《Principles》《宗旨》
Ray Dalio 戴利奧
Ray Dalio 戴利奧
Ray Dalio is an American businessman and hedge fund manager who in 1975 founded Bridgewater Associates which manages approximately $80 billion in assets. As of 2007, his net worth was estimated at $4.0 billion. He received a BA from Long Island University and an MBA from Harvard Business School. Dalio attributes his success to refusing to use a lot of leverage and his relentless pursuit of differentiation. He has also attributed his success and that of Bridgewater to his set of 300 principles, which he has collected and made public on his company's website.
讀橋川基金（Bridgewater）主持人戴利奧為員工所寫的《宗旨》（Ray Dalio《Principles》），覺得他用以管理公司的原則，也可用於治家以及磨練自己。公司及家庭是集體，自己是個人，但要成功都必須立志，樹立明確的目標，而且單有目標並不夠，必須有達標的方法，尤其是一種成功的人生哲學，也即《宗旨》所縷列的態度。
他首先列舉五種失敗的態度，他稱為「個人實現理想的壞反應」：只關心表象；任由問題存在；逃避惡劣現實；只有一步決定；不敢承擔責任。至於好的反應則剛好和上述相反：只關心達標；克服難題邁向目標；直面惡劣現實；考慮多個決定的後果；承擔全部責任。
五種敗徵和五種成因有甚麼不同？首先是有沒有抓緊目標？如果一天從早忙到晚都和公司的核心任務無關，這不是白忙碼？這點歧異於個人更加重要：公司的目標多是先設的（員工未入職已有的任務），而且有人監督著你去完成；個人就很容易迷失目標，時常渾渾噩噩地做人。所以立志以及關心每天工作是否與達標有關，就應成為每個人的第一優先。
是否敢於面對問題以及解決問題是成敗的關鍵。這其實是連串的技能——總名稱為「問題的解決」（Problem-Solving），其實包括認識問題，找尋答案，分析每種手段的後果以及擇善而從。成功者是掌握並應用這門學問的人。尤其這個方法學中的多元思考：人面前並不止一條路，人有責任去尋求多種達鵠的途徑。一旦選擇了人生的路向，人就必須要為自己的選擇負責。戴氏用這些原則於公司而成功，我們更有必要把他的成功經驗用於家庭和自己，將成功移植過來。
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Ray Dalio of Bridgewater Associates has unusual rules at his hedge fund. He will fire workers who often speak ill of colleagues behind their backs.
The euro was plummeting. The stock market was gyrating. And Ray Dalio, president of one of the world's largest hedge funds, took a moment to talk about mosquitoes.
"Man will never be able to build a flying device like a mosquito," mused Mr. Dalio, the 60-year-old founder of Bridgewater Associates. "I look at nature's complexity and think, man has the intelligence of mold growing on an apple."
Mr. Dalio, his staffers readily admit, is an unusual boss. His firm runs on a set of 295 principles that Mr. Dalio devised and distributed to all employees. The 83-page treatise, which draws lessons from the natural world, advises employees on how to achieve fulfillment at work and in life.
In conversation Mr. Dalio weighs in on a range of topics, from inflation to the virtues of home-grown tomatoes. He started writing down his principles about three years ago, basing many on his observations of interactions between employees.
Because money talks, people listen. Bridgewater which started investing institutional money in 1985 with a $5 million investment, now oversees $75 billion. With its largest fund returning an average of about 13% annually over the past 19 years, Bridgewater counts among its investors most of the world's sovereign wealth funds and big pension funds like the Arizona State Retirement System.
Mr. Dalio is among a handful of philosopher-investors known not only for moneymaking prowess but also for their distinctive take on life. Former trader Nassim Taleb gained note for his "Black Swan" theory about the fragility of human knowledge. Warren Buffett's folksy aphorisms are almost as famous as his fortune. ("Love is the most important thing and yet you can't buy it.")
Mr. Dalio's basic philosophy is what he calls "hyper-realism," a notion that brutal honesty, no matter how uncomfortable, yields the best results. Principle No. 8: "There is nothing to fear from truth....Being truthful is essential to being an independent thinker and obtaining greater understanding of what is right."
At Bridgewater, being truthful also requires being a bit ruthless. Employees aren't allowed to talk critically about someone unless the person is present. Principal No. 11: "Never say anything about a person you wouldn't say to him directly. If you do, you are a slimy weasel." If an employee breaks the rule three times, they can be fired.
"Most people actually love this rule,'' says Mr. Dalio.
Recordings of company meetings are stored electronically in what some employees call a "transparency library," and many can be listened to by any of the firm's 1,000 employees.
At first, Bridgewater trader Jon Hantler, a veteran of Deutsche Bank and Putnam Investments, had difficulty adjusting to the hyper-realism at Bridgewater, where colleagues openly critiqued his ideas and drilled into his weaknesses.
"I would go home defeated," said Mr. Hantler. "My wife would tell you, it was a challenging thing for us." But then, six months ago, his wife joined Bridgewater in its client-service unit.
One benefit of adopting the company culture: "Our fights are less frequent, shorter and less painful,'' he said. "I am more open-minded."
At a recent staff meeting in a Bridgewater conference room, Mr. Dalio blasted a department head who admitted he'd given an employee a better performance rating than he deserved. "Telling me what I want to hear creates a sugar addiction," said Mr. Dalio, who was wearing chinos, boat shoes and a company name badge with the word "Ray" in big letters.
Some investors like the tough love. "It's not a bunch of bull, it's not a bunch of platitudes," says Bruce Zimmerman, chief investment officer of The University of Texas Investment Management Company, which oversees the school's investments. "I think the way they are brutally honest with each other helps with results."
In many of its funds, Bridgewater takes investment positions that aren't tied to the performance of the stock market. This helped its largest investment fund return 9.4% at the height of the crisis in 2008, while many other investors were clocking big losses. It didn't work as well last year. The firm's largest fund had a return of 2%, while the U.S. stock market rallied strongly. Since the credit crisis began heating up in July 2007, the fund has returned an average of 11% annually.
Mr. Dalio says he's not interested in discussing his principles "in front of the world." But they have leaked out anyway, to the blog Dealbreaker. The blog excerpted them under the headline, "Be the Hyena. Attack the Wildebeest," a reference to the hedge-fund king's ruminations on natural selection.
"Like the hyenas attacking the wildebeest, successful people might not even know if or how their pursuits of self interest helps society, but it typically does," Mr. Dalio writes.
At Bridgewater's headquarters in Connecticut, a stone wall marks the entrance to a long driveway winding through the woods. A brook flows beneath the building, a three-story structure of glass and stone. Employees like to point out there are few flashy cars in the lot.
"We are nerds," says Seth Birnbaum, a portfolio strategist who came to Bridgewater eight years ago out of Amherst College, where he studied philosophy, political science and economics.
Growing up on Long Island, Mr. Dalio says, he was a "very ordinary kid who was a substandard high school student."
Today, his net worth is an estimated $4 billion, according to Forbes. He lives in the hedge fund capital of Greenwich, where he once threw a benefit party that featured the Allman Brothers Band and Bonnie Raitt.
At home, too, he applies his hyper-realist philosophy, even with his family. "Each person finds this hard," he says, "until you get used to it."
The euro was plummeting. The stock market was gyrating. And Ray Dalio, president of one of the world's largest hedge funds, took a moment to talk about mosquitoes.
"Man will never be able to build a flying device like a mosquito," mused Mr. Dalio, the 60-year-old founder of Bridgewater Associates. "I look at nature's complexity and think, man has the intelligence of mold growing on an apple."
Mr. Dalio, his staffers readily admit, is an unusual boss. His firm runs on a set of 295 principles that Mr. Dalio devised and distributed to all employees. The 83-page treatise, which draws lessons from the natural world, advises employees on how to achieve fulfillment at work and in life.
In conversation Mr. Dalio weighs in on a range of topics, from inflation to the virtues of home-grown tomatoes. He started writing down his principles about three years ago, basing many on his observations of interactions between employees.
Because money talks, people listen. Bridgewater which started investing institutional money in 1985 with a $5 million investment, now oversees $75 billion. With its largest fund returning an average of about 13% annually over the past 19 years, Bridgewater counts among its investors most of the world's sovereign wealth funds and big pension funds like the Arizona State Retirement System.
Mr. Dalio is among a handful of philosopher-investors known not only for moneymaking prowess but also for their distinctive take on life. Former trader Nassim Taleb gained note for his "Black Swan" theory about the fragility of human knowledge. Warren Buffett's folksy aphorisms are almost as famous as his fortune. ("Love is the most important thing and yet you can't buy it.")
Mr. Dalio's basic philosophy is what he calls "hyper-realism," a notion that brutal honesty, no matter how uncomfortable, yields the best results. Principle No. 8: "There is nothing to fear from truth....Being truthful is essential to being an independent thinker and obtaining greater understanding of what is right."
At Bridgewater, being truthful also requires being a bit ruthless. Employees aren't allowed to talk critically about someone unless the person is present. Principal No. 11: "Never say anything about a person you wouldn't say to him directly. If you do, you are a slimy weasel." If an employee breaks the rule three times, they can be fired.
"Most people actually love this rule,'' says Mr. Dalio.
Recordings of company meetings are stored electronically in what some employees call a "transparency library," and many can be listened to by any of the firm's 1,000 employees.
At first, Bridgewater trader Jon Hantler, a veteran of Deutsche Bank and Putnam Investments, had difficulty adjusting to the hyper-realism at Bridgewater, where colleagues openly critiqued his ideas and drilled into his weaknesses.
"I would go home defeated," said Mr. Hantler. "My wife would tell you, it was a challenging thing for us." But then, six months ago, his wife joined Bridgewater in its client-service unit.
One benefit of adopting the company culture: "Our fights are less frequent, shorter and less painful,'' he said. "I am more open-minded."
At a recent staff meeting in a Bridgewater conference room, Mr. Dalio blasted a department head who admitted he'd given an employee a better performance rating than he deserved. "Telling me what I want to hear creates a sugar addiction," said Mr. Dalio, who was wearing chinos, boat shoes and a company name badge with the word "Ray" in big letters.
Some investors like the tough love. "It's not a bunch of bull, it's not a bunch of platitudes," says Bruce Zimmerman, chief investment officer of The University of Texas Investment Management Company, which oversees the school's investments. "I think the way they are brutally honest with each other helps with results."
In many of its funds, Bridgewater takes investment positions that aren't tied to the performance of the stock market. This helped its largest investment fund return 9.4% at the height of the crisis in 2008, while many other investors were clocking big losses. It didn't work as well last year. The firm's largest fund had a return of 2%, while the U.S. stock market rallied strongly. Since the credit crisis began heating up in July 2007, the fund has returned an average of 11% annually.
Mr. Dalio says he's not interested in discussing his principles "in front of the world." But they have leaked out anyway, to the blog Dealbreaker. The blog excerpted them under the headline, "Be the Hyena. Attack the Wildebeest," a reference to the hedge-fund king's ruminations on natural selection.
"Like the hyenas attacking the wildebeest, successful people might not even know if or how their pursuits of self interest helps society, but it typically does," Mr. Dalio writes.
At Bridgewater's headquarters in Connecticut, a stone wall marks the entrance to a long driveway winding through the woods. A brook flows beneath the building, a three-story structure of glass and stone. Employees like to point out there are few flashy cars in the lot.
"We are nerds," says Seth Birnbaum, a portfolio strategist who came to Bridgewater eight years ago out of Amherst College, where he studied philosophy, political science and economics.
Growing up on Long Island, Mr. Dalio says, he was a "very ordinary kid who was a substandard high school student."
Today, his net worth is an estimated $4 billion, according to Forbes. He lives in the hedge fund capital of Greenwich, where he once threw a benefit party that featured the Allman Brothers Band and Bonnie Raitt.
At home, too, he applies his hyper-realist philosophy, even with his family. "Each person finds this hard," he says, "until you get used to it."
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