Author Tian Tian
Editor, Joe Yu
What is the principle?
"The most important thing I have learned in my life is a principle-based lifestyle, which helps me find out what the truth is and how to act on it."
"Principle is the fundamental truth, it constitutes the basis of action, through action, you can realize the desire of life. Principles can be constantly applied to similar situations to help you achieve your goals. "
In Ridario's view, the success of Qiaoshui stems from the principles he pursues. What is commendable is that the principle is not to sell successful books.
Ridario claims to be a "fool", but he doesn't really know what he needs to know, so he inevitably makes many mistakes. He spent a lot of time reflecting on his mistakes, summed up the principles, and knew what to do in the future without knowing it, so as not to make similar mistakes again, so he had the principles followed by Ridario and the book Principles.
The Chinese version of this voluminous book is nearly 600 pages, telling more than 500 truths, big and small. In terms of expression, the Principles pay attention to dry goods and internal logic, and do not drag their feet.
People with work experience should look at the principle and be impressed. If we can find our own principles in an appropriate way, and constantly feedback and evolve in practice, this is what Rui Daglio hopes this book will achieve.
Ridario's "Principles"
The content of the principle is divided into three parts.
The first part is the experience of Ray Dalio. A lot of space is devoted to his failure experience. "It was these experiences that led me to discover the principles that guided my decision-making."
This part does not elaborate any specific principles, but its value lies in the comparison with the specific principles in the latter two parts, which is convenient for readers to understand the origin and internal logic of the principles. This part of the content is the realistic basis for the birth of the principle, and readers can judge to what extent the principle in the book is applicable to themselves and their living environment.
The second part is the life principle of Rui Daglio. Rui Daglio believes that this part is the real core of this book, and almost anyone can apply these principles to almost everything.
The third part is the working principle of bridge water. The working principle is based on the principle of life, or the mapping of the principle of life at the organizational level. However, in Rui Daglio's view, the working principle is more important than the principle of life because the strength of the organization is far greater than that of the individual.
Ridario believes that to have the best life, you must know what you want, what the facts are, and how to realize your wishes in the face of the facts. At the same time, you should be modest and open-minded, so that you can use your best thinking.
Ridario provides a path to a better life in the book, which is divided into five steps: the first step is to set goals; Second, find problems and do not tolerate them; Third, diagnose the problem; Fourth, plan a solution to the problem; Fifth, implement the tasks required by the plan.
But on the road to a better life, you are bound to experience painful failure. You must be extremely open, evolve in failure and make continuous progress.
It is not easy. Everyone has obstacles to self-awareness and blind areas of thinking. We naturally want others to think that we are capable. We look at things from a subjective point of view and think that this is the case. Here, Ridario proposes an antidote-keep your mind extremely open and deeply understand other people's perspectives. "The people around you and the way you interact with them will affect your life."
In working principle, bridgewater follows the principle of creativity. Qiaoshui aims to engage in meaningful work and develop meaningful interpersonal relationships, takes extreme truth-seeking and transparency as the way, and handles different opinions by means of credibility-weighted decision-making, and finally ensures that the best ideas stand out.
In order to make creativity work, every partner in the organization needs to confess his truest thoughts so that everyone can discuss them openly; It is necessary to rationally express differences and expand ideas, so as to select ideas to deal with different opinions and form the best collective decision.
So in Qiaoshui, it is forbidden to talk about others behind their backs. If you talk about a colleague in a meeting and he is not present at that time, you must send the recording of the meeting to the other party; Public mutual evaluation and criticism among employees are commonplace; All kinds of business decisions will be open and honest to all employees unless they involve personal privacy and affect the interests of the company.
There are many criticisms about Qiaoshui culture. Some people think that the culture of Qiaoshui "pays too much attention to people's shortcomings and mistakes, and it is better to seize the details and kill the confidence of employees". In Daglio's view, the bridge water principle is an effective decision-making mechanism that has been tested in practice. Bridge water organization is like a debugged machine, running smoothly, and everything that happens later is mostly just a repetition of the old things.
"I hope that Qiaoshui is more like a family business, and family members either do their best or go their separate ways." Ray Dalio wrote.
The birth of principle
Rui Daglio's belief in principles and his insistence on specific principles were not born perfect. For example, Ridario insisted on an "extremely open mind", but once, Ridario was an unruly and even "self-righteous" person.
Ridario was young in the sixties and seventies. At that time, the general mood in the United States was inspiring and inspiring. That era deeply influenced Steve Jobs, a man whom Rui Daglio admired and appreciated. "The times we live in teach us to question the traditional way."
After graduating from Harvard Business School, Ridario joined Dominican Securities Company as the head of commodity business, and later moved to Hilsen Securities Company to take charge of futures hedging business. Rui Daglio recalled in his book that he liked the job and his colleagues, but he was out of place with Hilsen.
He had an argument with the department boss and hit him in the face. At an annual convention, he hired a stripper to take off her coat during her speech. As a result, he was fired. So in 1975, Ruidaliao founded Qiaoshui.
Bridge water suffered heavy losses in the initial stage, which made a major turning point in Ridario's life.
1982, Rui Dalio foresaw that several countries would default on American debts. In his testimony to Congress, Rui Daglio insisted that the economic consequences of default would be disastrous. Unexpectedly, the interest rate cut by the Federal Reserve triggered a hot market, and then the American economy began to take off.
This serious mistake made Ridario lose all the capital he had accumulated before, and Qiaoshui began to lose his salary and had to lay off employees. Rui Daglio borrowed $4,000 from his father to make a living.
"I found that I used to be a self-righteous fool and stubbornly believed in a completely wrong view." Rui Daglio reflected in the book, "If I don't want to continue to move forward with a high probability of major setbacks, I must look at myself objectively and make changes."
Failure makes Ridario humble, and he needs humility to balance his aggression. He learned a good sense of being afraid of making mistakes, and his mentality changed from "I am right" to "How do I know I am right?"
Rui Daglio learned to keep an open mind and allow others to point out what he might have overlooked. His goal is to make himself right. It doesn't matter whether the correct answer comes from yourself.
For making mistakes, Ridario advocates allowing mistakes, but does not tolerate the culture of ignoring lessons and repeating the same mistakes.
There is a typical example. On one occasion, the head of Qiaoshui Trading Department forgot to execute the transaction for the customer, and it was found that it caused great losses to the customer. Redario did not fire the person in charge, indicating that the company does not accept mistakes. After the dust settled, Qiaoshui established a "problem log" to record errors and adverse consequences, so as to trace the source and solve the problem systematically.
Rui Daglio explains in the book: If you can't tolerate making mistakes, you won't grow up, and you will make yourself and the people around you feel uncomfortable. Your working environment will be full of gossip and slander, not healthy and sincere pursuit of truth.
It can be said that Ridario's principle was established and revised from repeated failures. He divided failure into "right failure" and "wrong failure". "Failure correctly" allows you to learn important lessons in the process of experiencing painful failure, so as to avoid "failure wrongly", that is, being kicked out because of failure.
Make mistakes, find out the causes of mistakes, sum up new principles, and finally succeed. This is exactly the way Ridario does things.
Advanced life
It is not easy to make the principle of bridge water public.
It is precisely because of the uniqueness of Qiaoshui culture that after its success, some media sensationally called Qiaoshui a "heretical organization", which is obviously not conducive to Qiaoshui recruiting talents.
At the end of 20 10, Ridario decided to disclose the principle of bridge water, with the original intention of letting the outside world know the real operation situation and the logic behind it. These principles were put online and downloaded by more than 3 million people, and some even translated them into their own languages at their own expense. Rui Daglio also received a lot of thank-you letters.
Because of the great success of "Bridge Water", some people have benefited from "Principles", so publishing "Principles" in the form of books has also given Ridario the meaning of giving back to society in a wider range.
However, Rui Daglio kindly reminded me in the book: I don't want you to blindly follow these principles. On the contrary, I hope you will question everything I say and choose carefully from my principles in order to find out yours.
Ridario has a deep relationship with China. Thirty years ago, China invited Ridario to help China International Trust and Investment Company understand the financial market. Redario was able to meet people from China and China and witnessed the development of China's capital market in the next 30 years.
By then, Ridario will devote more energy to charity, regard donations as investment, and ensure that the money can generate high charitable returns, which is no easier than simple business investment and obtaining business returns.
Attachment: working principle of Ridario
An institution is like a machine, which is mainly composed of two groups of components: culture and people.
Strict love helps to achieve excellent work performance and establish good interpersonal relationships.
Creative choice based on credibility weighting is the best mode to realize effective decision.
Let enthusiasm and work be integrated, and move forward with like-minded people.
1. Believe in extreme truth-seeking and transparency.
2. Do meaningful work and develop meaningful interpersonal relationships.
3. Create a culture that allows mistakes, but you can't ignore the lessons and make mistakes again and again.
4. Seek * * * knowledge and stick to it
When making a decision, we should start from the perspective of credibility.
6. Know how to transcend differences
7. Finding the right person to do things is more important than doing anything.
8. Use the right people, because improper use of people is costly.
9. Continuously train, test, evaluate and assign employees.
10. Manage like a machine to achieve the goal.
1 1. Found the problem, not tolerant.
12. Diagnose the problem and explore the root cause
13. Improve the machine and solve the problem
14. Follow the established plan
15. Use tools and code of conduct
16. Never ignore corporate governance.