I’ve finished reading one of the best books for this year: Principles: Life and Work.
It’s a long book but very well organized. You get a good background on Ray Dalio and how he arrived at where he is today. I have known him for 10 years but was amazed to learn he was broke in the early 80′. In a classic American dream story, he built one of the world’s most significant (and maybe, best) hedge funds that these days manage over $150B.
Things I liked:
- Ray gives good explanations to each principal and how he got to it. There are many cases where he drives his points with a real-life example, which is helpful. You can think of this book as a recipe book for life and business. Ray wants you to follow these principles, get you to think about them, and develop a set of principles based on your idea, experience, and life lessons.
- He provides the reader with a strategy and a roadmap to better thinking and dealing with problems and challenges.
- He also gives tools and methodologies to accomplish goals you think are essential base on your values.
- After over 40 years in the stock market, he learned that to be so successful, you need to be an independent thinker (because the consensus is baked into the price of assets), and you need to be more right than wrong. So the ability to learn from your mistakes and to keep improving is critical.
- In the last part of the book, he talks about business and how to build a group or organization that will be transparent, self-improving, and able to bubble up with the best ideas. It sounds easy, but from the past 20 years, I know how hard it is to accomplish.
If you want to read only some of the book.You can gain some insights from his TED talk below.
This is still one of the best explanations I found in economics 101.
If you wish to understand better economic concepts like credit, deficits, and interest rates – this is the video for you.
Have a good weekend.
Ido Green 