Hedge fund billionaire Ray Dalio is known for founding Bridgewater Associates and starting a movement surrounding “Principles,” his best-selling book that now has a complementary “Principles in Action” app.
Dalio, who is co-chairman and co-chief investment officer, lays out his governing leadership ideals and transparent company culture he developed while building the world’s largest hedge fund over the last 44 years. Now managing over $150 billion, Dalio has been steadily building a legacy outside of Bridgewater.
”Well, at every phase in anyone's life there's a difference in what one defines success. For me at this stage, my definition for success is to help people be successful without me. In other words, to pass along. And to watch beauty happen. I'm 70 years old. I don't want any more success myself. I just want to help pass that along. And if I can do that, that'll be success for me. And then I'll go quiet. I'm going to go quiet in about a year, year and a half, I think,” he told Yahoo Finance in an interview at TechCrunch Disrupt in San Francisco.
”I want to pass along all the tools that have been helpful, because tools create habit, they create a framework that allows all these principles to be carried through. I want really an idea meritocracy, that's the most important thing. And so the tools allow that.”
One tool that Dalio wants to pass along is his Dot Collector app, which every Bridgewater employee has on a company iPad. Employees bring the iPad and app to every meeting, giving and receiving public feedback in the form of “dots.” He called it “our most loved and impactful tool.”
“It has a list of a few dozen attributes, so whenever somebody thinks something about another person’s thinking, it’s easy for them to convey their assessment; they simply note the attribute and provide a rating from one to 10,” he explained in a 2017 Ted Talk.
So what about “Principles” seems to be resonating with the world? “To know how to fail well. You know, to realize it's the path to success,” he told Yahoo Finance. “To know that knowing how to deal with one's not knowing is more important than anything one knows. To know how to have an idea meritocracy. And to know how to have fun and go after your dreams and make that happen. So it's a kick to pass that along,” he said.
Melody Hahm is a senior correspondent at Yahoo Finance, covering entrepreneurship, technology and culture. She also hosts Breakouts, an interview series featuring up-close and intimate conversations with today’s most innovative business leaders. Follow her on Twitter @melodyhahm.