Principles: Life and Work Audible Audiobook – Unabridged
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 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.
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|Listening Length||16 hours and 5 minutes|
|Narrator||Ray Dalio, Jeremy Bobb|
|Audible.com.au Release Date||19 September 2017|
|Publisher||Simon & Schuster Audio|
|Best Sellers Rank|| 225 in Audible Books & Originals (See Top 100 in Audible Books & Originals) |
1 in Organisational Learning
3 in Business Management (Audible Books & Originals)
3 in Investing & Trading
Review this product
Reviewed in Australia on 27 December 2017
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Top reviews from Australia
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Packed with examples from Bridgewater’s stellar track record, you may not agree with it all but it will reward anyone keen to improve their management approaches. It would make an even better book if it were shorter: the concepts are repetitive once the main themes have been grasped.
Written with the benefit of hindsight on life full of success though, which makes the reader doubts whether all of those principles truly worked as described / were intended as such at the time.
Thank you so much Sir Ray for giving this such an incredible book.
Top reviews from other countries
It's an unusual book. I find myself swinging between enjoying Ray's wisdom and feeling like I need to take it all with a huge pinch of salt because of the massive amount of survivorship, hindsight and outcome bias in play.
The book is also a contradiction, since it is largely about open-minded and different points of view and yet its entirely Ray's unchallenged points of view. I'm a software engineer and I remember once reading a programming principles book where maybe five programmers all chimed in with their own opinions and challenges on the assertions in the book, which was really cool.
Maybe another billionaire will say there's a case for close-mindedness, focus and shutting out opinion that will lead to analysis paralysis. Maybe there are books by leading psychologists that have devoted years to a topic that would be better to read, such as Thinking Fast and Slow. For older or more voracious or aspirational business, management or "self improvement" book readers, much of Ray's thinking will simply rhyme with what you may already believe.
It's probably wishful thinking to expect by reading a huge list of advice you'll magically be reprogrammed and have established a set of good thought patterns, esp. if you're trying to improve in isolation; you're not surrounded by people mirroring and modelling good practice. Though I rarely found myself disagreeing with anything Ray writes. There's a lot in the book to take in and I don't know how much will stick.
The biggest thing for me, and I say this as a "fan" of Ray, is that I struggle with the reviews of his company on Glassdoor and the _reality_ of people working under his principles vs. other companies that highly-successful while having much higher ratings and are anecdotally nicer places to work, such as Salesforce.
When other companies can achieve so much and foster happy, purposeful, creative and fulfilled people by taking a different approach, you have to ask whether his principles have really led to better lives, better outcomes for his employees or whether Ray conflates how well he's done with achieving his life goals with how well everyone else is doing?
I think he does a great job at business, but really he should delete all the chapters about life principles and let people who are better than him at these topics lead the way. I expected a business oriented book, but in the end it felt like his redemtion story that he needed to write so all the people he hurt can understand why he hurt them and how it was their fault.
Ray reminds me of Gordon Geko in the new Wall Street film where he says he cares about family, but then has no awarness how to actually do it.
Ray Dalio, on the other hand, wrote a book on his way of dealing with the world. For the first time ever you can see through a brain of a billionaire. He doesn't only shares his own set of principles, he tells you how to build your own set of principles by embracing your reality and your world. This book is insanely rational and analytical and teaches you how to look at everything related to you objectively.
This book can help you become a more evolved human being at a faster rate!