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Principles and Radical Transparency - Lessons Learned from Ray Dalio
I believe that the best way to learn and internalize
something new is to teach others about it, that's why I
have prepared this presentation about the book.
This book has been very helpful to me and I hope that
this presentation inspire you to read it, I'm sure it is
going to be useful for you too.
Get the book now at https://amzn.to/2MinMYq
Raymond Dalio is an American
billionaire investor, hedge fund
manager, and philanthropist.
Dalio is the founder of investment
firm Bridgewater Associates, one of
the world's largest hedge funds. [Wikipedia]
Founder of Bridget Water
When two people believe opposite things, chances are that one of them is wrong.
Success has more to do with how you deal with what you don't know that about what you do know
Idea Meritocracy and Independent Thinking
Avoid our natural fight or flight tendency
Thoughtful disagreement and the Two Yous
Principles can be applied over and over again to similar situations.
Write your Principles
When you solve a problem and learn new principles from them you get better and better
Problems are opportunities for us to evolve
Please write your great title is here
3 stages in life
1. We are are dependent on other
2. We are working, trying to be successful and others
are dependent on us
3. Others no longer depend on us and we no longer
have to work, and we have to pass along onto
others how to be successful and we are free to live
and free to die.
Principles are fundamental truths that
serve as the foundations for behavior
that gets you what you want out of life.
They can be applied again and again in
similar situations to help you achieve
Am I Right?
My success has more to do with
knowing how to deal with not
Embrace the fact that you don’t know
everything you need to know.
People to confuse what they want to
be true with what actually is true.
I define believable people as those who have
repeatedly and successfully accomplished
the thing in question—who have a strong
track record with at least three
successes—and have great explanations of
their approach when probed.
Believable parties are those who have
repeatedly and successfully
accomplished something - and have
great explanations for how they did it.
It is a fundamental law of nature that in order to gain
strength one has to push one’s limits, which is painful.
Develop a reflexive reaction to psychic pain that causes you to
reflect on it rather than avoid it.
View painful problems as potential improvements that are
screaming at you. Once you identify a problem, don’t tolerate
You are Not Perfect
You shouldn’t be upset if you find out
that you’re bad at something - you
should be happy that you found out,
because knowing that and dealing with
it will improve your chances of getting
what you want.
You can deny them (which is what most people do).
You can accept them and work at them in order to
try to convert them into strengths (might or might
not work depending on your ability to change).
You can accept your weaknesses and find ways
You can change what you are going after.
Dealing with your weaknesses
Which solution you choose will be critically important to the direction of your life.
You will need to do all five steps well to be successful and you must do them one at a time and in order.
For example, when setting goals, just set goals...
Don’t think about how you will achieve them or what you will do if something goes wrong.
When you are diagnosing problems, don’t think about how you will solve them - just diagnose them.
1. Have clear goals.
2. Identify and don’t tolerate the problems that stand in the way of your
achieving those goals.
3. Accurately diagnose the problems to get at their root causes.
4. Design plans that will get you around them.
5. Do what’s necessary to push these designs through to results.
While you can have virtually
anything you want, you can’t have
everything you want.
Don’t let yourself be paralyzed by all the choices. You can
have much more than what you need to be happy. Make
your choice and get on with it.
Weakness?Everyone has at least one big thing that
stands in the way of their success; find
yours and deal with it. Ego and blind spots
are the fatal flaws that keep intelligent,
hardworking people from living up to their
don’t want their ideas challenged. They are typically frustrated that they can’t
get the other person to agree with them instead of curious as to why the other
are more curious about why there is disagreement.
are more likely to make statements than ask questions.
genuinely believe they could be wrong.
are always more interested in listening than in speaking.
block others from speaking.
Why is so Hard to
Even about the most simple things like
- "I really liked this restaurant..."
There is Two Barriers The Ego Barrier
and The Blind Spots Barrier
The 2 Yous
The Ego Barrier
There are no greater battles than those between feeling
Neuroscientists tell me that there's a part of our brain,
which we call the prefrontal cortex, the thoughtful
part of our brain, in which we sort of want to be
radically straightforward. We'd like to know what our
weaknesses is 'cause it's logical.
And then there's an emotional part of the brain. We
understand the amygdala that is the fight or flight.
And it takes disagreement and it converts that into a
battle, and it's not easy.
Use feelings of anger/frustration as cues to calm down,
slow down, and approach the subject at hand
Record the circumstances in which you’ve consistently
made bad decisions because you failed to see what
Write a list, tack it up on the wall, and stare at it. If ever
you find yourself about to make a big decision in one of
these areas, consult others.
Areas where your way of thinking prevents you from seeing
Some people naturally see big pictures and miss small details
while others naturally see details and miss big pictures; some
people are linear thinkers while others think laterally, and so on.
Naturally, people can’t appreciate what they can’t see.
To make it even harder, we don’t like to see ourselves or others as
having blind spots, even though we all have them.
if you can recognize that you have blind spots and open-mindedly
consider the possibility that others might see something better than
you—and that the threats and opportunities they are trying to point
out really exist—you are more likely to make good decisions.
Look for the
Remember that you’re looking for the best answer, not simply the best
answer that you can come up with yourself.
In thoughtful disagreement, your goal is not to convince the other
party that you are right—it is to find out which view is true and decide
what to do about it.
Most people do not look thoughtfully at the facts and draw their
conclusions by objectively weighing the evidence.
Instead, they make their decisions based on what their
deep-seated subconscious mind wants and then they filter the
evidence to make it consistent with those desires.
Can you point to clear facts (i.e., facts believable people wouldn’t
dispute) leading to your view? If not, chances are you’re not being
One of the most important decisions you can make is who you ask
Listening to uninformed people is worse than having no answers at all.
The best choices are the ones that have more pros than cons, not those
that don’t have any cons at all.
Watch out for people who argue against something whenever they can
find something - anything - wrong with it, without properly weighing all
the pluses and minuses. Such people tend to be poor decision makers.
1. Slow down your thinking so you can note the criteria you are
using to make your decision.
2. Write the criteria down as a principle.
3. Think about those criteria when you have an outcome to assess,
and refine them before the next “one of those” comes along.
Have principles and use them consistently.
Never stop refining and improving them!
and third order
For example, the first-order order consequences of exercise
(pain and time spent) are commonly considered undesirable,
while the second-order consequences (better health and
more attractive appearance) are desirable.
Similarly, food that tastes good is often bad for you and vice
Quite often the first-order consequences are the temptations
that cost us what we really want, and sometimes they are the
barriers that stand in our way.
and Demand it
Integrity comes from the Latin word integritas, meaning
“one” or “whole.”
Aligning what you say with what you think and what you
think with what you feel will make you much happier and
much more successful.
Never say anything about someone that you wouldn’t say to
them directly and don’t try people without accusing them
to their faces.
Never say anything about someone that you wouldn’t say to
them directly and don’t try people without accusing them
to their faces.
Criticism should be welcomed and encouraged, but there is
never a good reason to bad-mouth people behind their
It is an app used in meetings that allows people to express
their thoughts and see others’ thoughts in real time, and
then helps them collectively reach an idea-meritocratic
Coach’s platform is populated with a library of common
situations, or “ones of those” (e.g., disagreeing with an
assessment someone made, someone lied or did
something unethical, etc.), which are linked to the relevant
principles to help people handle them.
A simple way of presenting a person’s strengths and
weaknesses and the evidence behind them, based on
collected data in numerous ways (meetings, reviews, tests,
the choices people make, etc.), all these dots are analyzed
via computerized algorithms based on stress-tested logic
in order to create pointillist pictures of what people are like.
Issue Log: primary tool for recording our mistakes and
learning from them. We use it to bring all problems to the
surface, so we can put them in the hands of problem
solvers to make systematic improvements.
Primary tool for recording our mistakes and learning from
them. We use it to bring all problems to the surface, so we
can put them in the hands of problem solvers to make
I believe Pain+Reflection=Progress. In other words, pain is
an important signal that there is something to be learned.
The moment someone experiences pain is the best time
for them to record what the pain is like, but it’s a bad time
to reflect because it’s hard to keep a clear head. So the app
is designed to let people record the emotions they are
feeling (anger, disappointment, frustration, etc.) as they
feel them and then come back at a later time to reflect on
them using guided reflection questions.
Provides paths for resolving disagreements in an
idea-meritocratic way. It asks a series of questions used to
guide the people through the resolution process. One of its
features is that it locates believable people who can help
determine whether a disagreement is worth taking up at a
higher management level.
For years, I have asked each person who reports to me to
take about ten to fifteen minutes to write a brief email of
what they did that day, the issues pertaining to them, and
Over the last few years, I’ve developed this into a software
application that pulls these updates into a dashboard,
which makes them much easier to track, record metrics,
and respond to than dealing with dozens of separate email
It also allows people to easily provide helpful data—like
their morale, how heavy their workload is, issues they want
to escalate—on a daily basis.
How often have you ended a meeting with everybody
saying we should do this or that, but then everybody walks
off and nothing actually happens because people lose
track of what was agreed upon?
The Contract Tool is a simple app that lets people make
and monitor their commitments to each other.
Just as an engineer uses flow charts to understand the
workflow of what they’re designing, a manager needs a
Process Flow Diagram to help visualize the organization as
Create process maps for every department in the company
that show clearly all the roles and the responsibilities for
each role and how the work flows among them to reach
We aim to have metrics that cascade from the most
important matters the CEOs are responsible for at the
company level, down through the departments, to the
teams within them and the people responsible in each
role. We talk about four helpful steps to creating good
1) know what goal your business is achieving,
2) understand the process for getting to the goal (your
“machine” with its people and design)
3) identify the key parts in the process that are the best
places to measure, so you know how your machine is
working to achieve that goal
4) explore how to create levers, tied to those key metrics,
that allow you to adjust your process and change your
The test of the effectiveness of metrics lies in
whether they can tell you what and who is
doing well and poorly, all the way down to