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Description

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 40 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 has 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.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.

©2017 Ray Dalio (P)2017 Simon & Schuster Audio

Ce que les membres d'Audible en pensent

Moyenne des évaluations de clients

Au global

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Histoire

  • 4,5 sur 5
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  • Exanime
  • 2017-12-15

I'm surprised this book has such great reviews

I'm a casual reader of this genre and found very little original content here. All the principles boil down to common sense with little advice on actual application. The entire book revolves around: identify issues, solve them, voila! it wasn't that hard was it?!

At no point in this book I was persuaded that Dalio's principles actually made his company successful and not simply the fact that he made good calls on the market and made a ton of money... which by the way Dalio seems to make clear is the only definition of greatness that anyone cares about... money.

Dalio also seems completely oblivious to his privileged position and seems to assume everyone has the option to consult 4 Chief of Staff Physicians across the country when validating a medical diagnosis... easy right? why doesn't everyone do it? He often repeats how he started from "nothing"; his version of nothing being married rich with Harvard degree in tow

The biography part of the book is pretty much a long backdoor bragging narrative; in fairness, Dalio warns about it.
The life principles are just common sense with no original take nor any practical approach.
The work principles are the same life principles (literally) but from a work angle. Useful of course if you run your own Fortune 500 company because if you are just an employee (even a high level one) you will have no chance to even try these (almost all revolve around hiring and firing people anyway)

Finally, and perhaps in an effort to sound original, Dalio comes up with his own terms for ideas that already exist but as the book progresses he essentially betrays them. "Radical Transparency" ends up being not even "total transparency", just basically a tad more transparent than other companies?... "Radical open mindness" sure, accept other more "believable" (his word for "credible") people no matter what... unless you are the owner because principle 11 says "always hold the last word".

Anyway, there are better, more practical and evidence based books out there... skip this one.

13 personnes sur 16 ont trouvé cette évaluation pertinente

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  • Amazon Customer
  • 2017-11-09

superb recap of a business well built.

an instruction manual of sorts, for the CEO who grows the company through continuous improvement and objective metrics

1 personnes sur 1 ont trouvé cette évaluation pertinente

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  • Jordan
  • 2017-10-07

Great book, could not stop listening

I started listening and had a hard time to stop, finished in only two sessions. I found many of the principles very interesting and several I already use in my daily life.

I believe that it is a must read for new supervisors or those who are in management positions. Some of the teachings I believe would benefit many of the organizations I have been a part of in the past.

Will definitely give it another listen and know that I will pull something new out every listen. I will most likely listen to the audiobook a couple of times a year.

3 personnes sur 4 ont trouvé cette évaluation pertinente

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  • Tammy
  • 2018-02-16

What a great book!

I really enjoyed this book and how Ray really took me inside his life to understand more about his principles. There was some repetition at times but I was okay with it because it helped me remember some content from earlier chapters.

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  • Zamonation
  • 2018-02-08

I love this book, wish I could recall these at will

This is one of those books that gives you solid principles and guidance to perform and navigate a productive life however there are too damn many of them to remember and recall. Ray, sign me up to your software please, I would love to use this incredible knowledge more effectively.

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  • patrick
  • 2017-12-13

Absolutely Amazing

I am blown away by how good this book is. There is so much valuable information in this, that i am going to have to listen one more time to take it in.

Whether you are a fan of Ray for financial interest or the principles from a psychology/HR standpoint, I would be surprised to find people that really dont enjoy this book.

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  • Minyi
  • 2017-11-23

Listen for the 2nd time

Cannot help but listening all the time. Loved it! Thank you, Mr. Dalio.
Great thoughts and life experience!!

2 personnes sur 4 ont trouvé cette évaluation pertinente

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  • Jeff Somlo
  • 2017-11-14

Amazing

Absolutely incredible. I learned a lot from Ray Dalio. He is a true inspiration. If you are looking for a great meaningful book this is the one

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  • Andrew
  • 2017-10-24

Intense from start to finish

-This book is perfect for anyone who thinks their smart. It will deliver a reality check in the form of a haymaker to your brain.
-It's no wonder Ray Dalio is in the 1%. There's pretty much nothing I can argue about in this book because of the logic behind everything that has been written down and tested in his company for 40 years.
-This book will open up your eyes to the world of bridgewater and how they continue to be mental navy seals there.
-This book will provide you with a better understanding of how to make decisions and hack your brain to see things more objectively.
-It's not an easy read, but for anyone who works in the finance industry it's required reading.

1 personnes sur 2 ont trouvé cette évaluation pertinente

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  • Corbin
  • 2018-01-13

One of the best

Loved it. One of the best books ever read. So. Many applicable stories and principles

0 personnes sur 1 ont trouvé cette évaluation pertinente

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  • Massimiliano Neri
  • 2017-11-06

Outstanding catalog of principles

The point is not if you agree with these principles, but rate to explain how the author came up with his principles, and you can develop your ones.

2 personnes sur 2 ont trouvé cette évaluation pertinente

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  • Robert F. Jones
  • 2017-10-08

Personal

Two stars - meh
three stars - good
four stars - worth a second read
five stars - life-changing - my top 50 of all time

Worth a second read because the ideas at the core of the book seem contrary to what has been my life experience.

I'd love to spend a couple of days at Bridgewater or extensively interview some longtime employees to find out if it works as the author suggests.

My experience has been that 'Idea Meritocracies' and 'Radical honesty' work great for those at the top, who's positions cannot be threatened because they deem what is valued and right.

I've also always been told that attempting to fit market movements to algorithms cannot predict the really important swings. This is because we cannot properly summarize all of the market conditions that existed historically, nor can we know all of the factors that effect markets currently because our information is incomplete. I should be able to tell if his approach works by comparing Bridgewater's performance to that of its peers, but I have not yet done this.

The author does make a telling comment early in the book, regarding the computational nature of reality. He states that if we knew we had a perfect description of the current state of the universe, we'd be able to predict what would happen next. This is by no means an established fact. Chaos theory, quantum mechanics and and Heisenberg would probably disagree.

I cannot decide if the 'Baseball Card' approach to personnel makes sense. Baseball stats are more objective that job performance or personality types based on standardized tests.
I'd love to believe that keeping stats on everyone would help predict future performance, but as Sabermetrics showed, which stats one calculates and how they are weighted have significant impact on outcomes.

I'd love to believe that his basic assumptions are correct, but I'm really ambivalent. This book raised many more questions than it answered.

If I check the facts and they seem to hold water, I will make changes to my life and thus this would qualify as a five-star book.

93 personnes sur 106 ont trouvé cette évaluation pertinente

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  • James Adams
  • PHOENIX, AZ, US
  • 2017-11-22

The Management/CEO’s Handbook

Having fewer reports (zero), than the author, this book - while very interesting, insightful and practical - comes across as directed towards folks way above my pay grade. CEOs and VPs in particular. Still, as a small cog in a very big wheel, I recommend it for both perspective on what good management looks like, and for straight-up honorable principles to live by.

26 personnes sur 30 ont trouvé cette évaluation pertinente

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  • Robin
  • 2017-10-17

Great book by someone worth listening to

This book is very zero in his way to describe how to run a business fairly, without stress, and profitably. It is very descriptive how to handle problems from top to bottom with a very methodical approach, while very inclusive and taking into account all ideas from the smartest people at your company without bias. I would recommend this book to all the employees of my company and believe it will improve decision-making process for everyone. Maybe one of the best books I’ve read.

4 personnes sur 4 ont trouvé cette évaluation pertinente

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  • Mckenzy Germain
  • Richmond, CA United States
  • 2017-10-15

The Blueprint — Lessons From Reformed New Yorker

The Blueprint — 10 Lessons From Principles: Life and Work by Ray Dalio

What makes this book a gold mine for me and like-minded people:

1. Understanding why a meritocratic environment works best for my personality has helped me shed imposter syndrome; mask off.

2. Ray defines a valid solution around a psychological dichotomy and process that stems to eliminate a ton of common misconceptions. Supportive ideologies around the power of numbers & group theory, associated with machine learning seem to be a great formula for creating an effective symbiotic ecosystem. If practiced by those who are open to change and constructive criticism.

3. The opening line made me want to get on plane to NYC, take a train over to CT, give Ray a high five, then head back to the concrete jungle to engage in shenanigans.

4. Machine learning (ai) can have a positive outcome as long as its used as supportive component for analytics and behavioral studies.

5. Ai, when done right, has the ability to yield some highly beneficial outcomes around structuring teams and making business decisions. At the same time, it can aid in studying your personal history, train of thought, and help predict what environments are good for personality.

6. It’s good to be open to constructive criticism.

7. Arguments should occur with the intention of arriving at new learnings, not to generate hatred or sense of detachment from the opposing party.

8. Some personalities just don’t work for the environment or culture that you are trying to creates. And in certain cases YOU actually create the high level of toxicity that destroys the environment that you are attempting to create.

9. The goal of learning is to grow and one day help another elevate themselves by sharing your learnings in an intuitive manner.

10. Mistakes should be embraced in the same we celebrate blessings. For in a lost or failure, we have an opportunity to learn and increase our aptitude around problem solving for that specific issue.

Bonus: never give up and let your humility serve as the honey that will capture the hearts and minds of your counterparts.

9 personnes sur 10 ont trouvé cette évaluation pertinente

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  • Market Maven
  • 2017-10-14

Two-thirds full.

I am a fan of Ray Dalio, the legendary hedge-fund manager. This book has three sections: a bio of Ray, followed by his "life principles," followed then by his "work principles." I found his life story to be very interesting indeed. And his "life principles" were excellent, especially the notion of "radical transparency" and "radical openness" and honestly confronting ones problems. So far great. But I got really bogged down in the third section, his "work principles." This seemed more like a corporate human resources manual than anything one could use in life. Even if you were a CEO or department head of a several hundred person organization, his principles often seemed like cliches. So much depends on what people are charged to do, but he has very little of that. I wish he had spent more time on his investment philosophy. This is where is his genius lies. He is not Tony Robbins. But I did learn from this book to confront my own problems more honestly and directly.

24 personnes sur 28 ont trouvé cette évaluation pertinente

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  • Redmond2000
  • Austin, TX
  • 2017-10-01

Bored to Tears

I don't usually give up on a book, especially one being read to me during a long drive when the only other option is silence. But, geesh. Some of the lead up stories to what I thought was the meat forthcoming were interesting but all in all no meat delivered. At least nothing up to the point where I threw up the white hankie and hit the stop button. The advice was generic and lacked the, for instance, this is how you'd apply this. I do know that he knows all about the ins and outs of pork bellies and the crops they eat and weather patterns ad nauseam. And he mentioned many times how he rubbed elbows with the rich and famous. Got it - you're a big deal.

12 personnes sur 14 ont trouvé cette évaluation pertinente

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  • Mooga
  • 2017-09-26

excellent read for anyone who wants to get better!

this is a fantastic guidebook for anyone looking to take a principled approach to improving their life. well organized and loads of great reference material.

3 personnes sur 3 ont trouvé cette évaluation pertinente

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  • Christian
  • 2017-09-26

I need to go through this book a few more times.

This is a great book to listen to and I found myself drifting off quite a lot thinking how to apply any given section to my life/work. I'll have to go through it a few more times for sure.

11 personnes sur 13 ont trouvé cette évaluation pertinente

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  • Jon David Schein
  • 2017-10-28

phenomenally replete with wisdom

if you're building a business or hold a management role in one or even if you're looking to improve your day-to-day life, I bet this book will serve you well.

10 personnes sur 12 ont trouvé cette évaluation pertinente

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  • Michael Barrick
  • 2018-01-01

Evolutionary Science?

Couldn’t get past all of the evolutionary science invading and entangling his business wisdom. Discard that junk and this would have been a worthwhile book.

I liked learning about the struggle in the early days, his perseverance, and the systems he put into place to mitigate human error. He was humble, loving, and yet tough-minded. All qualities that I admire.


2 personnes sur 2 ont trouvé cette évaluation pertinente