{"id":55816,"date":"2021-12-30T08:32:00","date_gmt":"2021-12-30T12:32:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=55816"},"modified":"2022-01-11T10:32:58","modified_gmt":"2022-01-11T14:32:58","slug":"ray-dalio-pinciples-review","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/","title":{"rendered":"Book Review of Principles by Ray Dalio"},"content":{"rendered":"\n<p>Is Ray Dalio&#8217;s <em>Principles: Life and Work<\/em> worth reading? What is the key message you can take away from the book? <\/p>\n\n\n\n<p>In his book <em>Principles: Life and Work<\/em>, billionaire <a href=\"https:\/\/www.shortform.com\/blog\/who-is-ray-dalio\/\">Ray Dalio<\/a> discusses the experiences, lessons, and practices that shaped the guiding principles powering his success. His book<em> <\/em>is a guide to rational thinking. The main theme is that finding the truth is the best way to make decisions, and that ego and emotion prevent you from discovering the truth. Dalio shares his major strategies to circumvent these weaknesses.<\/p>\n\n\n\n<p>In this article, we&#8217;ll review Ray Dalio&#8217;s <em>Principles: Life and Work<\/em>. We&#8217;ll take a look at the book&#8217;s background, impact, and critical reception. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-about-the-author\"><strong>About the Author<\/strong><\/h2>\n\n\n\n<p>Ray Dalio is the founder, co-chairman, and co-chief investment officer of <a href=\"https:\/\/www.bridgewater.com\/\">Bridgewater Associates<\/a>, the largest hedge fund in the world. He grew up in a middle-class neighborhood in Long Island and began playing the stock market at age 12. He started Bridgewater out of his apartment in New York in 1975 and enjoyed some success before he made some erroneous market predictions that caused him to lose everything in 1982.&nbsp;<\/p>\n\n\n\n<p>This experience of failure taught Dailo not to be overconfident, to gain a more complete view of economic history, and to find ways to balance low risk with high returns. The experience also ultimately led him to develop some unconventional investment and management strategies that led to Bridgewater\u2019s success. We\u2019ll discuss these strategies in more detail later in the guide.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2019\/09\/26\/ray-dalio-says-this-outlook-will-help-you-achieve-your-dreams.html\">A self-described \u201chyperrealist,\u201d<\/a> Dalio relies on his experiences, exhaustive research, and his extensive knowledge of past economic events to help him recognize patterns, make predictions, and formulate strategies that have paid off. As of June 2021, <a href=\"https:\/\/www.forbes.com\/profile\/ray-dalio\/?sh=34113793663a\">Bridgewater manages around $150 billion<\/a> while Dalio has a net worth of $20.3 billion and ranks <a href=\"https:\/\/www.forbes.com\/profile\/ray-dalio\/?sh=6924ef0b663a\">#88 on the Forbes list of billionaires<\/a>. Some have called him the <a href=\"https:\/\/www.ai-cio.com\/news\/is-ray-dalio-the-steve-jobs-of-investing\/\">\u201cSteve Jobs of investing\u201d<\/a> for his innovative approach to finance, popularizing industry-changing strategies like risk parity and portable alpha. In 2012, he was featured in <a href=\"http:\/\/content.time.com\/time\/specials\/packages\/article\/0,28804,2111975_2111976_2112006,00.html\"><em>TIME <\/em>Magazine\u2019s list of the 100 Most Influential People<\/a>. He was also part of the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2011-09-07\/most-influential-50-people-in-global-finance-full-list-bloomberg-markets\">Bloomberg Markets list of 50 most influential people<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-connect-with-ray-dalio\"><strong>Connect with Ray Dalio:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.linkedin.com\/in\/raydalio\/\">LinkedIn<\/a><\/li><li><a href=\"https:\/\/www.facebook.com\/raydalio\/\">Facebook<\/a><\/li><li><a href=\"https:\/\/twitter.com\/RayDalio\">Twitter<\/a><\/li><li><a href=\"http:\/\/instagram.com\/raydalio\">Instagram<\/a><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-book-s-publication\"><strong>The Book\u2019s Publication<\/strong><\/h3>\n\n\n\n<p><em>Principles: Life and Work<\/em>, published by <a href=\"https:\/\/www.simonandschuster.com\/books\/Principles\/Ray-Dalio\/9781501124020\">Simon and Schuster<\/a> in 2017, is a collection of principles that Dalio gathered over the course of his career. A strong believer in systems and automation, Dalio wrote down solutions to problems and scenarios that cropped up again and again, and eventually collated them into a hundred-page text that became required reading for Bridgewater\u2019s employees.<\/p>\n\n\n\n<p>In the introduction to <em>Principles<\/em>, Dalio writes that he planned to share his principles in two installments: The first book would contain life and <a href=\"https:\/\/www.shortform.com\/blog\/work-principles\/\">work principles<\/a>, while the second (<a href=\"https:\/\/www.principles.com\/big-debt-crises\/\"><em>Principles of Navigating Debt Crises<\/em><\/a>, released in 2018) would be about economic and investment principles.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-historical-context\"><strong>Historical Context<\/strong><\/h3>\n\n\n\n<p>Dalio believes that <a href=\"https:\/\/www.principles.com\/the-changing-world-order\/\">the same thing has always happened and will continue to happen <\/a>throughout history: a cycle where there are periods of prosperity and everything works in harmony and periods of severe imbalances in power and wealth that lead to unrest and, eventually, a change in the world order. Recognizing the cause-and-effect relationships of economic events through the decades, Dalio gained a unique perspective that enabled him to find ways to weather virtually any kind of storm.&nbsp;<\/p>\n\n\n\n<p>In 2007, <a href=\"https:\/\/www.cnbc.com\/2018\/09\/14\/bridgewater-associates-ray-dalio-on-anniversary-of-financial-crisis.html\">Dalio saw signs that the U.S. financial system was heading for collapse<\/a>, and he sent out a memo to clients and policymakers to warn them of the impending recession. He closely studied the <a href=\"https:\/\/www.shortform.com\/blog\/great-depression-and-the-new-deal\/\">Great Depression<\/a> and other similar periods then based Bridgewater\u2019s strategy (<a href=\"https:\/\/www.institutionalinvestor.com\/article\/b14zb9ry3kyh22\/culture-and-anticipation-helped-ray-dalio-survive-the-financial-crisis\">long safe assets like sovereign bonds and gold, together with short risky assets<\/a>) on his findings. The tactic worked\u2014when the recession hit in 2008, Dalio writes that their flagship fund earned 14%, while the market as a whole lost over 30%. (Reports say that<a href=\"https:\/\/www.cnbc.com\/2018\/09\/14\/bridgewater-associates-ray-dalio-on-anniversary-of-financial-crisis.html\"> other hedge funds averaged a 19% loss<\/a>.)<\/p>\n\n\n\n<p>After emerging from the 2008 to 2009 financial crisis unscathed, Dalio found himself in the spotlight. Many saw him as some sort of financial clairvoyant, but he <a href=\"https:\/\/www.institutionalinvestor.com\/article\/b14zb9ry3kyh22\/culture-and-anticipation-helped-ray-dalio-survive-the-financial-crisis\">attributed his success to the Bridgwater culture<\/a>. He thus decided to share his principles online in 2010. This free precursor to the book was downloaded over three million times.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-intellectual-context\"><strong>Intellectual Context<\/strong><\/h3>\n\n\n\n<p><em>Principles<\/em> falls under the broad category of books by well-known business people about the strategies behind their success. Similar books in the genre, which we\u2019ll draw from throughout this guide, include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.shortform.com\/app\/book\/zero-to-one\"><em>Zero to One<\/em><\/a>\u2014Paypal co-founder and venture capitalist Peter Thiel writes about the importance of creating new things, instead of simply refining what already exists. Like Dalio, Thiel is an advocate of technology but also believes that <a href=\"https:\/\/www.shortform.com\/app\/book\/zero-to-one\/chapter-12\">it should work alongside humans<\/a>, rather than replace them.&nbsp;<\/li><li><a href=\"https:\/\/www.shortform.com\/app\/book\/creativity-inc\"><em>Creativity, Inc.<\/em><\/a>\u2014while Dalio writes about Bridgewater\u2019s culture of extreme transparency, Pixar Animation Studios co-founder Ed Catmull writes about the strategies for building and sustaining a culture of creativity.<\/li><li><a href=\"https:\/\/www.shortform.com\/app\/book\/high-output-management\"><em>High Output Management<\/em><\/a>\u2014like Dalio, former Intel CEO Andrew Grove sees the workplace as a system and writes about how to apply manufacturing principles to management.<\/li><\/ul>\n\n\n\n<p>Reviewers have also described <em>Principles<\/em> as a \u201cmodern-day <a href=\"https:\/\/www.shortform.com\/app\/book\/meditations\"><em>Meditations<\/em><\/a>,\u201d comparing it to the classic text on Stoicism by Marcus Aurelius. Like Dalio, the Roman emperor stressed the importance of logic over emotion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-book-s-impact\"><strong>The Book\u2019s Impact<\/strong><\/h3>\n\n\n\n<p><em>Principles<\/em> landed at <a href=\"https:\/\/www.principles.com\/\">#1 on the <em>New York Times<\/em> Best Seller list<\/a> and was also the <a href=\"https:\/\/www.principles.com\/\">#1 Amazon Business Book of the Year<\/a>. It\u2019s <a href=\"https:\/\/www.prnewswire.com\/news-releases\/ray-dalio-to-release-new-book-principles-for-success-300960842.html\">sold over two million copies<\/a> and has been printed in 34 languages.&nbsp;<\/p>\n\n\n\n<p>After publishing <em>Principles, <\/em>Dalio released three other books: <a href=\"https:\/\/www.principles.com\/big-debt-crises\/\"><em>Principles for Navigating Big Debt Crises<\/em><\/a>, <a href=\"https:\/\/www.amazon.com\/Principles-Success-Ray-Dalio\/dp\/1982147210\/ref=sr_1_1_sspa?crid=9HOEP2KBMQI5&amp;keywords=principles+for+success+ray+dalio&amp;qid=1574194964&amp;sprefix=principles+for+sucec%2Caps%2C157&amp;sr=8-1-spons&amp;psc=1&amp;spLa=ZW5jcnlwdGVkUXVhbGlmaWVyPUExTEYwNlBQWk5FMzg0JmVuY3J5cHRlZElkPUEwOTkyODE5M083SzlYNFVEWVQ4TCZlbmNyeXB0ZWRBZElkPUEwNDU4ODQ4QVVDRlBNU1FMRFo0JndpZGdldE5hbWU9c3BfYXRmJmFjdGlvbj1jbGlja1JlZGlyZWN0JmRvTm90TG9nQ2xpY2s9dHJ1ZQ==\"><em>Principles for Success<\/em><\/a>\u2014a condensed, illustrated version of <em>Principles: Life and Work <\/em>that was <a href=\"https:\/\/www.theatlantic.com\/family\/archive\/2020\/01\/ray-dalio-principles-for-success\/604930\/\">marketed for readers six to 60 years old and beyond<\/a>\u2014and <a href=\"https:\/\/www.principles.com\/the-changing-world-order\/\"><em>The Changing World Order: Why Nations Succeed and Fail<\/em><\/a>.<\/p>\n\n\n\n<p>In 2019, Dalio launched a free application called <a href=\"https:\/\/www.principles.com\/principles-in-action\/\">Principles in Action<\/a><em>. <\/em>The app contains the full text for <em>Principles: Life and Work<\/em> as well as features like interactive videos, case studies, and a digital \u201ccoach\u201d that helps you find solutions to life and work problems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-critical-reception\"><strong>Critical Reception<\/strong><\/h3>\n\n\n\n<p>Positive reviews say Ray Dalio&#8217;s <em>Principles<\/em> is well-organized and insightful, giving readers a clear picture of how Dalio made his billions. The <a href=\"https:\/\/www.nytimes.com\/2017\/09\/04\/business\/ray-dalio-book-bridgewater.html\"><em>New York Times<\/em><\/a> describes the book as \u201cinstructive and surprisingly moving.\u201d<\/p>\n\n\n\n<p>Critical reviews say that there is <a href=\"https:\/\/www.currentaffairs.org\/2018\/06\/how-to-make-everyone-in-your-vicinity-secretly-fear-and-despise-you\">no scientific basis behind Dalio\u2019s principles<\/a> and that he relies on pseudo-science. For instance, he differentiates between left-brained and right-brained thinking, <a href=\"https:\/\/www.britannica.com\/story\/are-there-really-right-brained-and-left-brained-people\">a myth that has been debunked by research<\/a>.&nbsp;<\/p>\n\n\n\n<p>Neither is there any proof that the principles are directly responsible for Bridgewater\u2019s investment success. In fact, <a href=\"https:\/\/www.wsj.com\/articles\/life-and-work-codied-at-last-1506889007\"><em>The Wall Street Journal<\/em><\/a> argues that Bridgewater might even be <em>more<\/em> successful if the firm didn\u2019t adhere to the principles, which the publication describes as \u201cdangerously reductive\u201d (seeking to turn people into emotionless automatons) and contradictory. For example, Dalio stresses the importance of evidence-based <a href=\"https:\/\/www.shortform.com\/blog\/methods-of-decision-making-crucial-conversations\/\">decision-making<\/a>, while also using the Myers-Briggs Indicator Type, a dubious <a href=\"https:\/\/www.vox.com\/2014\/7\/15\/5881947\/myers-briggs-personality-test-meaningless\">personality test that has no sound basis on psychology<\/a>. <a href=\"https:\/\/www.nytimes.com\/2017\/09\/08\/business\/dealbook\/bridgewaters-ray-dalio-spreads-his-gospel-of-radical-transparency.html\">Another <em>New York Times<\/em> review<\/a> also highlights the contradictions at the firm\u2014while Dalio preaches \u201cradical transparency,\u201d Bridgewater keeps some things shrouded in secrecy.<\/p>\n\n\n\n<p>In a lengthy review, <a href=\"https:\/\/www.currentaffairs.org\/2018\/06\/how-to-make-everyone-in-your-vicinity-secretly-fear-and-despise-you\"><em>Current Affairs<\/em><\/a> opines that Dalio is an example of a successful man mistaking wealth for wisdom and that his principles are actually problematic. The review criticizes Dalio\u2019s \u201csilly\u201d <a href=\"https:\/\/www.shortform.com\/blog\/affirmation-and-visualization-7-habits\/\">visualizations<\/a>, his \u201cinhuman\u201d view that emotions are a kind of weakness that you need to eliminate, and his license to suspend the principles (what he calls enacting \u201cmartial law\u201d) as he sees fit.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-commentary-on-the-book-s-organization\"><strong>Commentary on the Book\u2019s Organization<\/strong><\/h3>\n\n\n\n<p>The book is divided into three parts:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>A<\/strong> <strong>short autobiography <\/strong>of how Dalio became an investor and built Bridgewater. This explains how he developed his principles.<\/li><li><strong>Life principles:<\/strong> the fundamental principles by which he conducts his life and business. These are universal and can be applied to nearly any situation by anyone.<\/li><li><strong>Work principles:<\/strong> the specific principles that underlie how Bridgewater operates. These build on the life principles. In sum, Bridgewater operates with extreme transparency, using <a href=\"https:\/\/www.shortform.com\/blog\/productive-conflict\/\">productive conflict<\/a> among <a href=\"https:\/\/www.shortform.com\/blog\/independent-thinkers\/\">independent thinkers<\/a> to have an environment where the best ideas win, thus leading to optimal decision-making.<\/li><\/ol>\n\n\n\n<p>Dalio mentions some themes repeatedly, such as total receptivity, <a href=\"https:\/\/www.shortform.com\/blog\/overcoming-your-ego\/\">overcoming your ego<\/a>, and the five-step process for getting what you want.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is Ray Dalio&#8217;s Principles: Life and Work worth reading? What is the key message you can take away from the book? In his book Principles: Life and Work, billionaire Ray Dalio discusses the experiences, lessons, and practices that shaped the guiding principles powering his success. His book is a guide to rational thinking. The main theme is that finding the truth is the best way to make decisions, and that ego and emotion prevent you from discovering the truth. Dalio shares his major strategies to circumvent these weaknesses. In this article, we&#8217;ll review Ray Dalio&#8217;s Principles: Life and Work. We&#8217;ll<\/p>\n","protected":false},"author":7,"featured_media":40054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,458,43],"tags":[129],"class_list":["post-55816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management","category-review","category-self-improvement","tag-principles-life-and-work","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Book Review of Principles by Ray Dalio - Shortform Books<\/title>\n<meta name=\"description\" content=\"Is Ray Dalio&#039;s Principles: Life and Work worth reading? 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Here, we review the book&#039;s context, background, and critical reception.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-30T12:32:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-11T14:32:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.amazonaws.com\/wordpress.shortform.com\/blog\/wp-content\/uploads\/2021\/06\/choosing-a-book.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1227\" \/>\n\t<meta property=\"og:image:height\" content=\"695\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Darya Sinusoid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Darya Sinusoid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/\"},\"author\":{\"name\":\"Darya Sinusoid\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/0421cce75bc249b11e2517b3a91f9c46\"},\"headline\":\"Book Review of Principles by Ray Dalio\",\"datePublished\":\"2021-12-30T12:32:00+00:00\",\"dateModified\":\"2022-01-11T14:32:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/\"},\"wordCount\":1375,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2021\/06\/choosing-a-book.jpg\",\"keywords\":[\"Principles: Life and Work\"],\"articleSection\":[\"Management\",\"Review\",\"Self-Improvement\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/\",\"name\":\"Book Review of Principles by Ray Dalio - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/ray-dalio-pinciples-review\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2021\/06\/choosing-a-book.jpg\",\"datePublished\":\"2021-12-30T12:32:00+00:00\",\"dateModified\":\"2022-01-11T14:32:58+00:00\",\"description\":\"Is Ray Dalio's Principles: Life and Work worth reading? 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