Dario believes that we can regard life management, business and investment as machines and systematize them into a series of principles. This book expounds the two cornerstones of his principles-extreme truth-seeking and extreme transparency, and introduces the creative choice based on this and the decision-making mechanism based on credibility evaluation. More than 500 principles in the book will help us keep an open mind, see the reality clearly, correctly evaluate ourselves and others, calmly face the problems of decision-making and building a strong team, further understand ourselves and achieve sustainable growth.
Dario believes that his success is not because of his personal characteristics, but because he learned the principles of being a man and doing things from his failures, which most people and companies can use to achieve their goals better.
Part one: My journey.
This part mainly shares some of my own experiences (the most important of which is the failure experience). It was these experiences that led me to discover the principles that guided me to make a decision. Through Dario's true story, I can see how these principles can better change our living environment and achieve our goals.
1 My Call to Adventure (1949-1967) (8-18 years old)1949, Dario was born in a middle-class family in Long Island, USA. When he was a child, his mechanical memory was poor. He didn't like learning and didn't like to listen to others' instructions. He is curious and likes it very much. I have been doing odd jobs to earn money since I was 8 years old. /kloc-When I was 0/2 years old, I used the money as a caddy to buy stocks. When I was a teenager, I went to bars with a forged ID card. 1966 after graduating from high school, the stock market is booming.
2 Crossing the threshold (1967-1979) (18-26 years old) 1968 Dario studied meditation, majored in finance at the university, graduated with honors in 197 1 and was admitted to Harvard Business School. After being fired from 1975, Qiaoshui was established. The company mainly tracks market trends. According to the mechanized market model designed by market research, work not only earns money, but also is liked by brokers, customers and even former bosses. 1977 married Harvard alumnus Barbara, and the eldest son Devon was born in the second year, and the second son Paul was born in 1979.
3 My trough (1979- 1982) (30-33 years old) 1979 Inflation is out of control. After the silver roller coaster, because of blind self-confidence, influenced by emotions, I did not pay attention to historical research and fell into a trough. Not only did Qiaoshui Company dissolve, but I also needed to borrow money from my father to live. After finding out the reasons and summing up the experience, we also found a way to overcome our own investment problems, and found our own "holy grail of investment" to guide Qiaoshui to become a creative first-choice institution, which is also the secret of Qiaoshui's later success.
4 My Road to Testing Water (1983- 1994) (34-45 years old) 1983 At the end of the year, Qiaoshui * * had six employees, who used the error log to sum up the failed experience and lessons, brought Qiaoshui back to life, started the "alpha superposition" investment management mode and took over the management.
5 Ultimate Grace (1995-20 10 year) (46-60 years old) 1995 Bridge Water has 42 employees and manages assets of 4 1 billion dollars. Liberate yourself through the decision-making rules and data of the computer system, innovate for customers, and find inflation-linked bonds and "risk assessment". Decided to develop the company into a large-scale organization, through psychological tests, "baseball cards" and other tools and enrichment principles, so that the bridge water is rock-solid and sharp as a knife. 20 10, the returns of two "pure alpha" funds are close to 45% and 28% respectively, and the returns of "all-weather portfolio" are close to 18%. After getting rich returns, they gradually walked from behind the scenes to the stage.
6 repay (2011-2015) (61-65 years old), step down as CEO of Qiaoshui, start doing charity and repay kindness, and summarize the * * * nature of the sculptor.
The last year is also the biggest challenge (20 16-20 17) (66-67 years old), which helped Qiaoshui to establish a new governance system and successfully transform.
8 Review from a higher level. The happiest thing is to realize that you have lived a life that suits your personality. Pass on how to fight correctly, share the thinking behind the principles and help others succeed better.
Thinking about the problem:
Q 1: The first and most important principle is independent thinking. How to understand it?
When Ray Daglio was shaping the future bridge water, he found the * * of the shapers, such as elon musk (Tesla, Space Exploration Technology Company and Solar Energy Company SolarCity) and Jeff Bezos (Amazon). Muhammad Yunus (Grameen Bank), the shaper of charity; Political shapers Winston Churchill, Dr. Martin Luther King, Lee Kuan Yew and Deng Xiaoping; Bill Gates and andrew carnegie are both shapers of business and charity. Michael Bloomberg is a shaper of business, charity and politics; Einstein, Freud, Darwin and Newton are great shapers of science; Christ, Muhammad and Buddha are the shapers of religion. Therefore, they have a lot of sex, are independent thinkers, and will not let anything or anyone interfere with their pursuit of bold goals.
Independent thinking is the most advantageous weapon for us to deal with life, work, family and other issues. In ancient times, we only needed four books and five classics to study. Nowadays, the network information is highly developed, and the truth is often covered up by massive information. If we can't discover these truths independently, we can't make the best choices. We really need to choose very little in our life, but the influence of these choices is far-reaching, even for life.
Q2: How did Rui Dario climb out of the trough in' 82?
There are many factors for Ridario to get up from the bottom, such as good relationship with customers and rich professional knowledge. I think one thing is very important, and it is also what Daglio thinks is necessary to play investment games. Computers are one of the most valuable things. The earliest computer went on the market in the late 1970s, but Dalio began to use computers in 1982- 1983, and even added historical trading data to the formula to observe whether the past decisions were reasonable, then made reasonable improvements, and even developed the trading system of alpha superposition method in the later period, which provided a powerful tool for the later scale expansion.
Rational use of tools is the most advantageous and convenient method for us to master. For example, when the digital camera comes out, it is a fatal blow to the film camera. Now, after adding the function modes such as filter and background blur to the mobile phone, everyone can take photos as good as those taken by enthusiasts. Short videos such as "Tik Tok" are so popular, largely because the cutting tools are convenient and easy to use. Simple learning can make a good VLOG video, and provide a large number of templates to cut the same paragraph, which is simply a fool filling in the content that can only be completed by complex tools before; Making good use of impression notes, Tao Yun notes, mind maps and other tools can also make system learning get twice the result with half the effort.
Q3: How to understand the two cornerstones of the principle-extreme truth-seeking and extreme transparency?
In his speeches and books, Ridario once said how Bridgewater Company achieved extreme truth-seeking and transparency. When a decision-making scheme is made, everyone can participate in the decision-making, everyone can score each other, and ordinary employees can score leaders, then weight them according to their professionalism and credibility, and finally work out the final result! An employee once told Dario that your speech at the last meeting was so bad that you were completely unprepared. I can arrange a speech for you if you need it next time.
It can be said that 99% of companies in China can't be extremely true and transparent, and the remaining 1% left me with an illusion. Only a few partners in small companies can play a decision-making role, and only senior managers in large companies are eligible to participate. Most companies have become centralized meetings, and there is no receipt for meetings, and some even waste time. If PPT is taken seriously, it will be even more serious.
For us personally, if we don't want to talk about others in person, we should not talk about others behind their backs. If you want to criticize others, you should point it out to your face. This may be more practical for ordinary people, because there is no windtight wall, and bad words will one day spread to others' ears. Of course, you can do the same, just say good things, because good things will be heard by others one day.