Founders
Episode 43 #43 Ray Dalio: Principles: Life and Work
Founders

Episode 43: #43 Ray Dalio: Principles: Life and Work

Founders

Episode 43

#43 Ray Dalio: Principles: Life and Work

David Senra is the host of Founders, where he studies history's greatest entrepreneurs. This is what he learned from reading Principles: Life and Work by Ray Dalio.

What I learned from reading Principles: Life and Work by Ray Dalio

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Whatever success I've had in life has had more to do with my knowing how to deal with my not knowing than anything I know [0:01]

Ray's first principle and why [5:35]

Ray's key to success [8:07]

The similarities between investors and entrepreneurs [9:27]

Shift your mindset from I know I am right to How do I know I am right? [13:05]

Systemize your decision making [14:09]

Ray on his life story [17:30]

the quality of your decisions determine the quality of your life [19:50]

Like a lot of Founders, Ray was bad at school [21:45]

More about his personality: stubborn and determined + his first jobs [22:45]

Hungry for knowledge he could actually use [24:28]

Terrible is better than mediocre [25:03]

What we think to be true that is not: The future is a slightly modified version of the present [25:30]

Steve Jobs [26:30]

A pivotal lesson for Ray: The same things happen over and over again [28:02]

the founding of Bridgewater [32:33]

the humble beginning of Bridgewater [35:15]

If you know your business A to Z there is no problem you can't solve – Sam Zemurray [36:06]

Watching the richest man in the world go broke [38:00]

Ray loses everything and has to start all over again [40:30]

Successful people change in ways that allow them to continue to take advantage of their strengths while compensating for their weaknesses and unsuccessful people don't [45:10]

The new Bridgewater: Systematizing his decision making process [47:35]

Developing more products and out teaching his competition [48:11]

The results of systematized thinking guided by principles that are written down and adhered to [53:30]

Counterintuitive thoughts on public success [55:19]

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#43 Ray Dalio: Principles: Life and Work

Introduction

Before I begin telling you what I think, I want to establish that I'm a dumb s*** who doesn't know much relative to what I need to know. Whatever success I've had in my life has more to do with my knowing how to deal with my not knowing than anything I know.

The most important thing I learned is an approach to life based on principles that helps me find out what's true and what to do about it. Principles are fundamental truths that serve as the foundations for behavior that gets you what you want out of life. They can be applied again and again in similar situations to help you achieve your goals.

Every day, each one of us is faced with a blizzard of situations we must respond to. Without principles, we would be forced to react to all the things life throws at us individually as if we were experiencing each of them for the first time. If instead, we classify these situations into types and have good principles for dealing with them, we will make better decisions more quickly and have better lives as a result.

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