#43 Ray Dalio: Principles: Life and Work

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What I learned from reading Principles: Life and Work by Ray Dalio --- 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] ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here.  ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast