Where The Best Ideas Win

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I’ve just finish to read one of the best books for this year: Principles: Life and Work

It’s a a long book but very well organized. You get a good background on Ray Dalio and how he arrived to where he is today. I knew him for the past 10 years, but I was amazed to learn that he was broke in the early 80′. In a classic american dream story, he was able to build one of the largest (and maybe, best) hedge funds in the world that these days managed over $150B.

Things I liked:

  • He is giving good explanations to each principal and how he got to it. There are many cases where he is driving his points with a real life example, which is helpful. In a way, you can think on this book as a recipe book for life and business. Ray doesn’t want you to follow blindly after this principals but to get you to think on them and come up with a set of principal that is based on your idea, experience and life lessons.
  • He provides the reader with a strategy and a roadmap to better thinking and dealing with problems and challenges.
  • He also giving tools and methodologies to accomplish goals you think are important base on your values.
  • After over 40 years in the stock market, he learned that in order to be so successful you need to be an independent thinker (because the consensus is baked into the price of assets) and you need to be more right than wrong. So the ability to learn from your mistakes and to keep improving is critical.
  • In the last part of the book, he is talking about business and how to build a group or organization that will be transparent, self improving and able to bubble up with the best ideas. It sounds easy, but from the past 20 years, I know how hard it is to accomplish.

If you don’t want to read the all book. You can gain some insights from his TED talk below.

Btw, this is still one of the best explanations I found on economics 101.

If you wish to understand better economic concepts like credit, deficits and interest rates – this is the video for you.

Have a good weekend.

 

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