Principles : life and work
(Book)

Includes index.

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 and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazineś list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewaterś exceptionally effective culture, which he describes as án idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency. ́It is these principles, and not anything special about Dalioẃho grew up an ordinary kid in a middle-class Long Island neighborhoodt́hat he believes are the reason behind his success. In Principles, Dalio shares what heś 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 bookś hundreds of practical lessons, which are built around his cornerstones of ŕadical truth ́and ŕadical 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 b́aseball 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 theyŕe seeking to achieve.