Business Books

Principles that lead to success (by Ray Dalio, the ‘Steve Jobs of investing’)

The Money Show’s Bruce Whitfield interviewed Gateways Business Consultants MD Ian Mann for his weekly business book review.

Mann reviewed “Principles” by Ray Dalio.

Description on Amazon:

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 organisation 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 grown into the fifth most important private company in the United States, according to Fortune magazine.

Time magazine included Dalio on its 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 neighbourhood — 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 systemised 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 organisations 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 distil their strengths and weaknesses, and employing computerised decision-making systems to make believability-weighted decisions.

While the book brims with novel ideas for organisations 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.

For more detail; listen to the interview in the audio below.

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