I read Principles By Ray Dalio and found it a very interesting read although it was a very long book – the best summary I can give to you and my kids on this book was a tweet by Ray Dalio which said the following and really summarised the main message of this book

  • When making decisions use idea -meritocratic decision making (based on ability and talent rather than on status)  ie a way in which the best ideas determine what is done without egoistic(people believe we all put our own needs before those of others)- the best way to make this happen is 1) put your honest thoughts out on the table for everyone to see, 2) have thoughtful disagreements where there are quality back-and-forths in which people evolve their thinking to come up with the best collective ideas possible, and 3) abide by idea-meritocratic protocols to resolve disagreements that remain.
  • Having thoughtful disagreements with the smartest people you can find who disagree with you to stress test your thinking and to learn will raise your odds of making the best decisions possible. When two people disagree, chances are that one of them is wrong; it pays to find out if that someone is you.
  • Being radically truthful and radically transparent will lead to better decision making and better relationships.  If people say what they really think and show what they’re really doing, it will help to ensure the alignment that makes everything operate a lot more efficiently and ethically.  Shining light on things eliminates the bad stuff that happens when things go on in the dark. That builds trust. Radical truthfulness and radical transparency are also essential for an idea-meritocracy to exist, and the power of an idea-meritocracy is enormous, so you’re going to want to be in one.

The book has many more ideas but believe the above captures the essence of the book – it really is a good read