📖Ray Dalio
Culture is Everything
Great culture drives great business outcomes.
The most important thing is to have a great culture. An idea meritocracy where the best ideas win creates the most successful organizations.
🏠 Everyday Analogy
📖 Core Interpretation
Ray Dalio advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Idea meritocracy produces the best decisions.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Mexico Debt Crisis Bonds (1982)
Bridgewater recommended selling Mexican bonds short before the 1982 default, convinced a major downturn was certain.
✨ Outcome：The bearish call was overstated, clients left, and the firm nearly failed. Dalio adopted radical open-mindedness and probabilistic thinking for future macro calls.
2
Long-Term Capital Management Turmoil (1998)
Bridgewater misjudged how central banks would react to LTCM’s collapse and related market stress.
✨ Outcome：Positions suffered from unexpected policy responses. Dalio refined stress-testing, scenario analysis, and diversification to account for extreme but plausible central bank interventions.
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