Ray Dalio
Abstract: What follows are three distinct parts that can be read either independently or as a connected whole. Part 1 is about the purpose and importance of having principles in general, having nothing to do with mine. Part 2 explains my most fundamental life principles that apply to everything I do. Part 3, explains my management principles as they are being lived out at Bridgewater. Since my management principles are simply my most fundamental life principles applied to management, reading Part 2 will help you to better understand Part 3, but itâ€™s not requiredâ€”you can go directly to Part 3 to see what my management principles are and how Bridgewater has been run. One day Iâ€™d like to write a Part 4 on my investment principles. If you are looking to get the most bang for your buck (i.e., understanding for the effort), I suggest that you read Parts 1 and 2, and the beginning of Part 3 (through the Summary and Table of Principles) which will give you nearly the whole picture. Itâ€™s only about 55 pages of a normal size book. ,Above all else, I want you to think for yourselfâ€”to decide 1) what you want, 2) what is true and 3) what to do about it. I want you to do that in a clear-headed thoughtful way, so that you get what you want. I wrote this book to help you do that. I am going to ask only two things of youâ€”1) that you be open-minded and 2) that you honestly answer some questions about what you want, what is true and what you want to do about it. If you do these things, I believe that you will get a lot out of this book. If you canâ€™t do these things, you should reflect on why that is, because you probably have discovered one of your greatest impediments to getting what you want out of life.
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Principles (Summary)