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Principles

Life and Work
De : Ray Dalio
Durée : 16 h et 5 min
4.5 out of 5 stars (62 notations)

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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

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Notations

Global

  • 4.5 out of 5 stars
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Performance

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Histoire

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  • Global
    2 out of 5 stars
  • Performance
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    2 out of 5 stars

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.

5 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

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

Principle something really interesting.

I love listening to this as it was really helpful to understand how to create some tools to help you in your everyday decisions. And automate that. Like you are not with your emotion and with logic.

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

Invaluable.

wonderful.
Clear, real & pragmatic.
The book is rich. It could be studied all life long.

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

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  • 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.

82 sur 84 personne(s) ont trouvé cet avis utile.

  • 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.

48 sur 50 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.

9 sur 9 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.

185 sur 208 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
  • 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.

75 sur 86 personne(s) ont trouvé cet avis utile.

  • Global
    2 out of 5 stars
  • Performance
    4 out of 5 stars
  • Histoire
    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.

55 sur 63 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.

15 sur 17 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.

34 sur 41 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.

14 sur 17 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
  • T. Herman
  • 05/10/2017

Narrow Perspective on Modern Workplace

Some of the ideas here are interesting but this really feels like the thoughts of someone who has been "the boss" their entire career, and never experienced other work cultures. Ray is clearly not shy about conflict and I doubt any introverts have ever worked at Bridgewater. If you were starting a hedge fund with a bunch of alpha males this would be the goto strategy for success but I don't think a lot of this advice carries over to other fields and a lot I would consider harmful for creating a truly creative environment.

13 sur 16 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.

17 sur 18 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.

6 sur 9 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
    4 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Amazon Kunde
  • 21/06/2019

enjoyed th audiobook

Interesting, unique content for the most part, enjoyable & worth the time :) . .

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Moritz
  • Innsbruck
  • 23/05/2019

epic learning

this is the result of 24 years of success failure and the way to live.
if mankind is capable to reach this level, the question whether we will reach the stars will shift to which starts first...

thx !!!

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Behind乁( ◔_◔)ㄏYou
  • 07/05/2019

Amazing Book, however I can’t recommend to listen to it.

As the title sais: I can not recommend to only listen to this masterpiece.

In order to really grasp the thoughts and principles that Ray Dalio wrote down, you have to see them, read them, make notes.

That’s why I bought the physical book right after I was done listening. This is just not suited to listening. He lists of so many things in such a clear order that only listening is a disservice for the information that is in this book.

However I cannot recommend it enough.

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Paul
  • 06/05/2019

Read it, you’ll love it

From the very first paragraph this book was a pure journey of enjoyment. Ray Dalio is by every means a personality to know about and to keep looking out for when looking for management skills!

Great book, great reader, great time listening to it!

  • Global
    5 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Wolfgang B.
  • 02/03/2019

Outstanding in every aspect

Ich kann das Hörbuch nur jedem empfehlen.
Ray's Authenzität und Offenheit sind beeindruckend.
Es handelt sich um ein wertvolles, persönliches Statement ohne fishing for compliments.
Seine Ziele waren "meaningful work and meaningful relationsships", nicht Reichtum ("Money has no intrinsic value.It's value comes from what it can buy, and it can't buy everything.").
Ich finde seine Priciples hilfreicher als jedes Selbsthilfebuch und jeden Ratgeber oder was es sonst auf dem Markt gibt.
Sie sind für jeden Menschen geschrieben, der Klarheit über sich selbst und seine Ziele haben und etwas erreichen möchte.

  • Global
    4 out of 5 stars
  • Performance
    3 out of 5 stars
  • Histoire
    5 out of 5 stars
  • Mike
  • 20/02/2019

Always a pleasure to learn from successfull people

Ray Dalio's principles show the key principles of becoming successful. On first sight, you see plenty of principles -- almost a jungle of principles -- but you quickly recognize that the principles are correlated to each other and that actually everyone needs to find his own principles and Dalio's principles should help you to obtain them.

Based on the book I have understood the importance of being radically open-minded -- it helps you to see things differently and also to accept the review of new developments or circumstances or different opinions. Another key principle which everyone hopefully has already determined on his own is the "no pain, no gain" principle. We all need to push our limits in order to achieve our goals which obviously causes pain. What is, however, more crucial is to go to the pain rather than to avoid it. This is probably a principle which we are faced with each day. To understand first, what you actually want, and second, by reflecting all issues while being radically open-minded and third, by evolving through learning and developing through all problems, mistakes and challenges, helps everyone to achieve his/her relevant goals.

The book also shows that nobody is perfect. We all make mistakes and, yes, also Dalio did many of them as well. What is much more important -- a lesson which is valid for our life and work -- is to identify all problems and mistakes and under no circumstances to tolerate those but learn from any and all faults. To create a culture in which it is fine to make mistakes but unacceptable not to learn from them provides everyone with the ability to evolve over time. Obviously, this requires to be radically open-minded.

What I would have loved to read more is how Bridgewater developed over almost 40 years (unfortunately there is only one key chapter on this) and how Dalio actually came to his conclusions and principles in his business. The latter is sometimes mentioned but unfortunately not I relation to all principles. As an audio-book I did not like the shift from one reader to another – the speed and the mentality of each reader is different. In addition, principles are to some extent also subjective and should be always explained by those people who have set them up.

  • Global
    4 out of 5 stars
  • Performance
    5 out of 5 stars
  • Histoire
    4 out of 5 stars
  • Amazon Customer
  • 10/02/2019

Good book for reflection and improvement

It's a good book to help to reflect and improve.
The amount of principles are too many to memorize, but they are good principles to live by.