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Principles of Success by Ray Dalio-0

EPISODE 1: The call to adventure

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Dalio admits that he don't know much relative to what he needs to know. Whatever success he has had has more to do with him knowing how to deal with his not knowing than anything he knows. He believes that the principles that has made him successful can help others achieve their own goals.

Principles are smart ways of handling things that happen over and over again in similar situations.

Principle 1: You need to think for yourself about what is true

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The quality of your decisions will decide the quality of your life.

EPISODE 2: Embrace reality and deal with it

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The path you take in life is your most important decision

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Ever since Ray was a kid, he run after the things he wanted. He run, crashed, got up and run again, and crashed again. Each time he crashed, he learnt something, got better and crashed less. Through this process he encountered reality and learnt how to deal with it.

Principle 2: Truth is the essential foundation for producing good outcomes

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We were given the laws of reality by nature. Human did not create them but we can learn to use them to force our evolution and achieve our own goals. Realizing this made Ray a hyper-realist

Definition of a hyper-realist

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Someone who has discovered the great reward of deeply understanding, accepting and working with reality as it is, not as I wish it would be.

Being a hyper-realist does not mean he believes dreams can not come true

Hyper realism is the best way to chose one's dreams and then achieve them.

Formula for a successful life

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Dreams + Reality + Determination (a lot of it) = A successful life (we each have to decide what a it looks like, remember principle 1☝🏽)

Learn to look at problems as puzzles that rewards you when you can solve them. They give you principles for dealing with similar problems in the future.

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PAIN + REFLECTION = PROGRESS

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EPISODE 3: The five-step process

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Being successful simply consists of 5 steps

STEP 1: Know your goals and run after them

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STEP 2: Encounter the problems that stands in your way of getting to your goals

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STEP 3: Diagnose the problems to get at their root causes

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STEP 4: Design a plan to eliminate the problems

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STEP 5: Execute those designs

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A successful life simple involves doing these 5 steps over and over again. Consider it your personal evolution.

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EPISODE 4: The Abyss

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Dalio made a wrong market call that left him broke and almost destroyed his company

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In 1982 Dalio bet on a market crash that never came. He turned out to be wrong becuase after a delay the US stock market went on a massive bull market that lasted 18 years! He had to cut losses such that BridgeWater was only left with 1 employee (him), and even had to borrow $4000 from his dad to pay his bills.

When something terrible happens to you, you may feel there is no path forward, but it will pass. There is always a best path ahead, and you probably don't see it yet. You just need to reflect well to find it. You just have to embrace your reality

EPISODE 5: Everything is a machine

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Most everything happens over and over again in slightly different ways

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Some happens in short cycles that we know how to deal with them, some so infrequently that we did not see them in our lifetime and are shocked when they happen. Others we know exists but haven't experienced them ourselves.

Most everyone expects the future to be a slighlty modified version of the present

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But that is due to the bias of recent histories, and overlook events that haven't happened in recent times.

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In the same way when Ray made a wrong market prediction, what he missed was actually hidden in the patterns of history

Risk and reward naturally goes together

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EPISODE 6: Your 2 biggest barriers

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The ego barrier

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Ego: the parts of your brain that prevents you from acknowledging your weaknesses objectively so that you can figure out how to deal with them.

The blind spot barrier

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Blind spot barrier: when a person believes he/she can see everything. But no one can see the complete picture of reality alone.

Aristotle's definition of tragedy

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Tragedy = a terrible outcome arising from a person's fatal flaws. A flaw that had it been fixed, would have instead led to a wonderful outcome

These 2 barriers are the main impediment that gets in the way of good decision making

EPISODE 7: Be radically open-minded

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Seek out the most thoughltful people who disagree with you. Together you can see the complete picture of reality. Seek Thoughtful disagreements

The best way to go though the jungle of life is with insightful people who sees things differently from you.

IDEA MERITOCRACY

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In an idea meritocracy you get the best of everybody. Everyone thinks independently, and then you walk through your disagreements to get to what is best.

EPISODE 8: Struggle well

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Setbacks sort people: Some learn lessons and continue progressing while others decide it is not for them.

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Success is not a matter of attaining one's goals. You rarely remain satisfied after achieving each new higher level of success.

The things we are striving for are just baits, struggling to achieve them forces us to evolve.

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IT IS THIS STRUGGLE TOWARDS PERSONAL EVOLUTION WITH OTHERS THAT IS A REWARD ☝🏽

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Final wish from Dalio

That you struggle and evolve well to make your life as great as it can be

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Made with ❤️ By : Adriel

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