Book

Principles / Ray Dalio.

Dalio, Ray, 1949- (author.).

Summary:

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. Dalio himself has appeared on 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. Now Dalio shares what he has 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. His practical lessons 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.

Record details

ISBN: 9781501124020
ISBN: 1501124021
Physical Description: xviii, 567 pages : illustrations ; 24 cm
Edition: First Simon & Schuster hardcover edition.
Publisher: New York : Simon and Schuster, [2017]
Copyright: �2017

Content descriptions

Bibliography, etc. Note:

Includes bibliographical references (pages 553-554) and index.

Formatted Contents Note:

Part I. Where I'm coming from -- My call to adventure, 1949-1967 -- Crossing the threshold, 1967-1979 -- My abyss, 1979-1982 -- My road of trials, 1983-1994 -- The ultimate boon, 1995-2010 -- Returning the boon, 2011-2015 -- My last year and my greatest challenge, 2016-2017 -- Looking back from a higher level -- Part II. Life principles -- Embrace reality and deal with it -- Use the 5-step process to get what you want out of life -- Be radically open-minded -- Understand that people are wired very differently -- Learn how to make decisions effectively -- Life principles: putting it all together -- Summary and table of life principles -- Part III. Work principles -- Summary and table of work principles -- To get the culture right ... -- Trust in radical truth and radical transparency -- Cultivate meaningful work and meaningful relationships -- Create a culture in which it is okay to make mistakes and unacceptable not to learn from them -- Get and stay in sync -- Believability weight your decision making -- Recognize how to get beyond disagreements -- To get the people right ... -- Remember that the WHO is more important than the WHAT -- Hire right, because the penalties for hiring wrong are huge -- Constantly train, test, evaluate, and sort people -- To build and evolve your machine ... -- Manage as someone operating a machine to achieve a goal -- Perceive and don't tolerate problems -- Diagnose problems to get at their roots -- Design improvements to your machine to get around your problems -- Do what you set out to do -- Use tools and protocols to shape how work is done -- And for heaven's sake, don't overlook governance! -- Work principles: putting it all together -- Conclusion -- Appendix: Tools and protocols for Bridgewater's idea meritocracy.