Principles: Life and Work

Grade- B Difficulty Level- moderate, plus 555 pages Principles is split into 3 sections. Part 1 is an autobiography of Dalio’s life, Part 2 is life principles, and Part 3 is work principles. What makes this book extra special is not just the fact that its an autobiography and a personal development book of a hyper-successful entrepreneur, but also that Principles was written toward the end of Dalio’s career, so is full of entrepreneurial wisdom, lessons and insights that help with each stage of an entrepreneur’s journey. However, the book could have been shorter, and I didn’t find the life principles section as useful as his autobiography & work principles. Overall, im glad I read this book. It taught me a variety of lessons- from life, finance & economics, running a successful company & its challenges, politics & more. Been on my list for a while so definitely happy to have completed it.

I first came across Principles in 2012, right after they were made available on Bridgewater Associates website. They are excellent - no-nonsense, thought-provoking, clearly deliniated and very, very hard to live by. This, I suppose, is a true challenge - looking in the mirror every day and checking how you have measured up. One does not need to agree with Ray Dalio's views (in fact, he starts with asking the reader or listener to think hard and to create principles of their own) to appreciate his call for transparency, integrity and search for truth. In an increasingly interconnected world, where technologic advances outpace progress of human morale, developing these qualities is a must if we are to survive as species. The principles aim, no more, no less, to transform the way we view and conduct ourselves and interact with others. The real treat, for me, is the audio version of the book, most of which is read by Dalio himself (note that some of the chapters are read by Jeremy Bobb). Under what other circumstances would I get 16 hours of what could be considered one-on-one time with one of the world's best thinkers and asset managers?. Equally unique, given the demands on his time, is that Dalio has invited readers to discuss what they think of the Principles on his LinkedIn page and has been actively monitoring the posts and responding to their points. Finally, It is important to mention that principles in the book are arranged somewhat differently vs. how they have been presented originally. To Dalio's credit, the summary of the initial list remains available on Bridgewater website. And those, who want to track a memo-to-book evolution, can still find a PDF of the full, 106-page original version elsewhere on internet.

Ray Dalio has been one of the great animators of the financial world in recent times. A very successful investor through his Bridgewater fund, Mr Dalio likes giving around his opinions in interviews, articles and tv appearances, always in a kind, almost gentle way. His "circles" theory of the finance world (which he made available to download free in his company's web) is very good, more ellaborated that it looks initially, yet at the same time it's a very personal piece - Mr Dalio wants to educate potential investors with his personal experiences and thoughts. This "Principles" book was much anticipated and comes with recommendations by heavy weights of American capitalism. As its title suggests, it's at the same time a manifesto on doing business, yet also a reflection on the investor's life. It is long, diverse, deep and personal - these are the virtues, quite visible along the pages, yet in these very features lie their own flaws. The first part is a rough biography of Mr Dalio as an entrepreneur and investor. It is very frank and it makes sure it shows the man open, under the less important fund manager. Perhaps the most touching section is that when he has to borrow money from his father to attend an important meeting with a potential investor - this client could make him rich, but Mr Dalio was so broke he had not the means to atend the meeting (it was in a distant city). The episode does bring to mind the anecdote Barack Omaba likes telling (he did so in two of his books, yet he tells it better in the Audacity of Hope, rather than in his recent autobiography). Mr Obama's credit card was rejected when trying to rent a car in an airport right after losing his first run to the US Senate and having a big row with his wife. This is the kind of things successful people like telling to make a point when hitting rock bottom, and how this actually helps them to get back on their feet - you're down and out, but it doesn't matter, what matters is what you will do from there. And Mr Dalio has lived enough bubbles, crises, trends, shocks and waves as to know his trade. Also very touching, almost brave, is when Mr Dalio tells his son's mental condition, finally kept under control, and his own fears during his serious health problems, happily solved in the end. The second part is an attempt to present the famous "principles" for doing business, and it is the weaker part of the book. With some graphics, it displays the circles, waves and tendencies of things and how the good manager should handle those. Again, it does not match the first part, the much more interesting life of a successful fund manager. The reader misses more of the man trying to do business against the odds, and could have done without the schematic economic lessons. In the end, the book is good (good plus, if you will) and a worthy read. It is well written, with sober prose and passionate parts. Yet it is not perfect - it's too diverse and un-balance in some chapters, but in the end it is one of those books which tells something new to all its readers.

Stunning - this is going right on my top shelf of books to read again and again. He talks about investments (which actually are a bit over my head) BUT then talks about the importance of understanding people, how different they all are and how it is crucial to place them in positions where they can succeed. I just LOVED his reflections on how much he has gained from his failures (hurrah! an author who actually shares his failures), his never ending work on finding the truth and answering 'But how do I know I am right?' and the insights into key leading political and financial figures in the world. Fab, fab and fab. More companies run on these lines please! Even if it is just the coffee shop around the corner! Actually the principles contained in the book are for the coffee shop as much as for the top world leading CEO - valuable insights!

The book is extremely detailed in how these principles came about, with examples where they have been put in application. It is full of extremely precious insight for anyone working in an organization and in a position to advocate for change/improvements/excellence.

Well if you are a manager there are a lot of situations that leave you doubtful if you made the right decision or not. Given Ray’s principles it helped me a lot in actually realizing what is correct and not in my management style. There are so many good chapters and principles but one standing out for me was: create a farm team - the group pf people assessed to be as stand by in case one of the people in the key roles happens to be out in a form or another. I have seen this situation crippling organizations throughout time and its so easy to do, you just need some pragmatism and clear objectives. Also create clear structure clear direct lines of reporting - i know its already known but the way Ray explains it ... its just brilliant. Also the take on conflict resolution and the necessity of disagreement - simply brilliant.

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No recuerdo que un libro me haya impactado tanto como este desde que leyera el Good to Great de Jim Collins. Roy Dalio te revuelca una y otra vez haciéndote pensar con su propia experiencia, y llega a una conclusión vital: si quieres tener relaciones significativas y hacer cosas de impacto, es esencial que seas transparente y abierto de mente. Me ha ayudado mucho esta reflexión. Todos nos protegemos ante la posibilidad de que otros conozcan nuestras debilidades. O no deciomos la verdad de lo que pensamos por miedo. Este libro me ha proporcionado una guía: di lo que piensas y trabaja con otrss personas para llegar a una verdad operativa.

I would highly recommend Ray’s books a summary of 50 years of experience in life and business