Principle you ray dalio1/6/2024 ![]() ![]() Don't let fears of what others think of you stand in your way.Radical open-mindedness and radical transparency are invaluable for rapid learning and effective change.Be radically open-minded and radically transparent.Truth-or, more precisely, an accurate understanding of reality-is the essential foundation for any good outcome.Dreams + Reality + Determination = A Successful Life.Think for yourself to decide 1) what you want, 2) what is true, and 3) what you should do to achieve #1 in light of #2.Constantly think about how to produce leverage. ![]() Have the clearest possible reporting lines and delineations of responsibilities.Design Improvements to Your Machine to Get Around Your Problems.Principles themselves are a form of leverage-they're a way to compound your understanding of situations so that you don't need to exert the same effort each time you encounter a problem. To make training as easy to leverage as possible, document the most common questions and answers through audio, video, or written guidelines, and then assign someone to organize them and incorporate them into a manual, which is updated on a regular basis. Technology is another great tool for providing leverage. I am always eager to find people who can do things nearly as well as (and ideally better than) I can so that I can maximize my output per hour. The people who work for me typically have similar relationships with those who work for them, though their ratios are typically between 10:1 and 20:1. At our sessions, we go over the vision and the deliverables, then they work on them, and then we review the work, and they move forward based on my feedback-and we do that over and over again. At Bridgewater, I typically work at about 50:1 leverage, meaning that for every hour I spend with each person who works for me, they spend about fifty hours working to move the project along. Leverage in an organization is not unlike leverage in the markets you're looking for ways to achieve more with less. ![]()
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