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Principles : life and work av Ray Dalio
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Principles : life and work (utgåvan 2017)

av Ray Dalio

MedlemmarRecensionerPopularitetGenomsnittligt betygOmnämnanden
8101519,906 (4.05)1
In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history. Dalio himself has appeared on Time magazine's list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater's exceptionally effective culture, which he describes as "an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency." It is these principles, and not anything special about Dalio -- who grew up an ordinary kid in a middle-class Long Island neighborhood -- that he believes are the reason behind his success. Now Dalio shares what he has learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. His practical lessons include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating "baseball cards" for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they're seeking to achieve.… (mer)
Medlem:georgeek
Titel:Principles : life and work
Författare:Ray Dalio
Info:New York : Simon and Schuster, [2017]
Samlingar:Ditt bibliotek
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Taggar:Ingen/inga

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Principles: Life and Work av Ray Dalio

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This book isn't perfect, but I'm glad I read it.

Basically three parts: 1) background on Dalio and Bridgewater (interesting, but only if you're into biographies or accounts of important companies); 2) advice for how to live one's own life 3) principles for engineering and managing a company. 2 is probably of the widest appeal, and 3 is what I found the most interesting (although also the most hit-or-miss).

I'm friends with an ex-Bridgewater employee, and I knew of Dalio and Bridgewater but not in any great detail. The biography was interesting to me, but didn't really go into great detail; it's maybe on par with a long-form magazine article about the man and his firm.

Dalio's advice for individuals and companies basically boils down to harnessing the power of feedback, iteration, and improvement in response to failure. Simple to say, but hard to implement, and much of his advice was how to create systems (individually or for an organization) to accomplish this. For an individual, the challenge is primarily psychological -- being able to reflect on one's actions at a higher meta level than just doing the work itself, because you're always both the do-er and the manager. For organizations, the challenge is essentially the central problems of economics -- aligning incentives, culture, and unintended consequences. This is where he had some of the best concrete advice, about tools Bridgewater developed and used (and which he says he will release), and also about the need for greater organizational controls once he wasn't directly running things. I don't think he went far enough in admitting the problems with the bridgewater model, and lack of applicability -- it only really works when everyone has aligned incentives, which I believe is only possible in small groups or in organizations throwing off so much cash that no one is concerned about scarcity -- the Bridgewater management style would not be a viable way to run a large retail empire like Wal-mart, and he didn't seem to understand or admit this.

Overall, it's a good book. The individual principles are good to have in one's toolbox, and the organizational structuring advice is good if not taken as gospel or in isolation. I do wish I'd worked at Bridgewater when Dalio was there, to see this stuff happen in realtime, but maybe I'll be able to implement some of these tools with my own teams in the future. ( )
  octal | Jan 1, 2021 |
Imagine for a moment you were able to sit down for long conversation with a wise old man, who happened to have unimaginable success. That is this book. Ray Dalio is one who likes to think, and here he outlines his principles.

The book truly is three books. The first is a concise biography. The second are his personal (individual) principles for life. And the third are the principles he incorporates in his company, his corporate principles.

It is a book of intense practical advice. Most of what he says feels like sounds "common sense," which means it feels true, yet is hardly common. I will say, undoubtedly, he has cornered the market on identifying truth. And let me explain what I mean by that. Bridgewater, Ray Dalio's company, which he built from nothing out his 2 bedroom apartment, is one of the largest most successful hedge funds in the world. They deal with making money, which is a straightforward black or white enterprise. You know very quickly whether you've made a good decision or a bad one - there don't seem to be gray areas. And this is where Dalio's approach seems most effective, namely what he calls an "idea meritocracy - radical truth, radical transparency:" a phrase he repeats a lot.

This comes from an interview and feels very similar to the book:
The key to our success has been to have a real idea meritocracy. To have a successful idea meritocracy, you have to do three things: 1. Put your honest thoughts out on the table, 2. Have thoughtful disagreements in which people are willing to shift their opinions as they learn, and 3. Have agreed-upon ways of deciding if disagreements remain so that you can move beyond them without resentments. And to do this well, you need to be radically truthful and radically transparent, by which I mean you need to allow people to see and say almost anything. If you're not transparent, people won't know enough about what's going on to have good, independent opinions, and if you don't expect the truth of people, you'll never know whether or not they're telling you want they really think.

Other ideas that are noteworthy (and have likely influenced the world) are:
-- computer aided decision making. Dalio started using computers way back to aid in objective decision making, utilizing algorithm optimization years before most people had computers in their homes.
-- diversified asset portfolios. No doubt others did this too, but it seems like Dalio and Bridgewater have come close to perfecting it.
-- a systematic approach to group interactions, including making baseball cards for employees.
-- rewarding failure. This encourages employees to not only come forward when mistakes are made (rather than hide them), and take risks, which leads to growth.

If interested, you might find his TED talk, which is a great intro. Or you can also download the e-book for free on your phone. The app is called oddly enough Principles. My only complaints with the book are many of the ideas are redundant because you get similar or the same thing in all three books. Second, it can be pretty dry. That being said, the advice is pretty solid.

If you have interest in making money, if you have interest in finding truth, if you lead a company or group of people, I'd recommend this book. Good solid advice worth hearing!
( )
  nrt43 | Dec 29, 2020 |
Stopped after reading 1/2 of both part I and part II.

I didn't like the structure of the book. The biographical part is too long and contains many mentions to specifics of Dalio's investing past that I was personally totally uninterested in. The principles part has some reasonable ideas but after listening to a handful, it just starts becoming a list of platitudes without much insight, similar to how some "values" statements are at corporations.

One that I did enjoy is "look to nature to learn how reality works" - the idea there was legitimately unique and Dalio did a good job of explaining why it makes sense to him. That said, it wasn't enough to get me to read the rest of the book. ( )
  rsanek | Dec 26, 2020 |
An insight to how Ray Dalio thinks. ( )
  djsj | Dec 24, 2020 |
I like Ray, but this book made me cringe. I won't leave my full review (it has many not-so-nice words). But I'll say this, Ray talks about "meritocracy" and "radical whatever" a thousand times in the book. He obviously talks about his principles. What he wants you to know is this:

Meritocracy (Your) Principles Radical transparency = SUCCESS

What he doesn't account for, and what most successful people don't account for, is luck. Always, the real formula is:

(Whatever a successful person says) Luck = SUCCESS

I know that Ray is not the first, and not the only, person to implement that formula. He did it, and luck was on his side. I wish Ray would have acknowledged this in his book.

Secondly, while some principles are good, most are demeaning to people. Ray tells the reader that at Bridgewater, they would make baseball cards with people's qualities. I find it very offensive and reductive; humans are more than adjectives and numbers. I have some qualities that unconsciously affect me but my coworkers don't know about (because I don't want them to know).

I much more enjoyed the original pdf he put out - it's a lot more succinct, and lacks the editorial polish a book needs (I think that's a plus). If you can find it, read it. The book can be skipped. ( )
  krngl | Dec 13, 2020 |
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In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history. Dalio himself has appeared on Time magazine's list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater's exceptionally effective culture, which he describes as "an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency." It is these principles, and not anything special about Dalio -- who grew up an ordinary kid in a middle-class Long Island neighborhood -- that he believes are the reason behind his success. Now Dalio shares what he has learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. His practical lessons include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating "baseball cards" for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they're seeking to achieve.

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