Principles from Ray Dalio

Если у меня спрашивают, какую книгу по менеджменту стоит прочитать в первую очередь, я советую именно эту.

«Принципы» Рая Далио – это must read для всех, кто пытается создать эффективную команду или организацию.

Но некоторые идеи, которые приводит автор в своей без малого 560-ти страничной книге, актуальны и вне рабочей среды.

Не даром у него вышла даже книга для детей (, которую можно почитать ребенку (не заменяя ею «Вредных советов» Григория Остера, конечно)

Поскольку я читал англоязычную версию книги, здесь я привожу ее основные идеи на языке оригинала.

Конечно, книга издана и на русском, ее можно найти практически в любом книжном магазине.


· Bad stuff happens in dark

· Technology will lead us to radical transparency

· My painful mistakes shifted me from having perspective «I know I am right» to having one of «how do I know I am right»

· Develop your own principles and ideally write them down, especially if you are working with others

· Money has no intrinsic value. Its value comes from what I can buy. It cannot buy everything. It is smarter to start with what you really want, which are you real goals and then walk back to what you need to chase them.

· Judging people before really seeing things through their eyes is not smart

· Because most people are more emotional than logical, they tend to overreact the short-term results

· My approach was to hire “green” candidates and then fire or promote them quickly, so that we could rapidly identify the excellent hires and get rid of the ordinary ones. Repeating the process again and again until the percentage of those who truly great was high enough to meet our needs. In the worst-case scenario, they learn a lot about themselves having an interesting experience and leave other jobs, in the best case they become a part of our exceptional team achieve exceptional things

· When faced with the choice between achieving my goal or pleasing / not disappointing others, I choose achieving my goal every time

· Heroes are inevitably experience at least one very big failure that tests whether they have a resilience to come back and fight smarter and with more determination

· Having the basics like a good bed to sleep in, good relationship, good food is most important, and those things don’t get much better when you have a lot of money or much worse than you have less

· The marginal benefits of having more fell off pretty quickly.

· Learning to be radically transparent is like learning to speak in public while it is initially awkward. The more you do it - the more comfortable you will be with it.

· Imagine how many fewer misunderstandings we would have and how much more efficient the world would be and how much closer we all would be to know what is true, if instead of hiding what they think people share it openly

· To get good results, we need to be analytical rather than emotional

· But was it because it was horrible or was it because I am being asked to believe it’s horrible when it’s actually wonderful?

· Most people call something bad if it is bad for them or bad for those, they emphasize with ignoring the greater good

· The key is to fail, learn and improve quickly

· I used to think that memory based conscious learning was the most powerful, but I have since come to understanding that it produces less rapid progress then experimentation and adaptation

· As Carl Jung put it: man needs difficulties. It is necessary for their health.

· If you are not falling – you are not pushing up limits, and if you are not pushing up limits - you’re not maximizing your potential

· But people are happiest when they can be themselves. If you can be open with your weakness it will make you free and will help you deal with them better

· You should not be upset if you find out that you are bad in something. You should be happy that you found it out, because knowing that and dealing with it will improve your chances of getting what you want

· People who abscess over $1000 pair of shoes or a fancy car are very rarely happy, because they do not know what it is that they really want and hands that will satisfy them

· Never rule out goal because you think it is unattainable

· A good diagnosis of management issue typically takes between 15 minutes and an hour, depending on how well it has been done and how complex the issue is. It involves speaking with the relevant people and looking at the evidence together to determine the root cause

· There are two main barriers for your developments: it is your ego and your blind spots

· When I referred to your ego barrier, I am referring to your subliminal defense mechanism that make it hard for you to except your mistakes and your weakness

· If you are too proud of what you know or how good you are at something you will learn less

· Open mindedness - to be open to being wrong

· Coming up with the right questions and asking other smart people what they think is as important as having all the answers

· Smart people who can disagree, are the greatest teachers, far better than professors assigned to stand in front of the board and lecture at you

· Open people are not angry when someone disagree with them

· Closed minded people are more likely to make statements than ask questions

· Use “two-minute rule” – let a person to tell what he wants to talk to you and don’t interrupt him up until two minutes expires

· Open people can hold two or more conflicting concepts in their mind

· Once you can sort out open minded people from closest minded people you will find that you want to surround yourself with open minded ones

· You can see specific signals of your closed mind. By being aware of such signals you can use them as it cues to control your behavior and guide yourself to work open mindedness

· Try to record the circumstances in which you are constantly made bad decisions

· When you are approaching a decision, ask yourself: can you point to clear fact leading to your you?

· While I used to get angry and frustrated at people because of the choices they made, I came to realize that they were not intentionally acting in a way that seamed counterproductive. Instead, they were just leaving things as they sold them based on how their brain worked

· If you really want to change, the best thing you can do is to choose which habit to acquire and which to get rid of and then go about doing that

· If I had to choose between just assessment or just traditional job interview, I would choose the assessment

· One of the most important decision you can make is who you ask questions of

· Do not mistake opinions for facts

· On the six of 30 companies which made up Dow Jones index 40 years ago works now

· Putting comfort ahead of success produces worst results for everyone

· In most companies people are doing two jobs first - their actual job, and second - job of managing others impressions of how they are doing their actual job

· For me not telling people what is really going on so as to protect them from the worries of life is like letting your kids grow into adulthood believing in Santa Claus

· There is no worse course in leadership than to hold out false hopes soon to be swept we

· People who are one way on the inside and another on outside, become conflicted and often lose touch with their values. It is difficult for them to be happy and almost impossible for them to be their best

· Never say anything about someone that you would not say to them directly and do not write people without accusing them to their faces

· Managers should not talk about people work for them if they are not in the room

· It might be tempting to limit transparency to the things that cannot hurt you. It is especially important to share the things that are most difficult to share. If you do not share them, you will lose the trust and partnership of the people you are not sharing with.

· You must have a willingness to repeatedly fail. If you do not have a willingness to fail, you’re going to have to be very careful not to invent. Jeff Bezos

· Every mistake that you make and learn from will save you from thousands of similar mistakes in the future

· The person responsible for her decisions must be able to explain the thinking behind it openly and transparently, so that everyone can understand and assess it

· If either party to disagreement is too emotional to be logical, the conversation should be differed

· Two minutes rule specifies that you must give someone an uninterrupted two minutes to explain their thinking before jumping in with your own opinion. It ensures that everyone has time to fully crystallize and communicate their thoughts without worrying they will be misunderstood

· Have an open mind conversation with believable people who disagree with you is the quickest way to get in education and to increase your probability of being right

· Remember that the quality of the life you get will depend largely on the quality of the decision that you make

· If you are less believable or less experienced, you are more of a student and should be more open minded, primarily asking questions to understand the logic of the person who probably knows more. But if you are more believable and more experienced, your role is more of a teacher

· Do not hold opinions about things you do not know anything about

· “Who” is more important than “what”

· Simple rules of management:

1. Remember the goal;

2. Give the goal to people who can achieve it or tell them what to do to achieve it;

3. Hold them accountable;

4. If they still cannot do the job after you have trained them and give them time to learn - get rid of them

· If you are less than excited to hire someone for a particular job - do not do it

· If you are looking for a visionary – pick a visionary to do the interview, in which you probe for vision

· Do not choose interviewers, whose judgment you don’t trust

· Remember that people typically do not change all that much. That is naïve to think otherwise

· Hire people you want to share your life with

· Great questions on the interview are much better indicator of future success, than great answers

· Every leader must decide between getting rid of unliked, but capable people OR keep in the nice but incapable people and not achieving their goals. Whether or not you can make this hard decision, is the strongest determinant of your own success or failure. In our culture you have no choice. You must choose excellence even so it might be difficult now because it is best for everyone

· Typically, it takes from 6 to 12 months to get to know a new employee, and about 18 months for them to internalize and adapt to the corporate culture of a company

· Complements are easy to give but they do not help people pointing out their mistakes. To learn what you need to do is much harder and less appreciated, but much more valuable in the long run

· Remember that if you are expecting people to be much better in the near future then they have been in the past, you are probably making a serious mistake. People who repeatedly operate in a certain way, will probably continue to operate that way, because their behavior reflects what they are like. Since people generally change slowly, you should expect slow improvements at best. Instead, you need to change people

· It is much worse to keep someone in a Job unsuitable for them, then to fire or reassign them.

· There are enormous costs of not firing someone who does not fit for the job

· If you keep your focus on each individual task, you will inevitably get bogged down. If instead you pay attention to building and managing your team, you will be rewarded many times over

· Any failure and mistake shall be followed by analysis of its causes

· If you do not know your people well - you don’t know what you can expect from them. You’re flying blind and you have no one to blame, but yourself if you don’t get the outcomes, you’re expecting

· You need to regularly take the temperature of each person who is important to you and to the organization

· Avoid staying to distant from your team

· You cannot understand how the person who reports to your manages others, unless you know their direct reports and can observe how they behave

· Have the people who report to the people who report to you feel free to escalate their problems to you

· Never assumes that people’s answers are correct

· Sometimes people use “we” as a cue for depersonalizing a mistake

· It is more important to have good challengers then good followers

· If you are learning well, you should not be surprised if people disagree with you. The important thing is for you to be logical and objective in assessing your probability of being right

· If you have better insight than your colleagues or reports or even bosses, don’t worry if you’re doing some unpopular things

· Never assume that something was implicitly understood

· There is no greater failure then to fail to escalate responsibility you cannot handle

· If you see something that seems unacceptable to you, do not assume that the fact that others also know about it and not screaming means it’s not a problem

· Never just trust people to do their job well

· Remember that almost everything will take more time and cost more money than you expect

· Virtually nothing goes according to plan because one does not plan for the thing that goes wrong. I personally assume things will take about one and half time as long and cost about 1 1/2 times as much because that is what I have typically experienced.

· As Winston Churchill said success consists of going from failure to failure without loss of enthusiasm

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