Principles: Life and Work by Ray Dalio ( Nicole Schlinger Book Review)
Ray Dalio is the founder of Bridgewater, the most successful hedge firm in American history. Principles is really two books in one. It’s the story of his success and the principles he learned and applied to achieve it.
I have to admit, I was skeptical going into this book. What I’d heard about his Idea Meritocracy sounded a lot like chaos. As an Ayn Rand fan, I wanted to believe in this workplace survival of the fittest mentality. But if everyone has a say in everything, wouldn’t the loudest person always win? In my experience, the quieter voices often have better answers, minus the bluster.
I was wrong.
The Idea Meritocracy, with believability weighted decision authority, is the best way to invite discussion and disagreement, and come out with the best possible solution. Ray Dalio will explain in great detail how it can and should work.
However, the single greatest moment in this book came when he talked about documenting your processes in case you get “hit by a bus.”
Our CHQ team will tell you I’ve said this hundreds of times in the past 19 years. We have over 1,000 pages of documentation for our processes, which we review and update annually, in a process we call “March Manuals.”
To see your management philosophy validated by the most successful hedge fund manager in American history is no small thing!
Too often, business leadership books are written by professional coaches and consultants as part of their sales pitch … not by a groundbreaking practitioner of his own philosophy.
Don’t miss out on this rare, life-changing, gem!