Hello and welcome to my book review principles by Ray Dalio. For people who don't know Ray Dalio is he is one of the most successful investors and entrepreneurs in the world. In this book he shares his somewhat unconventional principles that he found, refined, and used over the past forty years of his life.
Ray Dalio founded Bridgewater Associates in 1975. It started in his two bedroom apartment in New York City. Bridgwater has grown to become one of the biggest private companies in history. For its clients it has generated more wealth then any other hedge fund. It was during this growth that Dailo created his unique principles and company culture. He calls this "An idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency".
Dalio argues that all life, management, investment can by systemised into rules. Dalio set out the most effective way for organisations or people to make better decisions, how to approach challenges and how to build strong teams. He goes on to describe how tools were created to bring his idea of meritocracy to life. Such as creating "baseball cards" of staff members that listed their strengths and their weaknesses. Also he talks about the computer system created at Bridgewater that is used to create believability-weighted decisions.
This was an interesting read from one of the great investors of our time. If you are able and willing to take on some of his ideas it could enrich you life in so many ways. This first half of the book goes though his personal life. Even Dalio made some mistakes, but he learned from them and refined his principles. The second part is more focused on economic principles.
Well worth a read if you are looking for a new book.