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PRINCIPLESDRAFT–Version6©2010RayDalioMay2010IntroductionChapter1–MyMostFundamentalPrinciplesChapter2–HowtoGetWhatYouWantChapter3–My5-StepProcess1)Goals,2)Problems,3)Diagnoses,4)Designsand5)TasksChapter4–MyManagementPrinciplesGetthePeopleandtheCultureRightGettingSpecificA)ToGettheCultureRight……TruthisEssential…RecognizeThatMistakesareGoodifTheyResultinLearning…ConstantlyGetinSynchB)ToGetthePeopleRight……TheMostImportantDecisionYouMakeisChoosingtheResponsibleParty…RecognizeThatPeopleareBuiltVeryDifferently…HireRight,BecausethePenaltiesofHiringWrongareHuge…UnderstandtheDifferencesBetweenManaging,MicromanagingandNotManaging…ProbeDeepandHard…EvaluatePeopleAccurately,NotKindly…TrainandTestPeoplethroughExperiences…SortPeopleintoOtherJobsorBoxesatBridgewater,orRemoveThemfromBridgewaterC)ToPerceive,DiagnoseandSolveProblems……KnowHowtoPerceiveProblemsEffectively…FollowaSystematicApproachtoDiagnosingProblems…PutThingsinPerspective…DesignYourPlanandYourMachine…DoWhatYouSetOutToDoD)ToMakeDecisionsEffectively……RecognizethePowerofKnowingHowtoDealWithNotKnowing…ThinkProbabilisticallyandAboutWhatMattersIntroductionDRAFT–Version6©2010RayDalioMay20101IntroductionPrinciplesareconceptsthatcanbeappliedoverandoveragaininsimilarcircumstancesasdistinctfromnarrowanswerstospecificquestions.Everygamehasprinciplesthatsuccessfulplayersmastertoachievewinningresults.Sodoeslife.Principlesarewaysofsuccessfullydealingwiththelawsofnatureorthelawsoflife.Thosewhounderstandmoreofthemandunderstandthemwellknowhowtointeractwiththeworldmoreeffectivelythanthosewhoknowfewerofthemorknowthemlesswell.Differentprinciplesapplytodifferentaspectsoflife–e.g.,thereare“skiingprinciples”forskiing,“parentingprinciples”forparenting,“managementprinciples”formanaging,“investmentprinciples”forinvesting,etc.–andthereareover-arching“lifeprinciples”thatinfluenceourapproachestoallthings.And,ofcourse,differentpeoplesubscribetodifferentprinciplesthattheybelieveworkbest.IamconfidentthatwhateversuccessBridgewaterandIhavehadhasresultedfromouroperatingbycertainprinciples.Creatingagreatculture,findingtherightpeople,managingthemtodogreatthingsandsolvingproblemscreativelyandsystematicallyarechallengesfacedbyallorganizations.Whatdifferentiatesthemishowtheyapproachthesechallenges.Theprincipleslaidoutinthepagesthatfollowconveyouruniquewaysofdoingthesethings,whicharethereasonsforouruniqueresults.Bridgewater’ssuccesshasresultedfromtalentedpeopleoperatingbytheprinciplessetouthere,anditwillcontinueiftheseorothertalentedpeoplecontinuetooperatebythem.Likegettingfit,virtuallyanyonecandoitiftheyarewillingtodowhatittakes.Whatiswrittenhereisjustmyunderstandingofwhatittakes:mymostfundamentallifeprinciples,myapproachtogettingwhatIwant,andmy“managementprinciples,”whicharebasedonthosefoundations.Takentogether,theseprinciplesaremeanttopaintapictureofaprocessforthesystematicpursuitoftruthandexcellenceandfortherewardsthataccompanythispursuit.IputtheminwritingforpeopletoconsiderinordertohelpBridgewaterandthepeopleIcareaboutmost.Untilrecently,Ididn’twriteouttheseprinciplesbecauseIfeltthatitwaspresumptuousformetotellotherswhatwouldworkbestforthem.Butovertime,IsawthepeoplewhoIcaredaboutmoststrugglingwithproblemsandwantedtohelpthem;Ialsofoundthattheirproblemswerealmostalwaystheresultofviolatingoneormoreoftheseprinciples,andthattheirproblemscouldbesolvedbyapplyingtheseprinciples.SoIbeganwritingdownthetypesofproblemsandthebrokenprinciplesthatcausedthem.WhenIbegan,Ididn’tknowhowmanyprinciplesIwouldendupwithbut,throughthisprocess,Idiscoveredthatabout300principlesprettymuchcoveralltheproblems.1I’msurethatIwillcomeupwithmoreasIlearnmore.WhenIsaythatthesearemyprinciples,Idon’tmeanthatinapossessiveoregotisticalway.IjustmeanthattheyareexplanationsofwhatIpersonallybelieve.IbelievethatthepeopleIworkwithandcareaboutmustthinkforthemselves.Isettheseprinciplesoutandexplainedthelogicbehindthemsothatwecantogetherexploretheirmeritsandstresstestthem.WhileIamconfidentthattheseprinciplesworkwellbecauseIhavethoughthardaboutthem,theyhaveworkedwellformeformanyyears,andtheyhavestooduptothescrutinyofthehundredsofsmart,cynicalpeople,Ialsobelievethatnothingiscertain.Ibelievethatthebestwecanhopeforishighlyprobable.Byputtingthemoutthereandstresstestingthem,theprobabilitiesoftheirbeingrightwillincrease.Ialsobelievethatthoseprinciplesthataremostvaluabletoeachofuscomefromourownencounterswithrealityandourreflectionsontheseencounters–notfrombeingtaughtandsimplyacceptingsomeoneelse’sprinciples.So,Iputtheseoutthereforyoutoreflectonwhenyouareencounteringyourrealities,andnotforyoutoblindlyfollow.WhatIhopeformostisthatyouandotherswillcarefully1SinceIlearnedtheseprinciplesbyencounteringrealityandreflectingonmyencounters,andIamstilldoingthesethings,Iexpecttherearemoreprinciplestocome.SoIamstillcreatingthisdocumentbythrowingvariousthoughtsdownwhentheyoccurtome,tryingtoputtheminsomesensibleorderandtryingtosmoothoverthebumps.Organizingtheseprinciplesintoasensibleorderisachallengesincetheyrelatetoeachothermorelikeamatrixthanasasequence.Tohelpguideyou,