Principles: Life and Work

As if there was any doubt as to why Ray Dalio and Bridgewater have ascended to the ranks as the globes top fund....

“Principles” clearly articulates through an approachable prose, Ray’s precise and systematic way of evaluating and making decisions. His desire to immerse himself in radical transparency and the pursuit of meaningful relationships and self actualization is inspiring. This book is for the executive and the average “joe,” seeking perspective on evaluating any aspect of life.

To anyone who’s worked in leadership roles, this illuminates and clarifies your thought process, and is the reminder to keep yourself honest in order to improve yourself and the work you’re trying to accomplish. No matter the author’s protestations that he’s a good guy, don’t look for humanitarianism or applicability to the general public. This is information for an organization with a profit motive, and doesn’t apply well to any sphere where every individual must be accounted for.

I purchased both the audio and print book. Absolutely love them both. I like to think that I perform many of my business dealings just as is described in the book. There are truly so many positive takeaways I believe everyone can handle their daily decision making much better following principles. Unfortunately I haven’t been able to convince my boss that it is required reading.

Radical Truth, Radical Transparency….. or Megalomaniacal Narcissism? An eternal truth in our besotted, money culture is how we unceasingly valorize those individuals who are able to achieve conspicuous levels of wealth. A case in point: the recent publication of Ray Dalio’s tome Principles. As most professional investors know, Dalio is the founder of Bridgewater Associates, the world’s largest hedge fund. The precepts that he espouses in this book underlie how he runs his firm and purportedly explain how he has been able to achieve nearly $50 billion of profits for his investors.

At the outset, Dalio wanders into the realm of both metaphysics and psychoanalysis when he poses these two central questions: 1) what is true? and 2) what do you want? When the author asserts that “you can never be sure of anything,” he is merely echoing the sentiments of philosophers dating from Socrates to Bertrand Russell to the legendary investor George Soros. Soros was much more poetic when he confessed that he was “an insecurity analyst” because he was always cognizant that he might be wrong and therefore started from a position of insecurity. In comparison, Dalio does not seem to have suffered from any bouts of insecurity, much less humility.

In Dalio’s second basic question “what do you want?”, he is really posing a psychoanalytic yearning. This is because the root of psychoanalysis is desire. By desire, I am referring to the distinctly human urge to seek meaning and satisfaction in our life. Essentially, desire is a human being’s unfulfilled need, be it physical, sexual, emotional, spiritual or financial. In desire, we are searching for both missing, disowned pieces of ourselves and for something beyond ourselves, outside the borders of self-recognition. As Lacan has articulated for us, in analysis is where the analysand discovers, in its most naked and austere form, the truth of his or her desire. This is a journey in which science, philosophy, religion and least of all, psychiatry have all shown themselves to be woefully insufficient.

So how does Dalio connect his idiosyncratic precepts to the day-to-day realities of investing and managing a hedge fund? In essence, an “idea meritocracy” - wherein the best ideas win out and meaningful relationships are created - are facilitated by the promotion of radical truth and radical transparency. According to Dalio, we need radical truth because investors have chronic difficulty in comprehending reality, afflicted by the many blind spots that prevents us from seeing the truth. Therefore, the antidote is regular doses of humility and questioning that forces us to embrace change and to remain open-minded. In Dalio’s Orwellian world view, individuals are machines operating in a complex, interactive system, increasingly commoditized by the ongoing digital revolution. In practice, this means that Bridgewater employees are subject to continuous monitoring, intrusive scrutiny and often public criticism, akin to the self-criticism rituals of Mao’s Cultural Revolution. Instead of facilitating harmony and open-mindedness, this management style is more likely to be experienced as dehumanizing and dangerously reductive. In fact, his lieutenants have told him in writing that his management style make his employees feel “incompetent, unnecessary, humiliated, overwhelmed, belittled, oppressed or otherwise bad.” Predictably, the employees that choose to work in this cult environment are seduced by the siren song of filthy lucre. Although one cannot argue with Bridgewater’s success, there is no evidence that its remarkable financial results are solely attributable to the authoritarian and megalomaniacal speculations of its founder.

Although the author repeatedly extols the virtues of humility and simplicity, what Dalio actually offers in this ponderous, sizable 567-page book is - in the words of one critic - “a vast, clanking engine of tenets” - that is, in turn, inconsistent, pretentious and sometimes just plain bizarre. Would you want to be pigeonholed by the required application of the questionable Myers-Briggs personality test, publicly ranked in a firm-wide “believability” rating, or otherwise have your every move systematically recorded? Thanks but I will pass! If not for the simple fact that this work is a memoir and confessional of a prominent member of the investment world, one may be excused for avoiding this monumental claptrap to narcissistic self-indulgence.

Great book and a ton of practice advice on life and work. This is written by an outstanding and highly successful man who has struggled with the issues himself over many years. Thank you so much for sharing your excellent thoughts Mr. Dalio!!

Ray Dalio preaches total honesty and he takes his own medicine. You can be a fan, interested or skeptical about his approach this book will simply inform you of his approach and his though behind it.

One thing I never understood though is how decisions is made where two routes to the same goal is to be decided between. If you have the fast and risky or the slow and secure - how will is decisions made in those situations.

Still good book.

This is an exceptional book! It’s absolutely worth time investing in it and reading very carefully. The time and money you invest will pay you if you use the knowleadge. I wish more of management read this book. Maybe then less employees would say “Happy Friday”.

This book certainly gives ample food for thought to managers wanting to enhance operational excellence. Most importantly, Dalio’s commitment to consistently produce excellence while keeping a fixed eye on the relationships & qualities of a life worth living is enviable & worthy of emulation.

An extraordinary tour de force by one of the most interesting and accomplished thought leaders of our time. Written in a casual, approachable way, it has a wide range of unique insights that I found fascinating, particularly with regard to the best way for organizations to make decisions. His ideas are not only unique, they have been applied successfully in the real world and are therefore particularly important. Highly recommend!

The book is a bit underwhelming. Most is just common sense. What I found interesting was the chapter on flooring, comparing different flooring options in terms of longevity v purchase cost v labour cost. That is just one chapter out of 25. Also the insight to use carpenters for a lot of different jobs more so than handymen. The book has merit but it's limited. The author should have his book proof read to take out all the grammar mistakes but that is a minor point.

This book is amazing.
Its straight to the point and i love the message it gives. "Do something, find what works (keep it) find what doesn't work (change it). There is no quitting. Just keep pushing through it all.

I read the Principles manuscript back in 2011, which was great, but this official publication is so much better. Ray simplifies each of his principles into a very easy to read / understand sentence, making the book overall an easy read. However, the whole point of the book is application. So I will be returning to Ray's work time and again as a text book to make these Principles habit. Thank you Ray.

Overall Review: By and large a tremendous improvement from the already fantastic PDF version

Currently 50% finished.

First off huge thank you to Ray, Phil, and Rodrigo for putting this together. This is a tool to improve the quality of life around the world for those able enough to use it.

Why do I give this such a high review?

Compared to most books, this one provides insight on every page that can be converted to life value. In constrast most books have 10% value and 90% fluff.

What could be improved?

- The 5 step process explanation was reduced from the PDF. I suspect many will have trouble applying it without more detail. I recommend an appendix or web link that provides several examples of the process in action & common pitfalls to allow pattern recognition.

- Important sections (I.e. Decision making, etc.) if given an appendix with examples (show a decision formula, etc.) and common mistakes I suspect would dramatically improve the ability of one to apply this high value knowledge.

I can't wait for the app! Let me know if I can help.

Lots of material in an organized delivery. Lots of insight from someone who has been personally and professionally successful by society’s general standard. The only drawback is that Mr. Dalio starts to “pile on” each point he makes, somewhat diluting the message. Too many unnecessary words and sentences for my taste. Still looking forward to the next volume, however. Though I like this book, I’m not sure it will stay on my bookshelf; will probably go to the used bookstore.

Pros: Ray’s principles for life and work in an easy to read format with examples taken from his experiences. It’s an Interesting approach to structure how we may live our lives.

Cons: some parts are redundant and the style used to explain his ideas were bland. There is something oddly normal about this book.

Ray Dalio has a unique and engaging way of presenting his concepts. It took me a while after ordering, for this tome to make it to the top of my reading list. The idea of principles as a set of s.o.p.s or base algorithms is intriguing. My 4 star rating it due to an actual physical issue with the copy I received which in which the printer omitted the pages between 108 and 141 which made the "Life Principles" section hard to follow.

Should be required reading at every professional and academic level from high school on up. If I were a board member, all the members would have to read this book and then start practicing. Seminal work.

Really excited to read this book based on the press and great reviews. Make no mistake, Ray Dalio knows what he's doing but, unfortunately, you probably do too. There is very little new information in this book. Frankly, I found it a boring reminder of things most of us in the business world have learned through the years - those with a conscience any way. Ray obviously has one. I will give Ray another chance when he explains his process for picking stocks in his next book, but I can't really recommend his first effort.

Ray Dalio is a caring man who has great ideas. So lucky we are to have him put these principles in writing to see how he thinks. Humanity, humility, and the desire to give back are what make this book so worthwhile.

"Principles" is a tome of tried and true methods that lead ultimately to desired outcomes. Mr. Dalio transcribes in precise detail his thoughts, actions, intentions, and experiences over the past four decades and liberally shares his knowledge to readers. "Principles" is worth its weight in gold. Ray Dalio eloquently expresses what most successful people learn over time: pain is the ingredient that leads to growth and evolution. He opines on how pain itself is a catalyst not only to personal evolution, but it is a gateway to problem solving. Dalio attacks problem solving by sorting out the issue, triangulating the issue with "believable people" and examining it both up close and as an observer. His above the fray manner in observing ones actions, skills, efforts, deficiencies, and the like, is at the next level; it is a better way. This observation discipline is sure to enable human beings to examine themselves thoroughly, objectively and more accurately. Mr. Dalio's actions speak volumes of his vision by implementing this higher realm of open-minded personal self-examination throughout the Bridgewater organization. "Principles" is a life map. Mr. Dalio expresses the need for tools and protocols in order to make better decisions. "Principles" is such a tool; it is also a weapon to survive and flourish. I believe that anyone who studies and implements these principles will reap the benefits. Dalio has been painstaking about getting it right, which is a testimony to his determination and grit. I could go on endlessly discussing the contents and merits of this book. "Principles" is a must read for business owners, senior managers, executives, and money managers.

"Principles" is written in such a manner that Dalio's message is understandable to anyone. The book is a treasure trove of information that I will reread, look to, study, digest, and implement. Lastly, Mr. Dalio's financial achievements and philanthropy are well documented. What's missing from the interviews, headlines, story lines, and universal coverage of Dalio’s every move is his true generosity. Ray's effort to convey his success formula to money managers, such as myself, and society at large is magnanimous. Mr. Dalio, I have written a book titled "Financial Fitness: The Journey from Wall Street to Badwater 135" that is on the store and will be rolled out officially in two weeks. In the book I share the road I've taken to becoming financially and physically fit as a hardworking investment professional and endurance athlete. I hope you will read my book, as I have yours.

--William "Chip" Corley

I read Principles a few years back when it was free from their company's website. I do not hesitate to buy it in Kindle format because I know the value of this book. Pragmatic, clear-headed, humble in a unique way, this man's life shines forth through his words and deeds. Read and decide for yourself!

This book needed to be about 90% shorter. Good ideas, but repeated way to often. Almost devoid of actual business scenarios where author walked through how various principles were applied successfully.

Great book.

I've been recommending it to everyone I know.

The way that Dalio masterfully engineers his principles and intricately intertwined them into his every day life, his every action, is very inspiring and just by reading his book makes you want to be a better person.

I was browsing through the book and I encountered the following: "Pay people enough so they're not under financial stress, but not so much that they become fat and happy." While the book has a few reasonable, good ,and human principles, this phrase made me return it. So pay the people that make you rich just enough to get by, while the CEO'S are becoming "fat and happy" with the huge bonuses they pay themselves.

I have read many self-improvement books.Unlike others, this book came from distill exprerience 40 years in building the most powerful firm. That is why everyone espicially investor have to read this book.
I hope that the next book will come sooner.

Warren Buffett described Howard Marks' book "The most important thing" as "This is that rarity, a useful book". That was true! Ray Dalio's genius has produced a rarity that I would describe as far far beyond useful! I think it will deserve a second and probably a third reading! The folks in Washington DC should read it 10 times, well maybe even 20 times! Ha Ha Thank you very much to Ray Dalio for his time, effort, and humility!!!

Mr Dalio provides a straightforward overview of things that have worked magically for him and his firm. He is terrifically astute, extremely structured and even more articulate. He does not hesitate in verbalizing principles he believes in. Unlike so many other similar books, the author does not run in circles through a string of qualifiers. Mr Dalio's principles are logically consistent and his faith in their working is founded on the outstanding financial successes of him/his firm (one cannot doubt the success of Bridgewater and Mr Dalio although one may argue the drivers).

The downside of a single track discussion is that the book is unable to look at the limited applicability of its principles. Many of the principles are unworkable not just in governments, NGOs like they cannot be in schools or families (these extreme comparisons only to indicate the non-universality) but also in multinationals, manufacturing firms, firms that require many low skilled workers that are abundant and where the likely issues are other than the search for skills, organizations that have to work with communities and labour laws, companies that have multiple offices/units where standardization is critical and so on. There are firms that span generations where it is far less about the product/investment/marketing skillset of one or a few at the top.

In fact, attracting the best skills on the principles outlined here may not work in financial firms in many other parts of the world where people would rather pen down despite the compensation than be openly analyzed by their juniors or openly criticized by the seniors. If a firm is no longer as successful as the author's or unable to pay the top Dollar at the outset, the drain on account of highly stressful culture could prove far more damaging for some.

It is great to have organizations, like any group units, where a set of clear principles prove sufficient for success. In reality, the life - including corporate life - is too varied to be lived as rigidly as the rulebook provided here.

Spending $26.95 to pick Ray Dalio’s brain for over 16 hours listening to the audiobook appears fantastic value to me. The thought crossed my mind to offer Mr. Dalio a charity donation in his name if he gave me the opportunity to make it a two-way conversation over lunch. But that wouldn’t have been consistent with his (or my) Principles. Instead, I’m offering my radically truthful review for $0. The challenge for Mr. Dalio is whether reading this review will be time well spent. Ray, you do not know my ‘believability’ – and that is a key deficiency in your principles you might want to address, especially when applied to the next phase in your life. Let me expand.

Principles details an organically grown set of rules to run a business. Ray shows how his principles have enabled him to build the world’s largest hedge fund and stipulates that anyone can build a great organization following his rules. His success speaks for itself - he is the first to point out that anyone should adopt their own principles. The common theme is a deeply rooted belief that running a business is similar to managing a professional sports team- taking this to an extreme, which Ray does, creates stimulating food for thought.

Ray’s definition of “principles” is not what many might expect. Principles go beyond a Rotarian Four-Way Test; they go beyond the Ten Commandments. Principles is more like a Harvard MBA class in waiting (he loves case studies, refers to them as case law), they are an assortment created by someone who, in his own assessment, is an engineer at heart. Engineers get things done, even if messy at first, trial and error is a virtue. I’m married to an engineer and have learned to appreciate this approach. In contrast, I’m a computer scientist. Computer scientists like to generalize problems even if the sample size is one; they like models and abstraction. The approaches are similar, yet distinct: engineers may get to market faster, but there’s a risk that things get too convoluted, too complicated once the complexity increases (you propose an app to wade through the ‘pile of principles’). The computer scientist might never make it beyond the modeling stage, too worried about that potential bug. My hunch is that without their benevolent despot, at some point, newly introduced principles (or old ones re-interpreted) will clog the machine. At that point it might be time to call on a computer scientist to help unclutter things. That said, who am I to criticize Ray’s principles? In fact, this isn’t meant as criticism, just a forecast. Any approach to managing a business will have potential pitfalls, being aware of those pitfalls will help stakeholders navigate them.

To appreciate Principles, a passion for investing is helpful, if only because of the industry lingo used. At first, I thought it’s a pity that this might limit his audience. But, no, it makes Principles authentic. Instead, I look forward to also reading books of other thought leaders passionate about their field with a completely different mindset.

Since investments are the topic of discussion at various times, let me shout out a big thank you to Ray, as he sheds light on what I believe is one of the biggest misconceptions in the community, notably also amongst hedge fund managers. Many have heard hedge fund managers tend to look for trades that have little downside, but much upside. A lot of investors, notably hedge fund managers, take that too literally, as they pursue options strategies. Buying an option costs fairly little (the premium), but offers potential upside that may be much greater. The problem with options is that they have what’s called time decay, notably that your option may expire worthless. In an era of low volatility, lots of options expire worthless. Options may also be used as insurance; but that, too, can be costly. Don’t get me wrong: there are worthwhile options strategies, but they are not the holy grail of low risk / high reward. Principles does not go into detail of how options work, but has an explainer of diversification. It is generally understood that diversification is the one free lunch available on Wall Street. Ray points out the obvious, notably that stocks are highly correlated with one another, so investors should consider uncorrelated return streams. At Bridgewater, he says, they combine as many as 15 different return streams from different asset classes; I challenge any reader to name just a few, let alone use multiple in their actual investments. Importantly, he argues, the way one achieves high potential upside with limited downside is by combining uncorrelated return streams. That’s very different from buying options (an options strategy may or may not be part of these return streams, but that’s a subordinate issue) in hopes of striking gold. Yes, Ray discusses gold, too; get a copy of the book to learn more.

Before I go much further in reviewing Principles, it may be helpful to review Ray’s agenda in publishing the book, as it helps to understand what this book is and what it is not. When I heard Ray as a guest on public radio last week, the cynic in me flagged this must be a symptom of a market top. But I recalled he had also given a “TED Talk”, so I was curious enough to question my gut reaction, leading to my downloading and listening to the audiobook of Principles. Ray is straightforward about his agenda: he considers his principles part of his legacy, wants to pass on the institutional knowledge he has helped build. In publishing the book, he also wants to have bright talent consider working for Bridgewater, as his firm had received bad media coverage about cult-like culture that apparently hampered its recruiting efforts. Ray makes it clear that his firm is the exact opposite of a cult. I agree, but read and judge for yourself.

While his book should be cherished by any aspiring entrepreneur, it is not squarely aimed at those running a small business. Sure, the book makes it clear that anyone following his principles can build a great organization, but at various sections in the book it becomes clear he is focused on running a large organization. I have no problem with that, but it helps to understand the context as to why he wrote the book.

Ray says successful entrepreneurs tend to be “shapers”, that is persons who can see the big picture, yet pay attention to detail (think Steve Jobs). His style should resonate well as what he profiles as the archetypical small business person: anyone running a small business has big dreams, yet takes care of the details. In fact, I can’t help but contemplate that maybe Ray is a small business person himself, of sorts. One who has managed to grow a big organization by using his principles for many management details – the “machine” as he calls it.

The context is relevant though, as everyone, including Ray, is hostage of his environment. Ray makes a convincing case that meritocracy is key to success; that is, decisions are best made based on believability-weighted decisions. He then goes to great lengths to explain the “machine” he has built to develop profiles of his staff. He has run his firm like a petri dish in a closed environment. He argues that, with limited time, it isn’t worthwhile, even potentially hazardous, to listen to unqualified opinions. That approach has worked for him as he has the resources to run his social experiment in-house. But is this the most efficient way? Is it most efficient to grow your talent, weed out a third that’s not up to the task, impose radical transparency and radical truthfulness on them, even if that’s not their nature? It may well be, but there’s a risk standards slip once the benevolent despot is out of the picture, no matter how big the pile of principles is.

While I have never called it such, I have applied radical transparency to running my investment business. Unlike most in the industry, for the past fifteen years, I have shared my views and positions with the general public. What do I get in return? Feedback. We have learned to filter that feedback into our idea generation engine, and to stress test our hypotheses. I have most appreciated that as I could not have possibly obtained that feedback with the limited resources I have in managing my comparatively small team. Ray may have brilliant experts in-house, but he is missing out on the brilliance out there. He scoffs at the public’s input in his book; after all, the mob does not have your optimal investment performance in mind. I beg to differ: just as one can develop models to rate the believability of your team, you can develop models to rate the believability of the public or any subset of the public, including those of specific strangers. Take Twitter as the simplest example: everyone can broadcast anything on Twitter, but you can curate who you want to listen to. Folks offer their analysis for free, you might as well harvest the value, separating quality from noise.

Like many asset managers, we get visits by strategists of major financial institutions. They provide thoughtful insight. But the so-called strategist at major institutions are not allowed to put their money where their mouth is. While I appreciate their input, it is very different from that of an employee who has his or her own sets of conflicts; and that is yet again very different from the feedback provided by a complete stranger. And while many investment professionals ridicule retail investors, I have learned to appreciate them. We have some public products, so I can see the flows; there are some pretty smart cookies amongst retail investors.

What I’m getting at is that Bridgewater – to just name Ray’s firm as an example – may at some point need to turn outward. And with that, I don’t mean it has to be unleashing Big Data indiscriminately (Ray provides criticism I agree with). But I believe the successful machine of the future may well include an assessment of the public. Are the principles flexible enough, can they evolve?

I’m not telling you anything you don’t know already, as it is increasingly pervasive in a variety of industries, most notably online advertising. In my humble opinion, it will be crucial for Ray’s next ambition: to help policy makers navigate tough decisions. You are not going to get members of Congress to adhere to the rigors of your meritocracy, yet it would be a pity to just disregard what you have created. So build a system that’s open. Build the machine that helps policy makers make the right decision based on merits. Incidentally, a machine that helps policy makers by sourcing input from the public, amongst others, could also be of use to Bridgewater.

One more note on your big-business-mindset, Ray: you argue that a janitor should be an in-house employee, as it is more cost effective as long as the person is full-time. Can it be that you are biased? Can it be that you love building machines so much, so that you in-source the janitor simply to prove your point? Good for you. And, clearly, it was not your goal to write the how-to-book for the smalltime entrepreneur. For anyone but big business, I allege that outsourcing non-core functions can be most effective. Indeed, in today’s world, it is so much easier to start a business because you can outsource so much. The culture in a janitorial firm is different from that in an investment firm; I would also think the typical employee on the investment side at Bridgewater is going to be more open to meritocracy than your janitorial division.

If you have read my ‘review’ all the way to this point, let me provide a business idea for the new phase in your life, if you haven’t done it already: hold periodic auctions for a charitable cause – open to the public - for discussions over lunch. Especially in the aftermath of the publicity you generate in promoting your book, you should be able to raise a fair amount to satiate hungry minds that want to discuss Principles with you.

Finally, one criticism: get off your butt, start doing exercise and don’t merely talk about the 2nd order benefits. Your family will have you around longer if you invest in your physical wellbeing.

Ray: if you’d like me to expand on the above or help in building that open machine, give me a call.

What a waste of time. If you want to know the musings of an elderly billionaire, then this is your book. But don’t expect much on the way of practical advice.

My biggest complaint is that it reads like a grad school syllabus or outline. He makes claims with no basis to back it up, clearly fancies himself a psychologist and it’s the most dry read I’ve read in a long time.

As much as I wanted to like it, from all the good things I heard, I put it down after 189 pages and moved onto a more practical book.

The life principles part is decent. It's like listening to an old man murmuring the lesssions he has learned in his lifetime. You feel some human factors in this part. But the work principles part is just too cruel and not human. When reading this part, I keep getting the feeling that the core principle is managing people like programmed robots.

I'm an avid reader, and usually burn through books in a day or two. This one I'm reading slowly and savoring. Read about 30% of the contents and its excellent. I have to control myself to stop and let things sink-in, give myself time to experiment with the basic principles.

Amazing book that rung very familiar to me. Truth and candor is simple but rarely easy. I have sought to implement in my businesses with mixed success. Fascinating read and a guide to assist me in improving our corporate culture.

Clearly this gentleman is very smart. That’s where my praise ends. I found it not to be a self development book but rather the author self indulging in his own successes. I purchased it on audio and by the end I was angry at the author. He wrote and read the book as a typical egocentric Wall Street wolfe. I can only imagine if I were to count how many times the author says “I” and “me” that it might equal 20+ pages of just them.

The book summary and reviews had me hopeful this would be a self development book. Rather it reads as, “hey look at me – I am all knowing.”

Certainly if you are an investor or traitor, this book would be appealing. However, if you are like me, and one a self development book to improve upon your success ...This one is not for you

Radical truth and radical transparency, that’s all you need to know.
The book is mostly fluff, vagaries/generalities, and saying the same thing over and over again in a different way.
Doesn’t really provide many interesting concrete, detailed stories or narratives.
Skim it if you have FOMO, and move on to greater things.
That’s the radical truth.

I had great expectations for this book by the head of the world's largest hedge fund, especially because I had liked him during TV interviews and in his video on 'beautiful deleveraging'. I was hoping to read what principles make a hedge fund tick. What I got instead are his 'Work and Life Principles', a collection of Self-Help style banalities that could have been written down on a few pages - blown into a 500+ page book.

Whether he is wrestling with philanthropy or outlining his take on people Mr. Dalio seems to be disconnected from his target audience (what is it by the way?), reciting one trite message after another. Here is one example, worth one full page in the book: 'BAD: Avoid facing "harsh realities"'; 'GOOD: Face "harsh realities". The 5 step process he outlines 'to get what you want out of life' is, to put it mildly, unoriginal:

1. Have clear goals
2. Identify and don't tolerate the problems that stand in the way of your achieving those goals
3. Accurately diagnose the problems to get at their root causes
4. Design plans that will get you around them
5. Do what's necessary to push those designs through to results

This is the sort of advice one expects from late night infomercials, not from a guy who has 150 billion under management. The rest of the book is a mix of so many such platitudes they start to grind you down (opening a page at random: 'a great organization has both great people and a great culture').

Speaking of culture, Mr Dalio is at his best when espousing his concept of 'Radical Transparency', where people are expected to always speak their mind and rate each other quantitatively. It's an intriguing philosophy and I would have liked much more detail on how to implement, test and practice this new sociological Principle that we all know worked so well for us in kindergarten. I would also be curious to better understand the kind of culture that it resulted in, the opinion of people who have been through it and found it beneficial - and those who have not. But this tome is about breadth, not depth.

Other than for that, and a few pages at the beginning of the book where Mr. Dalio recounts his early days, I found this book a frustrating time waster. Perhaps I expected to read more about the part of the Principles that did not make it into the book, Economic and Investment Principles. They will apparently be the subject of a follow on book. If they are written in the style of 'Life and Work', don't count me as a customer.

I should perhaps blame myself for buying and reading this book. I suspected it was a motivational or "life coach" kind of book, and I detest those genres. But it was recommended by so many people to me that I felt I needed to see what the hoopla was about.

Ray Dalio is obviously brilliant and talented, or he would not have experienced the massive success that he has. But there was literally almost nothing interesting here. It was highly polished common sense. I think I most of all disliked the hubris, which was a constant theme in the book despite Dalio appearing to try very hard to dress it up as something else. I also disliked the overuse of buzzwords that didn't really make sense (example: there is no such thing as "radical truth" -- there is just truth... Dalio sure does love the word "radical" though).

I read the entire book in an almost masochistic way... just waiting for something useful to be presented but knowing at the same time that it would never happen. It was like finishing off a terrible movie just to see if it surprises you by actually not being so terrible at the end.

All that being said, if you're into books about life coaching and what-not and appreciate someone like Dalio documenting all of his advice, this might be for you. Me? Hard, hard pass. 1/10

Though it would be hard to tell from this review, I'm a fan of Ray Dalio. I love his thoughts on economic trends and rely on his (general) economic advice. However, this is a profoundly amoral book. Basically, the book is pitched as advice anyone can use to achieve their goals whatever those goals might be. No self-help book that I can think of from Proverbs to Marcus Aurelius to Gordon Peterson has advised someone to start with helping themselves to whatever they want. Apparently, Dalio's "Principles" could be used to oppress, cheat and steal. His advice is utterly lacking in moral content. Even his advice to be "radical transparent" (which is more accurately "candid") is purely utilitarian--radical transparency gets you stuff you want.
And then there's the advice itself. to be polite, much of it is sophomoric. Here's part of one of them" "2.1 Have clear goals.a. Prioritize: While you can have virtually anything you want, you can’t have everything you want. b. Don’t confuse goals with desires." Really? That's his profound advice? The text does not really expand on these very much. Why anyone would find this helpful is a mystery to me. Also, much of the advice would be inapplicable outside of the snooty Connecticut confines he lives in. It's all well and good to turn your financial investment business into and intellectual Seal Force 1, but that does not translate into every situation. Heck, it will not even translate into other parts of the Navy. The need to work through problems with poorly performing employees seems to be totally absent. Bridgewater just fires you if you're not working out. Try that at a school, police department, manufacturing plant or painting contractor. You'll soon struggle to get any employees.

Finally, the book has one other annoying aspect. Dalio writes as if he's the only person in the world doing economic modeling. He doesn't mention anybody else's work or success. He can't seem to see that if you are giving advice about doing things your way you need to compare with people who are also successful but who may not be doing it "the Dalio way." Without that sort of analysis all you've really shown is that you have been lucky at a big zero-sum game.

One of history’s highest achieving hedge fund managers is coming of age and wants to share the insights he has made with the hope that these could be of use to others. Ray Dalio, the founder of the systematic macro hedge fund Bridgewater, the hedge fund that has created the highest amount of alpha measured in absolute cash ever, does this through publishing two books. In this first one he shares his life and work principles – his fundamental truths - and describes how he came to acquire them. In a forthcoming book Dalio will lay bare his views on economics and investments.

This 550 page black brick of a book has three sections. First a biographical part that gives an historical background to the specific intellectual events in Dalio’s life that taught him the lessons that shaped his principles and also as such gives an introduction to what they are. Then, one section where the author goes through the principles for how he has chosen to live his life and finally the lengthiest part where Dalio describes how he applies the same principles to the management of the organization Bridgewater – the latter a process that has generated many news articles through the years. The text is based on a large number of statements and then surrounding commentary writing describing the rational. This is hardly the ideal setup for a fluent text but the book is still easy to read. In a way the three sections are in different literary genres; memoirs, personal development and organizational management but for Dalio all are woven into a seamless whole.

Since the internal Bridgewater version of this book has been downloaded as a pdf in millions of copies through the years, many will potentially refrain from purchasing it. Still, the book and the pdf differ quite markedly. Obviously not when it comes to the core message, but the book is greatly expanded compared to the previous pdf. The biographical part has been added and the descriptive commentary around each principle likewise. All this gives additional insights but the numerous repetitions and explanations, in combination with a somewhat preaching style, is the main drawback of the book. I would almost recommend the reader to choose the angle that he is most interested in – personal development or organizational theory – and then read the biography plus the preferred section.

The description of the author and his principles in my view feels very honest and Dalio has a truly fascinating personality. He is consumed by the will to make sense of things. By uncovering truths he, and the organization he leads, evolve. Dalio is bordering on obsessed with attention to details, data gathering, reflection, learning and rationality. At the same time he is hugely inquisitive, innovative, creative and independent minded in his way of drilling down to the core of issues. Dalio’s attitude could be said to be the absolute opposite of the post-truth political debate or relativistic academic doctrines of today.

Dalio who is a former liberal Harvard student that practices yoga and dresses casually views both his own life journey and that of Bridgewater as a machine that in accordance to set output targets constantly must be adjusted in an trial-and-error-and-learning process – much like a automation system in manufacturing. The principles are the algorithms that go into the automation system. The author holds the cards close to his chest when it comes to his family life but to me it feels a bit mechanical to constantly be this analytical and rational about ones life – and this comes from someone that shares some of the personality traits. In my view, in Dalio’s reductionist worldview lies a need for control and a will to quell an unruly world with it’s psychologically biased people.

Ray Dalio invites everyone to share his principles but he is explicit about that they are not the best principles for the reader. Instead he urges us all to explore how to best live the life’s we have. We would be fools if we didn’t follow through on that.

This is a review by investingbythebooks.com

Ask yourself this question - would you have read this book if it wasn’t written by a billionaire? If the answer is no, then you are driven not by principles but by money. I suggest you read the author’s stunningly uncompelling story and then read the principles. Shocked at how desperate people are for a voice in the darkness. Dude made a lot of money bringing Chicken McNuggets to market. Wow! He must know something we don’t. Stick with Covey and the other classics. Sorry for the dissenting voice, the book is lousy. Making tons of money speculating on commodities and stocks doesn’t make you a principled leader. Marcus Aurelius and Epictetus - start there, you will see what I mean! Oh, and another important point - radical transparency as Mr. McNugget describes it doesn’t create openness it creates a police state. True transparency creates freedom and an open society not the police state described by Mr. McNugget. Google some of the unethical crap at the organization and how he returned as CEO and couldn’t give up the reigns. You’ll see!

One more book from a one hit wonder who believes his success equates with wisdom on every subject that must be immortalized and shared with the world. He even provides flow charts and elementary graphics in case you did not hear him say how brilliant he is. I am sure he is considering a Presidential campaign, reality show, or purchasing a professional sports team next.

To borrow a quip I read recently, "You know things are 'off' when we are seeking moral advice from Wall Street." Maybe I was hoping for some of Dalio's so-called 'radical truth' tonic to help soothe my nerves in these morally unhinged times we live. After all, the title of the book is "Principles". But Dalio's book reads like a garden-variety self-help book crossed with a business titan's self-congratulating memoir, and the mix is fairly unsatisfying. (At least he avoided the urge to settle scores in this book.) To be clear, I don't mind when a business book or self-help book repeats some oft-cited lessons or insights. All I ask is that it do so in a creative and original way. Unfortunately, Principles is a bland collection of self-evident life lessons packaged in a personal tale almost totally devoid of the type of humanity that makes a story emotionally compelling. And it's too damn long! I struggled to get through its 'lessons' spread over 400+ pages and found myself skimming most of the second half of the book. (Thank you Ray for the bold subheads and outline format; they helped.) A good editor could have saved this book from its author -- though I suspect the author might not have been receptive to criticism, despite his opposing advice to readers. This is a two-star book, really, but (feeling charitable) I gave it an extra star for 'effort'.

Ray Dalio is the one hedge fund manager I've always admired and looked up to. Many of his Principles serve as my core values and beliefs and serve as the guiding principles for how I operate, make decisions and seek ultimate truth in every aspect of my life. I've re-read Principles three times now since Ray released his original PDF version years ago. As someone who spent 3.5 years working as a financial analyst and associate in distressed debt investing and turnaround restructuring advisory, Principles was the most invaluable asset to my ability to seek truth and uncover distressed opportunities and find even the smallest nuances that often materially affected company and debt valuations. Even a few years later, as the founder of my own digital marketing business, I still rely on Principles to help me manage my team and myself and it is the bedrock for our achieving extremely high returns for my clients' businesses. If you care about self-improvement and building a more successful and fulfilling life, then Principles is probably the only book you absolutely must read.

Some interesting ideas, seems like the man is trying to re-invent himself as a management guru.
Check out the returns from his BridgeWater investment company - they've only averaged 12% over the last 26 years, not exactly stellar. I'd rather read what Eric Schmidt or the Google guys have to say about management.

I only made it about 3/4 through this book and stopped reading. The story/background section was certainly interesting but the actual principals were not particularly compelling and were extremely repetitive and verbose. I feel like this could have been a blog post, but instead was unnecessarily extended into a book. I imagine you could find cliff-notes of this book that would bring you the same value as reading the entire book, and save you hours.

This book has received a lot of high profile endorsements and plenty of publicity in the business world. As such I read the book with high expectations. These are my brief comments.

The book is divided into two parts - the first about the author's life and personal experiences while the 2nd captures the principles that Ray has developed over the years to guide his business and personal life.

I found the first part to be very interesting as Ray learns from his many mistakes and grow wiser (and richer). As such my anticipation for the 2nd part of the book rose higher. However the 2nd part proved to be a big disappointment as these principles were neither insightful nor new. Someone who is moderately well-read in the management field will find Ray's principles as nothing new or ground-breaking.

Living and working in a disciplined and methodical way has worked for Bridgewater founder Ray Dalio, so he is giving back by writing a book titled, Principles: Life and Work, about how he’s done it. Dalio starts by telling us his life story, continues by describing the principles by which he led Bridgewater, and wraps up with tools that a reader can use to develop one’s own principles and practices. I thought I was pretty organized and disciplined until I read this book. I even remember developing a list of principles during a time when I was managing lots of people. Dalio is a black belt especially when it comes to leading an idea meritocracy. Radical transparency has lots of consequences, and somehow or other, Dalio became comfortable with that and attracted others who thrived in that environment.

Rating: Four-star (I like it)

I have recently started following work of Ray Dalio. Book is not only well written but full of specifics. Looking forward to tools he talked in this book to be publicly available, especially pain button app and his next book on investment principles. Most importantly, I am very excited to incorporate some of the principles in my life!!

If you want to learn more, I will highly recommend Ray's TED talk and 30 min video on how economic machine work.

I had been very surprised that 423 of this 544 content page book was about life and leadership principles. Of the 121 pages in the beginning, I have the feeling that the author had made the most of it to thank political leaders and Central Bankers than anything else. Buyers beware!

p.s. Below please find some favorite passages of mine for your reference.
You better make sense of what happened to other people in other times and other places because if you don’t you won’t know if these things can happen to you and, if they do, you won’t know how to deal with them. Pg15
In trading, you have to be defensive and aggressive at the same time. If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep money. I believe that anyone who has made money in trading has had to experience horrendous pain at some point. Trading is like working with electricity; you can get an electric shock…and the fear that comes with it. Pg18
If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy – if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance. – Bernard Baruch Pg35
I just want to be right – I don’t care if the right answer comes from me. So I learned to be radically open minded to allow others to point out what I might be missing. I saw that the only way I could succeed would be to: 1. Seek out the smartest people who disagreed with me so I could try to understand their reasoning. 2. Know when not have an opinion. 3. Develop, test, and systemize timeless and universal principles. 4. Balance risks in ways that keep the big upside while reducing the downside. Pg36
What was most important wasn’t knowing the future – it was knowing how to react appropriately to the information available at each point in time. Pg40
Maturity is the ability to reject good alternatives in order to pursue even better ones. Pg48
The greatest success you can have as the person in charge is to orchestrate others to do things well without you. A step below that is doing things well yourself, and worst of all is doing things poorly yourself. Pg79
Pain + Reflection = Progress pg152

Dalio is a very successful investor and hedge fund operator. The book is partially autobiographical with emphasis on his weaknesses and how he developed principles that allowed him and his employees make better decisions. It is a bit like crowd sourcing where some of his group has a presentation and discussion about some social or economic change then anyone in the company can express or vote their opinion. This information is put into a grid showing the results and can display the overall results pro and con for making a particular investment. It can also show the results from just the people who have had excellent results previously in the same study area and the opposite as well as the people who made errors in the area. The two are frequently very different. It is a good learning experience and greatly increases the chances of a successful investment. After the general idea is presented in his book there are sections where specific suggestions are made for specific problems such as how to run a meeting most effectively. These more specific sections have quite a bit repetition of the same material and are less interesting unless you have problems in the specific area.

He also enjoys developing investment algorithms then testing his ideas against historical data from different countries. He starts with logical intuition and then creats a mental map of what he would do in each particular situation. He would have frequent discussions with his colleagues about their different decision making criteria. They tested the criteria in their computer system and constantly improved it to make better predictions that agree with reality. They found one of the keys to being a successful investor is to only take bets you are highly confident in and to diversify them well. In another case McDonalds wanted to start selling chicken McNuggets, but the largest supplier of chickens couldn’t stand the risk of changes in the price of chicken feed. Dalio showed the supplier how to protect the feed price with futures contracts. He also talks about having his principles programmed into his computer system for testing them, and using them to predict how a given portfolio would do in various types of markets. There are no details on how this was done.

His investing style was to think about how to invest in a given area, make mistakes, diagnose the root problems, design better ways of investing, implement changes, make new mistakes, etc. He mentions an all weather portfolio developed for his own families’ wealth and gives no details. He uses psychology tests to get profiles of his whole team that enable his company to match jobs and abilities better. He setup a culture where taking chances and carefully analyzing the reasoning and the results are highly valued.

For investments they developed computerized algorithmic decision making that focuses people on cause-effect relationships. As he approached retirement he made an effort to set up a similar system for management of Bridgewater. He considers the algorithms to be using the company’s principles in making decisions all the time. He believes the application of artificial intelligence using algorithmic decision-making greatly increases his teams’ ability to make the right choices.

Since we are still evolving he thinks we can maximize the rate of our individual evolution by making choices that cause a bit of pain. For instance deciding to exercise for your health versus not exercising. Each time you face a challenge and work through it you evolve towards being the best you can be with your particular abilities. His idea is to evolve into the best most effective person you can be by constantly confronting problems, getting used to constant pain, and using groups of effective people to accurately see the problem and its best solution. In fact he seems to embrace pain as a signal that he is evolving in the right direction.

Most of the book is a listing of his principles, his research into how people think and make decisions. For instance expecting creativity from a person who is very detailed oriented or attention to detail from a creative person is unlikely to produce the desired results. Having them work together probably won’t usually work since they think too differently. His solution was to list all of a person’s attributes on a card and have everyone evaluate everyone else. The system weighs more heavily the opinion of someone who has a high score in an attribute such as creativity. Once you know a persons strengths and weakness you can more successfully interact with them. You begin to see how believable or accurate a person is in a given area. You weigh more heavily the opinion of the people who have previously been right in the area.

Dalio thinks that teaming with an artificial intelligence system will make your decision making much more effective. He calls it algorithmic decision making and it allows for less emotional decisions and can be very useful as a supplement. He points out many programs are essentially mimicking and data mining which can be helpful if the future it is very similar to the past, but quite dangerous if it isn’t. He sees an exciting and perilous new world.

To implement these ideas he created an idea meritocracy. This system brings together smart, independent thinkers and has them productively disagree to come up with the best possible collective thinking and resolve their disagreements in a believability weighted way, where the opinion of more capable decision makers are given more weight. He thinks it will outperform any other decision-making system. When he is testing a new idea or theory he finds people that he respects, who have the opposing view and works with them to thoroughly understand their point of view on the subject. He uses this information to sharpen his own ideas.

Making mistakes is a way to improve yourself by studying the mistakes to find your weaknesses that cause the biggest mistakes and use this information improve yourself to avoid those mistakes in the future. Well- handled meetings can serve as a learning situation for those new to the problem being discussed. Later sections of the book give specific suggestions on how to approach and solve specific problems. Making small mistakes is encouraged as is learning from them and making the learned material available to all.

Dalio doesn’t have a good rote memory so he has to think about problems not remember rote memory solutions. His company uses constant evaluation of people, work they are doing, their solution of problems, and discussion of mistakes. People frequently need patience and help in understanding their errors. It is an advantage to have people who see and think differently to be able to understand thoroughly all aspects of a problem. People who think differently have difficulty in communicating with and relating to people who sees things and think another way. Forcing yourself to stretch in tackling difficult problems makes you strong.

One of the hardest things to emulate about Ray's methods would be to subject yourself to the constant stream of criticism in effort to grow stronger and more effective. He also suggests having everyone looking for problems and bringing them to you.

In making decisions observe yourself and the method you are using try to generalize the method as a general algorithm for solving problems of this type. Ray finds that visualizing new exciting things, then desiring to build them, pulls him through the thorny realities of life to make dreams happen. When your solutions seem hard and time consuming it is a good time to rethink your solutions. Use checklists to get things done efficiently.

Nothing groundbreaking here, but I greatly enjoyed reading this book. I did find (for me) that by the end I was becoming a little weary, but I think the topics covered at the end were less relevant to me than they may be for others. As I tend to do, I read this book through the lens of medicine (my vantage point) and managing a 'medical team' in which I don't necessarily make the personnel decisions, but can provide feedback and delegate.

Dalio's central thesis is that an idea meritocracy (where the best ideas rule and everyone has a chance to voice them) is the best way to govern, and I would agree with this point. He is relentless in his pursuit of the ideal 'machine' to accomplish the institution's goals - this involves a lot of algorithms, protocols, and the less quantitative but still systematic titular 'principles'. I agree with this and agree with setting a high bar, though sometimes his methods seemed a little harsh (i.e., making a very public example of people who deviate from the principles) and his vernacular came off as harsh.

That being said, there were parts of the books that spoke to me - as one would expect in a 500+ page tome. Specifically, the passages on meditation (Dalio states that it "produces a calm open-mindedness that allows me to think more clearly and creatively"). It's definitely quite an endorsement and reignited my interest in meditation. Questioning himself and not taking knowledge for granted is a lesson particularly paramount in medicine, where groupthink can sometimes be a detriment to getting at the correct answer. Being more focused on getting to the correct diagnosis rather than fixating on one's initial thoughts is important, allowing oneself to be proven wrong when applicable. There is a passage on "exceptional leaders" which should serve as an inspiration to anyone seeking self-help, and a very clear-headed mindset for dealing with one's weaknesses that I found to be simple, but relevant.

Towards the end, the book seemed more geared towards CEOs or those with management/hiring decision making - which, while helpful to anyone managing others (as I do), was not directly relevant to me. I therefore found myself starting to drift off towards the end of the book. However, I found much to "chew on" and debate here, and a lot of healthy reminders to not let one's ego take control of one's reasoning mind. I would end with a note that Tim Ferriss' podcast interview with Ray Dalio brought me here, and that I really enjoyed listening to it and found it full of the same type of wisdom granted in Principles. I would highly recommend it to those who enjoyed the book.

I purchased the audiobook because the amount of reading to get through both the autobiography "life lessons" first half and the "work lessons" second half was daunting for someone with a busy life. Ray is one of two readers in the audiobook. When the book was done-- I felt sad -- it was if I was losing a friend or mentor. I am seriously thinking about purchasing the Kindle or hardcopy version of the book... because it is too much information to process via audio.

I enjoyed the storytelling of how a right brain person trained himself to excel in a left brain world with both successes and fulfillment. What was most inspiring is his attempt to share his experience and knowledge of how others could have similar experiences.

As we live in a time when 8 men own half of the worldwide wealth, its refreshing to see someone who realizes it is more important to teach the masses to fish rather than give away loaves of bread. I suggest reading this book not because you will find anything new... but it will help re-shape, re-structure, and revive what we already know..... It takes good people with great character to develop improved systems to change the world. If you really are pressed for time, there is a summary book now available that does a good job of delivering the highlights -- however I still think Ray's voiceover in the audiobook is worth owning.

I cannot deny the enormous success of the author's business but was it 'caused' by these 'Principles' or was it correlation? Did something else cause it? Next, personally, I would NOT want to work for an organization with 'regular' criticism sessions of myself and others. Reminds me of Maoist China. Further, how 'transferable' are these ideas to other organizations? Many seemed vague and not objective. I think this book will be like 'In Search of Excellence' which was HIGHLY regarded at the time but today is mainly disregarded.

I began to read this book with a lot of optimism but gave up about midway through chapter 5 when it became apparent that the humble brag wasn't going to end. Ray's purpose for writing the book is to give advice to younger versions of himself, but the memoir becomes too self-serving and a complete bore (Is he thinking about running for office?). We get it, you're successful because you worked hard, learned from your mistakes, were "radically" driven, had some great opportunities, and made good decisions along the way. Don't read this part. It's a waste of time. It's neither compelling nor educational.

However, don't expect his principles to change your life either. First off, the message behind his Principles is common sense. Many are really just regurgitations from other sources (set goals and stick with them and so on). Most importantly, there are far too many of them. Ray should have whittled these down to something more manageable--something simple that can be put on a card or easily held in your head. If you haven't already developed the character traits that Ray has, then trying to follow all of these Principles and sub-principles is ludicrous.
If you really want to understand how Ray became a billionaire, read Angela Duckworth's book, Grit. Don't waste your time with this one.

Principles: Life and Work

I have no affiliation with the author, as an executive this book is mind blowing in a good way. To be clear, this is three books in one, that is why it is so big and Ray calls that out. Anyone knocking the book almost misses the point of Ray basically saying something along the lines of " His story is his, not a guide for you" so he provides many principles that can be applied to life and work. Anyone reading this that cannot take something away makes me feel like they never even tried to read the book.

His principles flow through the entire book and his personality clearly comes through. He is highly detail oriented and really cares to understand what is happening. I'm not going to give the book away in a review here, but will simply leave you with this question" How many companies do you or did you work for, where they recorded all meetings and made those available to all employees to listen in" and... "When your boss was saying something that was complete BS, were you able to call them out in confidence for the benefit of the company"

That is a sample of the goodness in here and if you want to be a successful executive, internalize the nuggets that have come through this material.

If you enjoy listening to a rich guy brag about himself and how smart and successful he is for page after page, get this book.

Around half-way through I gave up. Either he forgot what made him such a financial success and had to fill this book both b.s., or being a big b.s.er IS the key to success.

Because I read a couple of "bad" reviews, I decided to pick this up at the library to see if I even wanted to invest time, let alone money, into this book. I am glad I did. Came back here to order it to have in my little arsenal of books worth reading and marking the heck out of and letting people borrow. It is full of kind wisdom and historical facts about things I find interesting. I'm assuming those who didn't like it are reading it with their "stupid, bad and wrong" (funny shrink term) eyes instead of seeing the wealth of knowledge this man has fairly gracefully put into a book. Thanks Mr Dalio.

Historically for me, every decade, I come across a couple of books that do shape my vision and actions in personal or professional life. Principles definitely did (and doing) for me, professionally!

One of the better books I have read in the last few years. It has around 20% of financial "mumbo jumbo" that are too technical for most people, such as derivatives, inflation, currency, commodities, etc. But Ray, swiftly and eloquently, transitions them to real-world scenarios and useful life lessons.

This book should be an HR handbook for all professionals and corporations across the world. I listened to the audiobook (16 hours), and I instantly connected to him as a person, an author, and a business person.

Must read and thanks for sharing these principles ever so generously to the rest of us!

Amazing glimpses of his personal successes and failures. I found his stories about making errors and insights about his relationships with family and coworkers more valuable than the principles. The principles seem dry without much meat. The main issue he brings up is getting insights from coworkers and advisors. He told a story about his workers gave his two papers, one about what they liked about working with Ray. The other paper listed his terrible brutal way he seemed to belittle them. He wasn't expecting the second paper. It came as a shock. He became a better leader.

To broad and general, especially the life section. The notions of the gene, revolution, adaptation are not something that's very applicable. You can just read a summary of two to three sentences to get the idea of the whole book.

I've made so many stupid mistakes in my life, and I had been looking for a decision-making book for long. When I met Ray's Principles, I wasn't sure if it is another junky self-help book. It isn't; in Principles, Ray shares his systematic rules of making good decisions. As I read it, an image of Ray gradually comes to me: open to possibilities; prefers truths even if they hurt; loves talking and talks straightforwardly. If you want to be such a person, you will value this book as the manual for Life.

Fantastic book. My favorite non-fiction book this year. I highly recommend it to anyone in management or personnel. It really has some timeless lessons on personal integrity and working through issues.

The first 2/3 are outstanding and filled with little nuggets of truth and wisdom, but the back 1/3 is all very structural and for those looking to fully implement Mr. Dalio's system, which is difficult due to the crazy amount of resources necessary to do it.

I've listened to this book through Audible. I'm on the second time listening. Not to brag but there are so many invaluable lessons that it's impossible to get it in one read or listen. This is a must book for anyone's library no matter what! One thing I really enjoyed about the Audible version is that Ray actually narrates a big portion of the book, so it makes it a lot more special! I can't thank Ray enough for sharing his principles!!!!

Overall this is a good book and there are a lot of good of ideas and insights in it. It's organized very well and it's very clear and logical. But it's too long and the author is too wordy. Also the biographical section at the beginning of the book (which also was too long) really rubbed me the wrong way. The author is clearly very intelligent and very successful and as I said above he's got a lot of good ideas. However, he's way too full of himself. If I had to do it over again I would skip this section and I think it really took away from the book overall. However, there is still a lot of good in it and so for that reason I'm giving four-stars.

GREAT book. I’ve read a ton of leadership and “self-help” books for maximizing potential and success. Ray Dalio does an excellent job explaining the what, how, and why behind his immensely successful life and career. This book is so long because he gets into so many applications to his principles. He doesn’t pull any punches. He regularly reminds the reader that companies should be run like machines, and to achieve long-term success people must be removed from their jobs if they are unable to get it done. He goes into how what can be interpreted as being cold and mean is actually the kind thing to do for the individual on the chopping block and the company as a whole. He uses specific examples to illustrate how his principles carried him through his long and successful career. I definitely recommend this book to anyone in a leadership, but especially for people who ASPIRE to be in leadership positions so you can get into your manager’s head and understand why strict requirements must be kept so you can position yourself for future success.

I got the audiobook and this book seems to drone on. I quit listening around 3/4's of the way through. Ray even mentions this possibility of this tendency of his character in his corrections or other interviews I've heard. This book needed a better editor or just more editing.

The best things in this book are his autobiography in the beginning and his radical transparency concept that every business needs to adopt. It would fundamentally change society to implement the positive pressures of this concept of radical transparency for true empathy and growth.

Looking forward to the book that's more on his money principles in the future. I don't really recommend this one.

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.

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.

You might like this book if you are interested in investing or building a business. I listened to 7 of the CDs, skipping bits, he still hadn’t gotten to the Life and Work principles (for the others in the investment area you have to get the 2nd book), apart from “Do a job you like” and “Your relationships are important”. Duh??!! I am not the right person for this book, but I learned about him and Bridgewater.

Amazingly prescient account of the dangers of "multiculturalism" seen by a Kennedy liberal as early as 1990.

Prof Schlesinger believed that it was only a passing fad and would correct itself over time. He was wrong about that...it's far worse now.

The book is well written and gives intriguing points about organizational leadership. It does lose me in Mr. Dalio’s ego-centrism that is hard to be at least a little disheartened by as much of the book is his perspective which seems to embellish his career. His demeanor tries to make himself humble but it’s undeniable that he has an inflated view of himself and his influence on global markets; this dampens his wisdom. Overall the book is an interesting read with agreeable reccomendations for managers and companies regarding operations.

If you learn one thing from this whole book then make sure you learn how to know you are right.

It was an amazing read, usually books dense like this one I read them slowly and finish within few days but for this one I started around 5 am and by around 2 I was done. I couldn't put it down. Will read it again and will make sure to use ideas that I got from the book.

This book made clear to me one the the missing pieces in my life. You must take the time to write down your principles and make a continual effort to adjust them as your life experiences shape your thinking. That seems so simple, but the effect is profound, I wish I read this decades ago, but no time like the present.

Seriously, this is one of the best books I have ever read. I have thousands of books in library but this one is ranked among the best . I have been a successful entrepreneur for 10 years, this book has so much brilliance, I feel like I get mini heart attacks that I need to stop and absorb.

This book is that good!

Ok, the idea of radical transparency has changed the way that our business is operating. The culture of Bridgewater is genius and can help any business. I love this book and recommend it to any CEO or C-Level who influences company policy.
Thanks Ray!

What an amazing opportunity to learn so much from a wise and successful businessman. I really appreciate his willingness to write out the principles he gathered through a lifetime of learning and publish them for those, like myself, who are hungry for knowledge and success.

This is my first review on a book. I'm literally addicted to reading this one and believe it or not I have never been addicted to a book before. The principles he talks about are so true, you just gotta know how to make them into action. He also speaks in a humble and relatable way which i admire and sets a good example for his principles. I'd recommend it to ANYONE, please pick up a copy, the first step to your success.

This was an amazingly courageous book to lay out a framework for organizational development and psychology that goes so far against the grain.
If my current organization worked within these principles we’d be much better off.

I can’t waste more time on this book- which i purchased at the airport. I’ll just tell you it’s about a man who married rich out of Harvard bus school, timed the markets well a few times, parlayed his talents and connections astoundingly well and made a heap of money. And now he acts as though he has useful life advice- how to live in Connecticut, raise entitled kids, act as a huckster for the dianetics-like transcendental meditation movement. I found the author to be a truly dark person, one whose early triumph was viewing animals as machines with inputs So as to help mcdonald’s turn millions of chicken cadavers into McNuggets.

A fascinating look at the perspectives of Ray Dalio and how he's run Bridgewater all these years. If you are a fan of systematic thinking and creating an "idea meritocracy" as he describes it, this is an very useful guide.

I guess I am the only non-gushing reviewer, but whereas I hoped this was about the valuable life lessons the author wanted to pass on, it seems to be entirely about the lessons he learned about running a large business.

This is one of the best books for life and business principles. We let our children listen to the audiobook together with us during weekends, and then we discuss. I wish someone gave these advice when I was young.

Overall very uplifting and provide lots of advice. But the content becomes really dry after 1/3 in. Initially there are many stories and examples to explain certain "principles", but later it's becomes kinda empty.

I bought the audiobook edition of this book and I enjoyed it. His storytelling is good, his voice is passionate. It's an easy one to listen if you are interested in this kind of books about strong personalities and their struggles and successes in life. You may not agree with his approach to solving problems or his understanding of life, but the reading (listening) is worth it.

It is amazing to know that he analyzes and took his time to understand all these details that most people don't even question. I am delighted to listen to this audiobook and I will keep on listening to it and use these principles om my future business. It gave me hope that we human might be able to elevate our ways and work in a much more healthy environment.

I am grateful for his generous contribution to our society.

This book is amazing. I highly recommend reading it. Lots of useful advice for both life and work. If you are looking to take your life to the next level, this is definitely the book to get.

Was there anything wrong with the book? Sure. For example, Ray Dalio talks about how he met with Draghi, the top ECB guy. During that interaction, Dalio was explaining why buying Eurobonds wouldn't cause inflation: "At the meeting, I told them why this approach would not be inflationary (because it is the level of spending, which is money plus credit, and not just the amount of money, that drives spending and inflation.)"

Actually, it is MV=PQ, where

M= supply of money
V= velocity of money (rate at which people spend)
P= General price level
Q = quantity of goods & services produced

that determines whether there is inflation. So this sentence in his book isn't clear. I'm only 50% completed with the book. Every other sentence is crystal clear. Yes, it is true the level of spending but it's more complicated than that. Ray should have hired me to make this edit in the book before it went to publication.

Another problem with the book is its steadfast advocacy of "radical transparency." This is good in theory, but in reality it's hogwash. Have you seen the movie "The Invention of Lying" starring Jennifer Garner? If not, I suggest you do. This will help you understand why we have lying in the world and what would happen everybody told the truth every time all the time. And yet, Dalio is advocating that we be brutally honest with each other all the time. In reality, this might work for a small organization but for an organization the size of Bridgewater or larger, genuine radical transparency doesn't work. In fact, if it is implemented truly as Dalio is advocating, it would break down.

Another problem with the book is his advocating that you shouldn't use your powers to get people jobs. Now I'm not saying you should or shouldn't. I'm just saying fine. If this is the rule, then what about his rule to consult "believable others" about the people you are interviewing who are not on the job candidates' reference list? The truth about jobs is that most jobs don't require a PhD. You don't have to be super smart to do the job. And if that's the case, how much of a role does trust play in whether you should get the job? It should be a big factor. In fact, even Ray Dalio advocates spending time and resources on getting the "right" person for the job. So if you are going to do that, you are going to have to consult people not on the candidates' reference list. In other words, people have to vouch for you. Part of succeeding in life is helping others succeed. Sometimes they need you to vouch for them. So of course you are going to use your influence to help them out. In a truly reciprocal society, they would help you out too when you need it. The point is, your power is not going to last forever. Best that you use it to help others get jobs.

This book is truly a magnum opus so far for Dalio. He should be very proud of the legacy he is leaving behind. He has truly made life better not just for himself but for others.

Amazing read and would recommend everyone of all ages to read this book. Having a set of principles in life is unfortunately one of the things that many of us don't have. Implementing and following a set of principles or in this case Ray's principle can redefine your entire world.

While I'm not sure I agree with everything in the book,,I definitely don't have Ray' s experience. I guess you could say that I'm not as believable as he is. Anyways, good book that have me a lot to think on.

Several people I know and respect raved about this book. My big takeaway from Principles was the wisdom Dalio gives in streamlining one's decision making process and in dealing with people while you are trying to make decision collectively for the best outcome possible. This book is filled with invaluable information, for me personally some is more applicable than others. If ever there was a guide on working with people, this is it.

This book has a few interesting points but is also larded with cliched platitudes in the principles portion. It is weird that he didn't write two separate books for the autobiographical and advice sections. Both sections would benefit from more detail and insights. As is, it is a slog to get through to the end.

Though middle and end of the 500+ pages may have become tedious. Overall, excellent book on how to design a workplace, how to design a job role, how to design an organization. Exceptionally specific advice. Will use as a reference book going forward.

Outstanding basis for systematically managing any business regardless of size. Very thoughtfully organized and detailed with thorough explanations for all levels of understanding. Highly recommended for the thorough business person.

The structure of the book put together with Ray's immense wisdom is a combination powerful enough to change minds and lives. This book had fundamentally change the way I think and pursue life. Would recommend to any and everyone looking for the most optimal ways to improving their own lives.

I was intrigued by the ideas in the book regarding work and professional advice,however I believe that advice regarding personal advice was not highly intriguing and it was not astounding. Author is my role model therefore I will never regret this purchase.

Beautiful, well organized, extremely wise book.

However, mine was stitched upside down (when you opened up a book you get surprised by staring upside down credits - wouldn't mind getting an extra ;). So I took one star for these technicalities. Still probably the best book of 2017 in my book

I read the Principles back in about 2013, while was getting ready for the job of a dream of my entire life interview. Back then it was still a free pdf download on the Bridgewater Associates web-site.

"We are all family here". "We live by the original principles our genius Ray Dalio used to achieve his success". - Terrified employees were blindly repeating whatever they are told in the videos on the "corporate culture". The usual corporate BS.

Then I went to the interview there (Connecticut headquarters). I didn't meet Ray. However, I met the David Ferrucci (this is the guy who is credited with IBM's Watson creation - the AI that impressively won some semantic games against human players).

I was in depression for about 2 years after the interview. It turned out that they invited me to give out many trade secrets and know-hows that I've acquired over decades of research and work experience. Before you blame me of arrogance, let me tell you my criteria for the ethics of any interview, especially technical interview: you don't ask questions you don't know answers for. When they couldn't directly find out what I knew (and they don't) they started digging around about my sources: how I acquired a very technical knowledge they were after.

I spoke to enough employees and went to lunch with one of them (carefully selected for me though).

Bottom line: capitalism is about exploiting people (using their ideas and taking credit for it; convincing them that you are their "friend", and generally all text book techniques of deception in order to enslave them and gain as much profit as possible). These "principles" are a PR attempt, no more. They have no connection to reality.

Since i dont have some one in my family to guide me
This Book helps me to follow rules
Best of the best !!!!
Biggest investor of the Century.
thank you for writing this amazing Book
I read it many times and again n again
thank you TAI FOR make me read books
Thank you RAY

I am only 50% finished with the book. The first 50% is tremendous. Even if the last 50% is a complete dumpster fire, this is still going to be the best book I have read in recent memory.

Note: I obtained this book from a library. Thus, not a verified purchase.

This book is packed with wisdom from a super successful entrepreneur. Dalio really challenges the reader with his complex analogies, overall it is well worth the read. A must read for anyone looking to become a successful leader.

The first 82 pages talk a little bit about the markets and economics, only about three useful points. The book then turns into a monumental tribute to his ego. He wants the world to understand what a happy, fulfilled and rich man he is. And how everyone can be just like him if they follow his Principles. Sad!

This book, after having read 7 chapters thus far, is painful!! So far in seven chapters all he has done is talk about himself and getting rich in the stock market. Not at all what I was expecting and I am very disappointed. All of the reviews seemed very positive and prompted be to purchase the audio. Unless something changes in the next chapter or two, I wasted my money!

This book is one of the best out there. This must be my 9th or so time re-reading it. It's so jam packed with relevant concepts and material that would improve the life of business people and casual readers alike.
It's definitely worth a purchase.

Ray also released animated videos that correspond to the major principles-- highly recommended!

I listened to an interview with Mr. Dalio and then bought the book. I am suspicious that some of his employees wrote some of the approving reviews, but it sure is a very good book with great advice. I plan on giving this to my children to teach them that if they don't follow the advice under "Life Principles" they are destined to work for a boss who will apply the "Work Principles" to them...

THIS BOOK IS A JEWEL, IT'S THE A LEGACY!
I have always being fascinated by the world of business, but few get to see what goes behind closed doors, this is so valuable when it comes to philosophy, business, management, investing. One of the best books I have.

Ray Dalio may have been a first-rate finance man, but he sure is not even a second-rate thinker.
He exposes his feeble thinking over a whopping amount of pages.
This book is extensive printed mumbling. There is little insight, even the slightest hunch by Dalio is blown up to a "principle" (which of course, not much of this really is).
While flipping through the pages, I actually had to laugh, occasionally: Only a child-like adult would come up with the idea to add a table of contents of several dozens of pages to the middle of this muddled book. Part os the book appear like an manual to the "Mad Men" universe.
The publisher gave this book a cool, reduced design, that may convey a notion of "wisdom inside".
Well, there isn't.

A complete load of self-righteous rubbish! Dalio has created a tome that Machiavelli would be proud of -- spouting off his thoughts with a feaux humility & conviction. There is a bit of entertainment value in that his "principles" create an aura of control -- after all, transparency can both be a blessing (to the asset holders) & a curse (to the asset seekers). This book goes to great lengths to prescribe advice seemingly from deep reflection, but which is nothing more than self-serving mental nudges.

Maybe he should be a member of predators ball. Make a lot of money off other people, try to become "liked". The guy may be a sociopath. Win at any cost, humiliate people and hang out with other sociopaths. Many of the super "successful" are like this. Next up the warm and fuzzy book from Rupert Murdoch!

This book is a lot of hype.
Turning humans into machine with his "meritocracy" decision making is not for everyone. If your goal in life is to pile up a bunch on money in a rigged stock market maybe.

Ray is a better salesman. i want my money book. was a waste of time and money. great you are billionaire , and obviously you know and you learned. but for me as a normal successful, not a billionaire i wanted to make some sense. i needed motivation and reason to start thinking about how to start a new business. i hope you have made a lot of money. oh and the cover, why half the paper? so uncomfortable. and cheep. i expected to much from you, so i was really disappointed.

We implemented this at our company before it was a book, and it caused nothing but destruction. If you want to screw up your company, feel free to buy. If not, I highly recommend that you pass on this book and never look back...

I have yet to read this book, have heard and read many accolades but why are they all (except for Arianna Huffington) written by Alpha Males? Does this book have anything to offer business women, female investors and entrepreneurs? Just asking. Guess I'll pass for now.

Perhaps it's the title that sets me off most, because to me it implies character. If what you're looking for are business practices for hedge fund managers that help you make good investment decisions and make money, then I imagine it could be a very good book. Ray does argue passionately for things like radical transparency, which can be very powerful.

If what you seek are principles of integrity and character, it's my opinion you'd be much better off reading about Warren Buffet.

If you read Ray's posts on LinkedIn extolling the virtues of a Donald Trump presidency, there isn't much talk of principles. The posts are all about making money and making heroes of the rich. I love the rich too, like Buffet, Gates and Bezos, but it's not just about money without regard for social implications for them.

We got a taste of principles from another hedge fund manager recently, Anthony Scaramucci. He extolled principles from the pulpit too, which obviously worked for him in his business career running a Hedge Fund, such as transparency. But I think to be president of most companies like the store, or the U.S., more principles matter than just investing skills.

He made a very bad decision to publish such a lousy book and thought he was sharing good advices.

Like the world of investment, a bad decision is worse when it's made by rich and famous.

It's worst when everyone else knows it and the decision maker doesn't.

Honestly, the last thing I want to do is read a book by an investor and entrepreneur. I would rather read a thriller featuring aliens, Area 51, serial killers, Neo-Nazis, and whatever other contemporary obsession that continues to clutter and degrade our minds and culture.