Principles by Ray DalioWhat follows

Principles
by Ray Dalio
What follows are three distinct parts that can be read either independently or as a connected whole. Part
1 is about the purpose and importance of having principles in general, having nothing to do with mine.
Part 2 explains my most fundamental life principles that apply to everything I do. Part 3, explains my
management principles as they are being lived out at Bridgewater. Since my management principles are
simply my most fundamental life principles applied to management, reading Part 2 will help you to better
understand Part 3, but it’s not required—you can go directly to Part 3 to see what my management
principles are and how Bridgewater has been run. One day I’d like to write a Part 4 on my investment
principles. If you are looking to get the most bang for your buck (i.e., understanding for the effort), I
suggest that you read Parts 1 and 2, and the beginning of Part 3 (through the Summary and Table of
Principles) which will give you nearly the whole picture. It’s only about 55 pages of a normal size book.
Above all else, I want you to think for yourself—to decide 1) what you want, 2) what is true and 3) what to
do about it. I want you to do that in a clear-headed thoughtful way, so that you get what you want. I wrote
this book to help you do that. I am going to ask only two things of you—1) that you be open-minded and
2) that you honestly answer some questions about what you want, what is true and what you want to do
about it. If you do these things, I believe that you will get a lot out of this book. If you can’t do these
things, you should reflect on why that is, because you probably have discovered one of your greatest
impediments to getting what you want out of life.
Introduction …… 2
Part 1: The Importance of Principles …… 4
Part 2: My Most Fundamental Life Principles …… 6
Part 3: My Management Principles …… 38
© 2011 Ray Dalio





Introduction
Introduction
Principles are concepts that can be applied over and over again in similar circumstances as distinct from
narrow answers to specific questions. Every game has principles that successful players master to
achieve winning results. So does life. Principles are ways of successfully dealing with the laws of nature
or the laws of life. Those who understand more of them and understand them well know how to interact
with the world more effectively than those who know fewer of them or know them less well. Different
principles apply to different aspects of life—e.g., there are “skiing principles” for skiing, “parenting
principles” for parenting, “management principles” for managing, “investment principles” for investing,
etc—and there are over-arching “life principles” that influence our approaches to all things. And, of
course, different people subscribe to different principles that they believe work best.
I am confident that whatever success Bridgewater and I have had has resulted from our operating by
certain principles. Creating a great culture, finding the right people, managing them to do great things and
solving problems creatively and systematically are challenges faced by all organizations. What
differentiates them is how they approach these challenges. The principles laid out in the pages that follow
convey our unique ways of doing these things, which are the reasons for our unique results.
Bridgewater’s success has resulted from talented people operating by the principles set out here, and it
will continue if these or other talented people continue to operate by them. Like getting fit, virtually anyone
can do it if they are willing to do what it takes.
What is written here is just my understanding of what it takes: my most fundamental life principles, my
approach to getting what I want, and my “management principles,” which are based on those foundations.
Taken together, these principles are meant to paint a picture of a process for the systematic pursuit of
truth and excellence and for the rewards that accompany this pursuit. I put them in writing for people to
consider in order to help Bridgewater and the people I care about most.
Until recently, I didn’t write out these principles because I felt that it was presumptuous for me to tell
others what would work best for them. But over time, I saw the people who I cared about most struggling
with problems and wanted to help them; I also found that their problems were almost always the result of
violating one or more of these principles, and that their problems could be solved by applying these
principles. So I began writing down the types of problems and the broken principles that caused them.
When I began, I didn’t know how many principles I would end up with but, through this process, I
discovered that about 200 principles pretty much cover all the problems. I’m sure that I will come up with
1
more as I learn more.
When I say that these are my principles, I don’t m

結果 (中文) 3:

原则由Ray Dalio以下是三个不同的部分，可以单独或作为一个连接的整体。部分1是关于一般的原则的目的和重要性，与我无关。第2部分解释了我最基本的生活原则，适用于我所做的每一件事。3，解释我的管理原则为他们生活在布里奇沃特。因为我的管理原则是简单地说，我最基本的生活原则适用于管理，阅读2部分将有助于你更好理解3部分，但这不是必需的，你可以直接去3，看看我的管理原则是如何在Bridgewater运行。有一天，我想写一份4，在我的投资原则。如果你想得到最多的爆炸为你的责任（即，理解的努力），我建议你读1和2的部分，和3部分的开头部分（通过总结和表格原则），这将给你几乎整个图片。它只有大约55页的普通大小的书。首先，我要你认为自己决定1，你想要什么，2）什么是真和3）什么做关于它。我想让你以一个清晰的头脑去做，让你得到你想要的。我写的这本书帮你做的。我要问的只有两样东西you-1），你的豁达，2）你真诚地回答了一些关于你想要什么，什么是真的，什么是你想做的关于它的。如果你做这些事情，我相信你会从这本书中得到很多。如果你不能做这些事情，你应该反思为什么会这样，因为你可能已经发现了你最伟大的一个获得你想要的生活的障碍。介绍...... 2第1部分：原则的重要性42部分：我最基本的生活原则6第3部分：我的管理原则382011©Ray Dalio景区简介景区简介原则的概念，可以应用在类似的情况下，从不同的对具体问题的狭隘回答。每一个游戏都有成功玩家掌握的原则取得胜利。生活也是如此。原则是成功地处理自然规律的方法或者生活的规律。了解更多的人，了解他们如何互动与世界上更有效的比那些谁知道他们少或知道他们少。不同life-e.g.原则适用于不同方面，有“滑雪滑雪原则、教养原则：为人父母，“管理原则”，“投资原则”为投资，等有宏伟的“生活原则”，影响我们的方法，所有的事情。而且，对当然，不同的人有不同的原则，他们认为工作是最好的。我相信，Bridgewater的成功，我有来自于我们的操作一定的原则。创造一个伟大的文化，找到合适的人，管理他们做伟大的事情和创造性地、系统地解决问题是所有组织面临的挑战。什么区分他们是如何应对这些挑战。这些原则在后面的页面中列出传达我们独特的方式来做这些事情，这是我们独特的结果的原因。布里奇沃特的成功来自于人才的原则出发来操作，它将继续如果这些或其他有才华的人继续经营他们。几乎任何人都喜欢如果他们愿意做什么，可以做它。这里写的只是我对它的理解：我最基本的生活原则，我的我想得到什么，我的“管理原则”，这是基于这些基础。一起，这些原则是为了描绘一个画面的过程，为系统的追求真理和卓越，并为奖励，伴随着这一追求。我把他们写的人考虑到为了帮助Bridgewater和我最在乎的人。直到最近，我也写不出这些原则，因为我觉得这是自以为是的我告诉其他人会为他们工作的最佳。但随着时间的推移，我看到了我最关心的人有了问题，想帮助他们，我也发现他们的问题几乎总是结果违反一个或多个原则，并认为他们的问题可以通过应用这些原则。所以我开始写下的问题和造成他们的破坏原则。当我开始的时候，我不知道我最终会有多少原则，但通过这个过程，我发现了大约200个原则几乎涵盖所有的问题。我相信我会拿出一我越学越多。当我说这些都是我的原则