Discussion in 'Wall St. News' started by dealmaker, Dec 7, 2017.
It's over an hour long. What are the key takeaways, in your view?
1) pain + reflection = growth
2) people like radical honesty intellectually but not in reality. It takes about 18 months to acclimate to radical honesty.
3) you can make right analysis and end up with the wrong outcome eg 1982
4) working groups should comprise of different personalities for a balanced outcome
5) no one bet should be large enough to destroy you and be hedged
6) introduce technology into your analytics
7) heroes go for unattainable goals. Hero is an ordinary person who has achieved the extraordinary. Heroes have "GRIT".
8) read "The Hero with a Thousand Faces" by Joseph Campbell
9) 3 phases in peoples lives 1) you're dependent on others IE learning 2) you're working and others are dependent on you 3) pass the boon.
10) successful life = dreams + embracing reality + determination
It takes about 18 month to acclimate to any cult.
While BW might or might not be a cult (a lot of people say that and I've never worked there so I have no idea), the ideas actually do have merit.
I asked one of my senior managers to read Principles. There's value in it for any organization.
I think it's one of those things that is great for some and horrible for others. I would have hated working at Apple because of Jobs, lots of people still think he was some kind of God. I'm sure you've talked to both ex BW people who left on good terms and those who where expelled, the conversations with either one are scary to me for different reasons. Very much reminds me of my christian fundamentalist childhood, definitely not for me!
Well, some left on good terms and, in retrospect, hate it. Some were expelled and, yet, they feel it was a good experience for them.
As I said, I have no opinion on BW as a place of employment but some of the concepts in his book (I have only read the old free PDF version) are very useful. In fact, reading ET shows a fair lot about behavioral biases that these rules are designed to counteract.
Dalio has that aura all great founders have and communicates his ideas well. IMO, I still find that blunt honesty isn't well received by most people.
One of the most enlightening books I've read on leadership was by a Navy Seal commander named Jocko Willink. I expected him to espouse the hard charging stereotypical philosophy of an operator.
But he surprised me. One of his precepts is "The indirect way"...not so confrontational or blunt but subtle and effective communication as well as leadership. It's an interesting supplement to Dalio's approach.
This bit here describes the issue I have with Dalio and his principles well:
Lemme just say that, as time goes on and I learn more about what goes on at Smidgeblotter, it's getting increasingly difficult for me to take Dalio and his schtick seriously.
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