Principles: Life and Work

by Ray Dalio

Bridgewater is not about plodding along at some kind of moderate standard, it is about working like hell to achieve a standard that is extraordinarily high, and then getting the satisfaction that comes along with that sort of super-achievement. Our overriding objective is excellence, or more precisely, constant improvement, a superb and constantly improving company in all respects. Conflict in the pursuit of excellence is a terrific thing. There should be no hierarchy based on age or seniority. Power should lie in the reasoning, not the position, of the individual. The best ideas win no matter who they come from. Criticism (by oneself and by others) is an essential ingredient in the improvement process, yet, if handled incorrectly, can be destructive. It should be handled objectively. There should be no hierarchy in the giving or receiving of criticism. Teamwork and team spirit are essential, including intolerance of substandard performance. This is referring to 1) one’s recognition of the responsibilities one has to help the team achieve its common goals and 2) the willingness to help others (work within a group) toward these common goals. Our fates are intertwined. One should know that others can be relied upon to help. As a corollary, substandard performance cannot be tolerated anywhere because it would hurt everyone. Long-term relationships are both a) intrinsically gratifying and b)efficient, and should be intentionally built. Turnover requires re-training and therefo...

Very essential one to see Bridgewater do a continues improvement since 1996 (maybe before that). There is no seniority but reasoning. Criticism (aka, feedback, nowaday) is valued and handled properly Cross functional team is valued over an individual. Long-term relationships is crutial, turnover creates setbacks. Each person should act like an owner.