Principles: Life and Work

by Ray Dalio

Understand your ego barrier.

Understand your blind spot barrier.

Practice radical open-mindedness.

Sincerely believe that you might not know the best possible path and recognize that your ability to deal well with “not knowing” is more important than whatever it is you do know.

Recognize that decision making is a two-step process: First take in all the relevant information, then decide.

Don’t worry about looking good; worry about achieving your goal.

Realize that you can’t put out without taking in.

Remember that you’re looking for the best answer, not simply the best answer that you can come up with yourself.

Appreciate the art of thoughtful disagreement.

Plan for the worst-case scenario to make it as good as possible. I

Closed-minded people don’t want their ideas challenged.

Closed-minded people are more likely to make statements than ask questions.

Closed-minded people focus much more on being understood than on understanding others.

Closed-minded people say things like “I could be wrong . . . but here’s my opinion.”

Closed-minded people block others from speaking.

Closed-minded people have trouble holding two thoughts simultaneously in their minds.

Closed-minded people lack a deep sense of humility.

Understand how you can become radically open-minded.

Regularly use pain as your guide toward quality reflection.

Make being open-minded a habit.

Get to know your blind spots.

d. If a number of different believable people say you are doing something wrong and you are the only one who doesn’t see it that way, assume that you are probably biased.

Meditate.

Be evidence-based and encourage others to be the same.

Do everything in your power to help others also be open-minded.

Use evidence-based decision-making tools.

Know when it’s best to stop fighting and have faith in your decision-making process.