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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

Notations

Global

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  • Global
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Disappointing!

In this lengthy work, Ray Dalio, the founder and principal owner of the Bridgewater investment firm, publicly shares the principles behind its undeniable success: radical transparency and radical meritocracy.

Though the author claims the contrary in the introduction, the most interesting part of the book is by far the long professional autobiography that makes up the first section.

Sadly, the principles themselves which are presented in the following chapters are too numerous, repetitive and plainly confusing. They remain abstract, very few examples of their application being provided. Overall, the train of thought and general organization is very difficult to follow.

This is particularly true in the audio format, despite the massive PDF that is provided and that connects imperfectly with what is heard. In addition, narration shifts, according to no discernible pattern, from the author himself to a professional reader. These factors give a regrettable amateurish tint to the audiobook.

Also, one wishes the author were more explicit on many points. How practical and truly useful is it to have recordings of all meetings in a firm with 1500 employees available to all? Why does he trust so much psychology which many see as a pseudo-science? Why did he locate his financial firm in suburban Connecticut rather than in Manhattan? How actually connected is the author with the daily operations of his company?

In the end, one wonders if the whole book is not an indulgence to the firm’s founder who recently retired and an investment to maintain its mystique.

2 sur 2 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
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    5 out of 5 stars
  • Histoire
    5 out of 5 stars

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 sur 2 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

Life changer (if ones follow through)

really inspiring and motivating and I appreciate the initiative of Ray to share a life of leanings for everyone to benefit, courageous and benevolent

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars

life changing, yes I mean it

wow, definitely this book fits the standards of Ray Dalio (not so many of us consistently live up to our own standards, do we?). it's a stinkingly meaningful piece of work, that is bound to support meaningful relationships, using radical transparency. thank you so much, Ray, and please everyone let's read, share and apply as much as we can from it.

  • Global
    5 out of 5 stars
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    5 out of 5 stars
  • Histoire
    5 out of 5 stars

an aspiring book which tought a alot

lovely book. it tought me a lot about business and how principles can help to achieve best out of our working process while evolving in the way we mesure progress and learn from our mistakes

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars

amazing book with many insigths from the best on

to improve your life and work, easy to understand an use thanks to a very practical approach.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars

Applied meritocracy

the personal story and the illustrations for the principles all is fantastic material for implementation

  • Global
    5 out of 5 stars
  • Performance
    4 out of 5 stars
  • Histoire
    3 out of 5 stars

love R. Dalio, but probably better in book version

very good learnings, I'm addicted to the principles. need to focus on implementing them now

  • Global
    5 out of 5 stars
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    5 out of 5 stars
  • Histoire
    5 out of 5 stars

Excellent livre

Excellent live pour se fixer des principes de vie et d’action. Bon orateur pour Ray Dalio, par contre le second orateur (moins présent) avait une voix bien plus difficile à suivre.
Enfin je pense aussi que la fin du livre peut être très utile pour les créateurs ou futurs créateurs d’entreprise.

  • Global
    5 out of 5 stars

good guide of setting up one's principles

definitely loved it! this book would be very inspiring and useful to the fresh graduates or young working guys who are not totally assured of how to live a effective professional life and relaxed private life at the same time.

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  • Global
    4 out of 5 stars
  • Performance
    3 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Belle Ho
  • 16/11/2017

Insightful but repetitive

I listened to the entire book to understand the context of the principles. However that led me to become easily bored by the constant repetition of the words "idea maritocracy" and "radical honesty". I would suggest skipping to the second portion of the book when the author explains the life and work principles.

18 sur 18 personne(s) ont trouvé cet avis utile.

  • Global
    3 out of 5 stars
  • Performance
    3 out of 5 stars
  • Histoire
    2 out of 5 stars
  • Patrick Eberle
  • 30/06/2018

Idea-meritocracy/Principles Reference

This work is a reference to Ray Dalio's principals & a brief history of how he created them to get where he is now.

I throughly enjoyed the first 5 hours of this book. Most everything after seemed redundant. So much so, that Ray often sites the same example for the same points over and over again. These instances took value away from this book's readability and message.

This book is not very clear that it serves as more of a reference and that it is intended to be two reference volumes combined. Albeit, the title's subscript mentions Work & Life. This work reads more like a dictionary after you remove the first few hours of Dalio's life story.

Besides your ability to create a drinking game from the number of times Ray states, "Idea-meritocracy", "Radical Truthfulness", "Believability", & each time he retells you about starting Bridgewater, you will find helpful advice on this book. I have listed general themes below

Ray could've summarized this book into less than a 10 hr read and kept the same quality in the 16 hr behemoth of reiderations. See my recommendation on his YouTube video below. 30 min.

Overall:
This book poses interesting ideas on how to improve life and business results. Obviously Bridgewater stands as a shining example of the success from Ray's points. I find that this melds well with Thinking Fast & Thinking Slow as well as many other jobs on how we think and make decisions. It makes our circle of knowledge a little bit wider on how to meet our goals/be successful. I am not sure I would recommend this book, but I believe it does actively challenge you to improve yourself and your processes in life and business.

What to take away:
Principles are useful for helping us get what we want out of life. They help guide us to meet our goals. You could argue they are algorithms that make us the best we want to be when we follow them.

We can use a 5 step plan to adjust our learn from our mistakes and become better, thus updating ourselves or our Principles.

It's best to write these principles down.

It's best to take the opinion of the whole to make decisions, rather than to think your opinion holds more weight. Seek out experts that are more "Believable" than you and weight their advice higher in their strengths.

Ray's YouTube videos are a greater & FREE synopsis of this book that cuts everything down to 30 minutes. I'd highly recommend reviewing that first of you're interested in this book.

14 sur 14 personne(s) ont trouvé cet avis utile.

  • Global
    4 out of 5 stars
  • Performance
    4 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Robert F. Jones
  • 08/10/2017

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.

175 sur 197 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
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    5 out of 5 stars
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    4 out of 5 stars
  • James Adams
  • 22/11/2017

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.

73 sur 83 personne(s) ont trouvé cet avis utile.

  • Global
    2 out of 5 stars
  • Performance
    4 out of 5 stars
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    3 out of 5 stars
  • Redmond2000
  • 01/10/2017

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.

45 sur 53 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Jon David Schein
  • 28/10/2017

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.

13 sur 15 personne(s) ont trouvé cet avis utile.

  • Global
    3 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    3 out of 5 stars
  • Market Maven
  • 14/10/2017

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.

32 sur 39 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Christian
  • 26/09/2017

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.

13 sur 16 personne(s) ont trouvé cet avis utile.

  • Global
    3 out of 5 stars
  • Performance
    3 out of 5 stars
  • Histoire
    3 out of 5 stars
  • Dr. Scott K. Moffat
  • 30/06/2018

Could have been much shorter

Slow in topic and performance. I had to listen to it on 2.0x. Some of this is very interesting, but overall it feels rather verbose and repetitive. I understood from the outset that this would be quite different from Shoe Dog, but I was hoping for something a little more exciting Than it turned out to be.

The first part of the book was the most interesting to me. It focuses on the background of the company and its Ascension.

2 sur 2 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Lance
  • 09/11/2017

Ray Dalio's ferocious fidelity to thought

In these days of social media we seem to have become pack creatures.

Someone pushes back, embarrasses you, just defriend them, circle yourself with people who understand you and you understand them. Or maybe you just pretend to because the social cost of disagreement is too high.

Ray Dalio describes a soul with ferocious fidelity to progressive thought, perhaps his or Bridgewater's collective version of the truth. A fidelity that has brought him scorn, ridicule, and ultimately undreamt of unhoped for success and attendant wealth. Bravo Mr. Dalio we should all take such care of something so seemingly small. Perhaps if we did the world would be a much better place.

2 sur 2 personne(s) ont trouvé cet avis utile.

Trier par :
  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Amazon Kunde
  • 06/10/2017

Zur kritischen Reflektion

Hat mir in einer schwierigen persönlichen Phase geholfen meine Entscheidungen zu hinterfragen und mich inspiriert mich eine Weile intensiv mit meinen Zielen, Wünschen, Stärken und natürlich auch Schwächen auseinander zu setzen.
Ray Dalio liest selber und ruft immer wieder dazu auf die Inhalte des Buches nicht ungefiltert zu kopieren, sondern seine eigenen Lösungen zu erarbeiten. Hierzu fühlt man sich durch die Strukturierung des Buches hervorragend motiviert. Denn die ist gerade präzise genug um zu wissen, wo man anfangen kann und vage genug, um sich sein eigenes Brot zu backen.
Auch wenn der Mann mir nach kurzer Recherche alles andere als sympatisch ist und vielleicht nicht ganz so sensibel wie er im Buch herüberkommt bin ich sehr dankbar für sein Buch, in das er offensichtlich viel Hingabe und Sorgfalt hat einfließen lassen.

13 sur 14 personne(s) ont trouvé cet avis utile.

  • Global
    3 out of 5 stars
  • Performance
    4 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Amazon Kunde
  • 11/10/2017

Erwartungen nicht erfüllt

Ich war sehr gespannt auf die Lektüre, muss aber sagen das Recht enttäuscht bin. Die Methode und der Ansatz des Vertrauens stehen im klaren Widerspruch. Einige Ansätze sind jedoch auch hervorragend umzusetzen und habe ich für mich selbst auch adaptieren können.

Alles im allen hatte ich mir trotzdem mehr erhofft.

4 sur 5 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Kindle Customer
  • 10/11/2017

Unpassed knowledge is wasted

Picture having the opportunity to sit back, with a bourbon in hand, and be given a lifetime of knowledge on economics, finance, business management and morality from the wisest person you could hope to know. Regardless of whether you agree or disagree with all his conclusions, though it's hard to find many faults, you have to respect that they were drawn from trial and error, through the sharpest of lenses, time.

2 sur 3 personne(s) ont trouvé cet avis utile.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    4 out of 5 stars
  • olgatsche
  • 15/11/2018

Good story lacking a better structure...

I enjoyed the first part of the book thoroughly. With Ray Dalio himself reading his story, you can feel like you have the privilege of Dalio sitting with you in one room and telling you his past and his thinking. However, the second part felt like a never-ending enumeration of principles. The latter is probably better to read as a book rather than listening to. As to the overall structure of the book, I could imagine a better way of linking the two parts together as it is overall difficult to relate to the second part.

  • Global
    4 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Client d'Amazon
  • 19/08/2018

Great although a bit too theorical

Great book with great principles and advice.
the only problem is it's a boot too theoric.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Felix
  • 25/07/2018

Life-changing

This book is in my eyes the best business book available, if you want to systemise your way of thinking, operating and building your company. I am sure it will also help me in the future and I will get back to it anytime I need to find clarity and define decision rules within my company. Ray‘s approach to operating is very unique and it will inspire you come up with your own way of operating. He is a great example, that proofs that unique approaches can be superior to common ways of doing things. I am very thankful for his work and wish him all the best.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Lo tengo y es buenísimo
  • 14/05/2018

very handy

thanks to ray dalio for putting this information available. very helpfull. the apps are very well structured

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • MiNS
  • München
  • 23/03/2018

from a point view of entrepreneurs!

best book ever !
Dalio went really deep in details... thank you for that

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Mikalis
  • 22/03/2018

valuable in many ways

Very valuable information. I can relly recomment to practice those principles. Especially the tools used. Holocracy and Ideocracy are the future of how organizations should be managed.

  • Global
    5 out of 5 stars
  • Performance
    4 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Max Wirz
  • 26/02/2018

Fantastic...

The kind of book you read front to cover and then keep coming g back to for reference.

cannot wait for economic and investment principles..