Not correcting them is not.Ĭreate a culture in which it is OK to fail but unacceptable not to identify, analyze and learn from mistakes. Intelligent people who are open to recognizing and learning from their mistakes substantially outperform people with the same abilities who aren’t open in the same way.Ĥ. At the start of high school, Jordan was a mediocre basketball player he became great because he loved using his mistakes to improve.

He explained how Jordan enjoyed his mistakes and got the most out of them. I once had a ski instructor who had taught Michael Jordan, the greatest basketball player of all time, how to ski. If you don’t mind being wrong on the way to being right, you will learn a lot Constantly ask yourself, “What is this symptomatic of?”ģ. Think and act in a principled way and expect others to as well.Īll outcomes are manifestations of forces that are at work to produce them, so whenever looking at specific outcomes, think about the forces that are behind them. We have a different type of environment in which some behaviors discouraged elsewhere are rewarded here (like challenging one’s superiors), and some behaviors encouraged elsewhere are punished here (like speaking behind a subordinate’s back).”Ģ. We need and admire people who can suspend their egos to get at truth and evolve toward excellence, so we ignore ego-based impediments to truth. In our culture, there is nothing embarrassing about making mistakes and having weaknesses. Yet recognizing mistakes and weaknesses is essential for rapid improvement and excellence. Most people like compliments and agreement, and they dislike criticisms and conflict. Two of the biggest impediments to truth and excellence are people’s ego’s and organizational bureaucracy. I put them in writing for people to consider in order to help Bridgewater and the people I care about most.” Dalio says “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. Ray Dalio, the sixty-one-year-old founder of Bridewater Associates, the world’s biggest hedge fund, offers the following management advice.

Principles dalio