done are either naïve or arrogant. However, all views should be considered in an open-minded way, albeit placed in the proper context of experience and track record. Ultimately, the proof is in the pudding: can you handle your responsibilities well? Not only is better decision-making enhanced, so is time management. Just recognize that this is a reality that is relevant in a number of ways. Ask, “Why should I believe you? ” and “Why should I believe myself? Those with one of those two qualities are somewhat believable; people with neither are least believable. I have seen that inexperienced people can have great ideas, sometimes far better than more experienced people, though often much worse.

So we must be attuned to both the good and the bad and allow people to build their own track records and their own levels of believability. On the other hand, a highly believable person with experience and a good track record who is highly confident in his views should be assertive. Everyone should be upfront in expressing how confident they are in their thoughts. A suggestion should be called a suggestion; a firmly held conviction should be presented as such. You will inevitably need to prioritize because of time constraints, but beware of the tremendous price of skimping on quality communication. There are many reasons why meetings go poorly, but frequently it is because of a lack of clarity about the topic or the level at which things are being discussed e. To manage the meetings well: 33a Make it clear who the meeting is meant to serve and who is directing the meeting. Meetings without a clear responsible party run a high risk of being directionless and unproductive.

For example, if the goal of the meeting is to have people with different opinions work through their differences to try to get closer to what is true and what to do about it i. Debating issues takes time. That time increases geometrically depending on the number of people participating in the discussion, so you have to carefully choose the right people in the right numbers to suit the decision that needs to be made. In any discussion try to limit the participation to those whom you value most in light of your objectives. The worst way to pick people is based on whether their conclusions align with yours. Group-think and solo-think are both dangerous.

Next best is to have decisions made by a single smart, conceptual decision-maker, but this is a much worse choice than the former. The worst way to make decisions is via large groups without a smart, conceptual leader. Even when there is a large number of smart, conceptual leaders, more than five trying to make a decision is very inefficient and difficult. This is especially the case when people think they need to satisfy everyone. Two people who collaborate well will be about three times as effective as the two of them operating independently because they will see what the other might miss, they can leverage each other, and they can hold each other to higher standards.

As noted before, each group should have someone who is responsible for managing the flow to get out of the meeting the most possible. When considering an issue or situation, there should be two levels of discussion: the case at hand and the relevant principles that help you decide how the machine should work. Since the case at hand is a manifestation of one or more relevant principles, you need to clearly navigate between these levels in order to 1 handle the case well, 2 improve the machine so that cases like this will be handled better in the future, and 3 test the effectiveness of your principles. ” Topic slip is the random and inconclusive drifting from topic to topic without achieving completion.

Tip: Avoid topic slip by tracking the conversation on a whiteboard so everyone can see where you are. I often see people complain about the delivery of a criticism in order to deflect from its substance. Conversations often fail to reach completion. When there is an exchange of ideas, especially if there is a disagreement, it is important to end it by stating the conclusions. If there is agreement, say it; if not, say that. Where further action has been decided, get those tasks on a to-do list, assign people to do them, and specify due dates. Gen- erally speaking, to avoid distraction during the discussion itself, prioritizing follow-ups and assignments should be done afterwards. Too often groups will make a decision to do something without assigning personal responsibilities, so it is not clear who is supposed to do what. Be clear in assigning personal responsibilities. Discussion does not mean rule by referendum. While our culture is marked by extreme openness, some people mistakenly assume we have group decision-making in which all views are treated equally and consensus rules.

We operate not only by open debate but also by clearly assigning personal responsibility to specific people. While these two values might seem at odds, personal responsibility and open debate work together to synthesize effective decision-making at Bridgewater. Everyone does not report to everyone here. I want the most capable individuals assigned to each job. We hold them accountable for their outcomes, but we also give them the authority to achieve those outcomes. It is perfectly OK for a responsible party to carry through a decision he thinks is best even when others who are knowledgeable disagree, although this disagreement should be considered and weighed seriously. We have, and should have, an explicit decision- making hierarchy, ideally based on merit. In any conversation there is a responsibility to transmit and a responsibility to receive. Misinterpretations are going to take place. Often, difficulty in communication is due to people having different ways of thinking e.

The parties involved should 1 realize that what they might be transmitting or receiving might not be what was meant, 2 consider multiple possibilities, and 3 do a back and forth so that they can get in synch. Learn lessons from your problems in communications to improve. This person could be your manager or another agreed-upon, believable person or group who can resolve the conflict objectively, fairly, and sensibly. This mechanism is a key element of our culture and crucial for maintaining a meritocracy of ideas. Though that might not be possible for practical reasons, it suggests the merit-based decision-making we aspire toward with our current process.

The challenging and probing we encourage are not meant to second-guess every decision but to help us assess the quality of our work over time. I cannot emphasize strongly enough how important the selection, training, testing, evaluation, and sorting out of people is. If you put the goals and the tasks in the hands of people who can do them well, and if you make crystal clear that they are personally responsible for achieving the goals and doing the tasks, they should produce excellent results. This section is about the people part of the feedback loop process, diagramed below. Understand what attributes matter most for a job, and then ascertain whether an individual has them. This matching process requires 1 visualizing the job and the qualities needed to do it well, and then 2 ascertaining if the individual has those qualities. Look for believable responsible parties who love producing great results. I only want people at Bridgewater who are joining us on an important, shared mission to do great things.

At Bridgewater, those key values are a drive for excellence, truth at all costs, a high sense of ownership, and strong character by character, I mean the willingness to do the good but difficult things. They are also the qualities that have the biggest influence on whether or not I respect someone. They are essential for success. Because of this, the RP must choose wisely when delegating responsibilities to others, and he must incentivize and manage them appropriately. There is no escaping that. However, it is your 55 The thing that I like least or dislike most about my job is fighting to maintain standards, but it must be done. I know that the only way for me to succeed and to be happy is to have good people do it for me, which means that I have to hire, train, and sort out people.

It is futile to give responsibilities to people who do not have the qualities required to succeed. It frustrates, and inevitably angers, all parties, which is subversive to the environment. So, hiring, training, and sorting out people so that responsibilities are placed in the hands of people who can be trusted to do an excellent job is the only viable path, and it is extremely satisfying. The results that you end up with will reflect how you and your people learn to handle things. So take control of your situation and hold yourself and others accountable for producing great results. People who wish for a great result but are unwilling to do what it takes to get there will fail. Therefore, they are the most important people to choose and manage well.

Otherwise you will have to do their jobs for them. The ability to see and value goals is largely innate, though it improves with experience. It can be tested for, though no tests are perfect.

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You will continue to receive exclusive offers in your inbox. Because these principles have helped me and others so much, I want to share them with you. Principles are fundamental truths that serve as the foundations for behavior 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. Every day, each of us is faced with a blizzard of situations we must respond to. Without principles we would be forced to react to all the things life throws at us individually, as if we were experiencing each of them for the first time. If instead we classify these situations into types and have good principles for dealing with them, we will make better decisions more quickly and have better lives as a result.

Having a good set of principles is like having a good collection of recipes for success. All successful people operate by principles that help them be successful, though what they choose to be successful at varies enormously, so their principles vary. To be principled means to consistently operate with principles that can be clearly explained. That is a shame. Do we have common principles that bind us together—as a family, as a community, as a nation, as friends across nations? Or do we have opposing principles that divide us? What are they? This is a time when it is especially important for us to be clear about our principles. My hope is that reading this book will prompt you and others to discover your own principles from wherever you think is best and ideally write them down. Doing that will allow you and others to be clear about what your principles are and understand each other better.

It will allow you to refine them as you encounter more experiences and to reflect on them, which will help you make better decisions and be better understood. Sometimes we gain them through our own experiences and reflections. Sometimes we accept them from others, like our parents, or we adopt holistic packages of principles, such as those of religions and legal frameworks. Because we each have our own goals and our own natures, each of us must choose our own principles to match them. If you can think for yourself while being open-minded in a clearheaded way to find out what is best for you to do, and if you can summon up the courage to do it, you will make the most of your life. and do that with humility and open-mindedness so that you consider the best thinking available to you. Being clear on your principles is important because they will affect all aspects of your life, many times a day.

For example, when you enter into relationships with others, your principles and their principles will determine how you interact. People who have shared values and principles get along. Think about the people you are closest to: Are their values aligned with yours? Do you even know what their values or principles are? This is especially problematic in organizations where people need to have shared principles to be successful. Being crystal clear about my principles is why I labored so much over every sentence in this book. The principles you choose can be anything you want them to be as long as they are authentic—i. On the contrary, I want you to question every word and pick and choose among these principles so you come away with a mix that suits you. So to me life looks like the sequence you see on the opposite page. I believe that the key to success lies in knowing how to both strive for a lot and fail well.

By failing well, I mean being able to experience painful failures that provide big learnings without failing badly enough to get knocked out of the game. I hated school because of my bad memory but when I was twelve I fell in love with trading the markets. To make money in the markets, one needs to be an independent thinker who bets against the consensus and is right. To be a successful entrepreneur, the same is true: One also has to be an independent thinker who correctly bets against the consensus, which means being painfully wrong a fair amount. Since I was both an investor and an entrepreneur, I developed a healthy fear of being wrong and figured out an approach to decision making that would maximize my odds of being right. Knowing that I could be painfully wrong and curiosity about why other smart people saw things differently prompted me to look at things through the eyes of others as well as my own.

That allowed me to see many more dimensions than if I saw things just through my own eyes. that are so clearly laid out that their logic can easily be assessed and you and others can see if you walk the talk. Experience taught me how invaluable it is to reflect on and write down my decision-making criteria whenever I made a decision, so I got in the habit of doing that. With time, my collection of principles became like a collection of recipes for decision making. By sharing them with the people at my company, Bridgewater Associates, and inviting them to help me test my principles in action, I continually refined and evolved them. I discovered I could do that by expressing my decision-making criteria in the form of algorithms that I could embed into our computers. By running both decision-making systems—i. Doing that allowed me and the people I worked with to compound our understanding over time and improve the quality of our collective decision making.

I discovered that such decision- making systems—especially when believability weighted—are incredibly powerful and will soon profoundly change how people around the world make all kinds of decisions. Our principle-driven approach to decision making has not only improved our economic, investment, and management decisions, it has helped us make better decisions in every aspect of our lives. The most important thing is that you develop your own principles and ideally write them down, especially if you are working with others. It was that approach and the principles it yielded, and not me, that took me from being an ordinary middle-class kid from Long Island to being successful by a number of conventional measures—like starting a company out of my two-bedroom apartment and building it into the fifth most important private company in the U. according to Fortune , becoming one of the one hundred richest people in the world according to Forbes , and being considered one of the one hundred most influential according to Time.

They led me to a perch from which I got to see success and life very differently than I had imagined, and they gave me the meaningful work and meaningful relationships I value even more than my conventional successes. They gave me and Bridgewater far more than I ever dreamed of. Most of those stories were distorted and sensationalistic, so in , I posted our principles on our website so people could judge them for themselves. To my surprise, they were downloaded over three million times and I was flooded with thank-you letters from all over the world. I will give them to you in two books—Life and Work Principles in one book, and Economic and Investment Principles in the other. HOW THESE BOOKS ARE ORGANIZED Since I have spent most of my adult life thinking about economies and investing, I considered writing Economic and Investment Principles first. If you do read it, try to look past me and my particular story to the logic and merit of the principles I describe.

Think about them, weigh them, and decide how much, if at all, they apply to you and your own life circumstances—and specifically, whether they can help you achieve your goals, whatever they may be. Part II: Life Principles The overarching principles that drive my approach to everything are laid out in Life Principles. In this section, I explain my principles in greater depth and show how they apply in the natural world, in our private lives and relationships, in business and policymaking, and of course at Bridgewater. This is the real heart of the book because it shows how these principles can be applied to most anything by most anyone. We believe that thoughtful, unemotional disagreement by independent thinkers can be converted into believability-weighted decision making that is smarter and more effective than the sum of its parts. What Will Follow This Book This print book will be followed by an interactive book in the form of an app that will take you into videos and immersive experiences so that your.

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WebOct 26,  · Before you start Complete Principles: Life and Work PDF EPUB by Ray Dalio Download, you can read below technical ebook details: Full Book WebApr 29,  · Principles: Life And Work: Ray Dalio: Free Download, Borrow, and Streaming: Internet Archive Principles: Life And Work by Ray Dalio Topics principles WebDownload Principles In Action and enjoy it on your iPhone, iPad, and iPod touch. ‎Principles In Action is a free app that brings to life Ray Dalio’s best-selling book Principles: Life & WebRay 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 WebMar 12,  · Principles Life and Work By Ray Dalio PDF Free Download - Epicpdf Principles Life and Work from Ray Dalio, one of the world’s most successful investors ... read more

To be principled means to consistently operate with principles that can be clearly explained. Principles are ways of successfully dealing with the laws of nature or the laws of life. Books The Changing World Order. For a more detailed explanation of diagnosing problems, please read my management principles. It is through such open discussion, especially when it comes to contentious issues, that people can make sure there are no misunderstandings.

Web icon An illustration of a computer application window Wayback Machine Texts icon An illustration of an open book. I hope that my ray dalio principles free download this will encourage others to do the same. Log in with Facebook Log in with Google. Above all else, how we choose to approach these impediments determines how fast we move toward our goals. I believe that the desire to evolve, i. I want the most capable individuals assigned to each job. This machine produces outcomes.