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Ray Dalio

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Principles: Life and Work Kindle Edition

by Ray Dalio (Author) Format: Kindle Edition

4.6 17,922 ratings

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#1 NEW YORK TIMES BESTSELLER * 5 MILLION COPIES SOLD

“Significant...The book is both instructive and surprisingly moving.” —The New York Times

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 unique results in both life and business—and which any person or organization can adopt to help achieve their goals.

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 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.

In 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,” 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.

Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press.

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Editorial Reviews

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Winner of the Axiom Business Book Award for 2018

“Mr. Dalio has long been an object of fascination. . . . His new book is more significant than the original list of principles: It is part memoir, part how-to guide. It is a deeply personal story, with Mr. Dalio wading into how he started his firm in 1975, internal conflicts inside the company, and strife early on in his career. The book is both instructive and surprisingly moving. . . . Underneath what may seem like a clinical, emotionless approach is something different and far more poignant: Mr. Dalio is preaching for individuals to have a sense of humility and introspection, an ability to open themselves to appreciate pointed criticism and use it to improve.”
—The New York Times

“If there was an ‘it’ book for businesses or careers in 2017, it was Ray Dalio’s Principles. The book, weighing in at nearly 600 pages, begins with the author’s own story, including the rise of Bridgewater Associates, Dalio’s highly successful investment firm. Part memoir, part strategic plan, Dalio uses his own history to provide suggestions on attaining success while always stressing the power of individuality and personal goals. This isn’t just a book for the power elite. Dalio’s highly detailed game plan focuses on what he calls ‘radical’ truths and transparencies, and are applicable to the careers of powerful CEOs, ladder-climbing executives, longtime grunts, and fresh-faced rookies.”
—Chicago Tribune

“Ray Dalio has provided me with invaluable guidance and insights that are now available to you in Principles.”
—Bill Gates

“I absolutely loved this book. It’s beautifully written and filled with such wisdom.”
—Arianna Huffington

“I found it to be truly extraordinary. Every page is full of so many principles of distinction and insights—and I love how Ray incorporates his history and his life in such an elegant way.”
—Tony Robbins

“Ray Dalio’s market acumen is legendary, but it was creating and living by a set of principles that allowed him to reach the top. Everyone with goals and dreams can learn from Ray’s approach.”
—Michael Bloomberg

“It’s important and instructive to share what you’ve learned in life with others, and Ray does this in an interesting and provocative way in this compelling work.”
—Jamie Dimon

“I was surprisingly moved by it. I found it to be remarkably engaging. It made me think about life and how we all deal with each other in pretty profound ways. And Mr. Dalio’s own story about how he came to these principles is fascinating.”
—Andrew Ross Sorkin

“The billionaire investor has created the strongest culture I’ve ever seen in an organization—one that prizes radical transparency over politics and meritocracy over democracy. In his long-awaited book, he describes the systems that he has designed to shape meaningful work, meaningful relationships, and the world’s most successful hedge fund.”
—Adam Grant

“I highly, highly recommend this book. It has already changed how I think about making decisions in my life and in my business.”
—Tim Ferriss

“It’s the book I wish I had as a young entrepreneur, stressing over not knowing what I didn’t know. Principles offers a bible to the greatest skill an entrepreneur can have, the ability to Learn How to Learn in any situation. Read it.”
—Mark Cuban

“Principles had a profound positive impact on my leadership style—through living more honestly.”
—Reed Hastings

“Ray brings unique analytic insights about how to think about complex issues. His Principles is a must read. It’s a gift to all of us.”
—Steve Schwarzman

“Among a handful of philosopher-investors known not only for moneymaking prowess but also for their distinctive take on life.”
—The Wall Street Journal

“What makes Dalio compelling is not just his track record but the way he goes about making money, and the rigorous analysis he applies to understanding markets, organizations, the economy, and life.”
—Fortune

About the Author

Ray Dalio is Founder, Co-CIO and Member of the Bridgewater Board, which, over the last forty years, has become the largest and best-performing hedge fund in the world. Dalio has appeared on the Time 100 list of the most influential people in the world as well as the Bloomberg Markets list of the 50 most influential people. He is also #1 New York Times bestselling author of Principles, Principles for Navigating Big Debt Crises, and Principles for Dealing with the Changing World Order. He lives with his family in Connecticut.

Product details

ASIN ‏ : ‎ B071CTK28D
Publisher ‏ : ‎ Avid Reader Press / Simon & Schuster; Illustrated edition (September 19, 2017)
Publication date ‏ : ‎ September 19, 2017
Language ‏ : ‎ English
File size ‏ : ‎ 14238 KB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 593 pages

Best Sellers Rank: #26,946 in Kindle Store (See Top 100 in Kindle Store)
- #9 in Investing Basics
- #33 in Personal Success in Business
- #39 in Business Leadership

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4.6 17,922 ratings

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Ray Dalio

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Ray Dalio is the founder and co-chairman of Bridgewater Associates, which, over the last forty years, has become the largest and best performing hedge fund in the world. He is the author of #1 New York Times Bestseller and #1 Amazon Business Book of the Year, Principles. Dalio has appeared on the Time 100 list of the most influential people in the world as well as the Bloomberg Markets list of the 50 most influential people. He lives with his family in Connecticut.

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Ahammad Jassim

An Enlightening Journey of Principles: Life and Work

Reviewed in the United States on June 8, 2023

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I recently delved into the thought-provoking pages of "Principles: Life and Work" by Ray Dalio, and I must say it was an extraordinary reading experience. This book is a captivating guide that not only provides invaluable insights into the world of business and life but also inspires personal growth and introspection.

From the moment I opened this book, I was instantly captivated by Dalio's unique storytelling style. He effortlessly combines personal anecdotes, practical examples, and profound wisdom to paint a comprehensive picture of how principles can shape our lives and impact our decision-making processes. His writing is clear, concise, and relatable, making complex concepts accessible to readers of all backgrounds.

One aspect that truly stood out to me was Dalio's transparency and authenticity. He openly shares his successes, failures, and the lessons he learned along the way. This level of vulnerability creates a genuine connection with the reader and instills a sense of trust, making the book all the more impactful.

What sets "Principles: Life and Work" apart is its practicality. Dalio doesn't simply present theories and ideas; he provides actionable steps to help readers apply these principles in their own lives. The exercises and reflection questions scattered throughout the book encourage self-reflection, promoting personal growth and the development of a principled mindset.

Furthermore, the book is beautifully structured, making it easy to navigate and revisit specific sections. Whether you're seeking guidance on decision-making, leadership, or creating meaningful relationships, you can quickly find the relevant principles and insights.

Reading "Principles: Life and Work" has undoubtedly transformed the way I approach challenges and make decisions in both my personal and professional life. It has equipped me with a framework to assess situations, embrace failures, and learn from them. I feel empowered to define and live by my own set of principles.

In conclusion, "Principles: Life and Work" is a must-read for anyone seeking personal and professional growth. Ray Dalio's profound wisdom, combined with his practical approach, offers a transformative experience that will inspire readers to lead more principled lives. I highly recommend this book to anyone ready to embark on an enlightening journey of self-discovery and success.

Disclaimer: I received this book as a customer, and my review is based on my personal reading experience.

7 people found this helpful

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Robert Morgan

Incredible work!

Reviewed in the United States on March 11, 2024

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Great read! Long but it hits some major principles! Things I neglected to acknowledge or address personally!

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Ian Mann

“My painful mistakes shifted me from having a perspective of ‘I ...

Reviewed in the United States on October 9, 2017

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Whatever success I’ve had in life has had more to do with my knowing how to deal with my not knowing, than anything I know,” says Ray Dalio.
To put the author in perspective: his company was rated by Fortune magazine as the 5th most important private company in the U.S. Dalio himself, was rated by Time magazine as one of the 100 most influential people in the world. Forbes rates him as the 100th wealthiest person in the world.
The book opens with an introduction to the man and his company, Bridgewater Associates, a US head-quartered, investment management firm. The firm consults to institutional clients such as pension funds, endowments, foundations, governments, and central banks.
What makes this company worth knowing about, and this book worth reading, is the way the company is run. The title comes from Dalio’s view that principles - fundamental truths that are the foundations for behaviour - will help you achieve what you want in your life and business - again and again.
The first part, a description of the vicissitudes in the fortunes of Bridgewater is a case study. “I learned my principles over a lifetime of making a lot of mistakes and spending a lot of time reflecting on them.” Dalio’s mistakes included one that forced him to reduce his company to one person – himself, and borrowing money to pay his living costs.
“My painful mistakes shifted me from having a perspective of ‘I know I’m right’ to having one of ‘How do I know I’m right?’”
This led him to the conclusion that it would be invaluable to reflect on decisions one makes, and then to write out the decision-making criteria. The result is being able to systematize your decision-making rather than having to relearn from recurring mistakes, again and again.
Dalio built his company on humility, open-mindedness and systematized, principle-based decisions.
The brilliant trader and investor Bernard Baruch explained: “If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.”
So, what are the principles that allow one to advise successfully in this complex arena? It starts with finding the smartest people who disagreed with you, and to try and understand their reasoning. This is 180 degrees from how almost all corporations operate. Their fundamental principle is consensus in a hierarchy of authority, where you succeed by knowing your place in the hierarchy, and having respect for your superiors.
Bridgewater is an idea-meritocracy – a company designed (the critical point) to ensure that the best idea wins.
To turn any company into an idea-meritocracy requires that you only employ people who want to be part of a mission (e.g. we sell well-priced fruit to those on a tight budget; we give the soundest advice to our clients, etc.) and not those who work for a paycheck.
Good people are not perfect people. Rather they learn from mistakes, record them so they can be learned from, and move on. “If a mistake happened and you logged it, you were okay. If you didn’t log it, you would be in deep trouble.” The error log was Bridgewater’s first management tool.
In an idea-meritocracy people put their honest thoughts on the table. There is thoughtful disagreement, and people are willing to shift their opinions as they learn. There are agreed-upon ways of deciding so that the people can move beyond them without resentments.
People cannot participate in the company productively if they didn’t know everything that is going on. Without the principle of transparency problems would be hidden instead of being resolved. To have a real idea-meritocracy, there must be transparency so that people can see things for themselves.
Why bother with this approach, which is VERY difficult to implement, and will require years of diligent minding to embed?
The answer will be clear if you answer these questions posed by Dalio. Would you prefer to have a company in which people are truthful and transparent, or one in which most people keep their real thoughts hidden? Would you prefer to have a company where problems, mistakes, weaknesses, and disagreements are brought to the surface and thoughtfully discussed, or where they are suppressed? Would you prefer a company in which the right to criticize is non-hierarchical, or one in which you don’t criticize upward – publicly?
Is the effort and discomfort worth it?
The most compelling reason to change the way a business operates, is to look at the financial benefits. Here is what the idea-meritocracy did for Bridgewater. In 2008 their flagship fund made over 14% in an awful year when many other investors recorded losses of more than 30%. In an economy still reeling, their returns were nearly 45% and 28% for their two ‘Pure Alpha’ funds, and 18% for their ‘All Weather’ fund.
Need I say more.

Readability Light ---+ Serious
Insights High +--- Low
Practical High +---- Low

*Ian Mann of Gateways consults internationally on leadership and strategy, and is the author of the recently released ‘Executive Update.

73 people found this helpful

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Top reviews from other countries

Georges Chan

Principles of self determination

Reviewed in Canada on December 3, 2023

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A book for you and your organization. It so important to remember the success comes with the responsibility and dedication. This book has all the informations you need. A great read.

Seifo

One of my favorites

Reviewed in Germany on April 4, 2024

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Great business book

Arun

A PERFECT COMPILATION OF PRINCIPLES FOR LIFE AND WORK

Reviewed in India on March 25, 2024

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This book is a Collector’s Delight. A wonderful account to be always kept on the work desk and to be referred for clearing challenges of both life and work. The idea meritocracy definition and how to use it can be written down and kept as a handy tool to fix things. Clear, concise and precise defines this book. Recommended for everyone to read and assimilate.

Giuseppe Domenico Baldassari

Excellent book

Reviewed in Italy on February 27, 2024

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Increadible book and very openminded.
Perfect for whoever is seeking for a self growjng book

AndCesc

The GOAT!!

Reviewed in the United Kingdom on December 13, 2023

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The chosen one for learning everything that you are not taught freely about the Principles of wealth creation and development. Still reading even though I have finished the book!! Countless excellent points and subsequent examples. A must read.

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