Principles: Life and Work

Ray Dalio earned a fortune building up his investment company and playing the markets. In Principles, he attempts to distill some of the principles that guided him in his life and work. He stresses that these are his principles and that everyone should have their own. The first principle is to embrace reality and deal with it. Being overly concerned with changing parts of the world that you can't control can lead to defeatism. Instead focus on what is real and what you can do. Related to that, don't get too hung up about how you think things should be. This can distract from finding out how things really are. The world is constantly evolving. You need to continue to evolve also.
The book starts with a general biography of his experience. Then he brings out his principals, starting with the personal ones, then going to the specific ones used at a company. (Most of the book is narrated by the author, though a good chunk near the end is by another narrator.) His company (Bridgewater) was extremely open, with most meetings videotaped and nearly everything shared. There were even "baseball cards" created for each employee, showing their strengths and weaknesses. Decisions were made by "idea meritocracy", with the person most able in certain area given more say in a decision. He also stresses the importance of being "radically open-minded". Be willing to understand other people's opinions - especially those that know more than you. It is more important to learn from others than to just share your belief. Meetings should also be limited to a few people. Two people together are often much more productive than two alone. However, 10 people may be less productive.