Ray Dalio

Jeremy Bobb

Life and Work

Principles

From the #1 New York Times bestselling author of Principles and legendary investor Ray Dalio, who has spent half a century studying global markets, The Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes. A few years ago, renowned investor Ray Dalio began noticing a confluence of political and economic conditions he hadn’t encountered before in his fifty-year career. They included large debts and zero or near-zero interest rates in the world’s three major reserve currencies; significant wealth, political, and values divisions within countries; and emerging conflict between a rising world power (China) and the existing one (US). Seeking to explain the cause-effect relationships behind these conditions, he began a study of analogous historical times and discovered that such combinations of conditions were characteristic of periods of transition, such as the years between 1930 and 1945, in which wealth and power shifted in ways that reshaped the world order. Looking back across five hundred years of history and nine major empires—including the Dutch, the British, and the American—The Changing World Order puts into perspective the cycles and forces that have driven the successes and failures of all the world’s major countries throughout history. Dalio reveals the timeless and universal dynamics that were behind these shifts, while also offering practical principles for policymakers, business leaders, investors, and others operating in this environment.

Why Nations Succeed and Fail

Principles for Dealing with the Changing World Order

A Template for Understanding Big Debt Crises

"Ray Dalio's excellent study provides an innovative way of thinking about debt crises and the policy response." - Ben Bernanke ​"Ray Dalio's book is must reading for anyone who aspires to prevent or manage through the next financial crisis." - Larry Summers "A terrific piece of work from one of the world's top investors who has devoted his life to understanding markets and demonstrated that understanding by navigating the 2008 financial crisis well." - Hank Paulson "An outstanding history of financial crises, including the devastating crisis of 2008, with a very valuable framework for understanding why the engine of the financial system occasionally breaks down, and what types of policy actions by central banks and governments are necessary to resolve systemic financial crises. This should serve as a play book for future policy makers, with practical guidance about what to do and what not to do." - Tim Geithner "Dalio's approach, as in his investment management, is to synthesize information, and to convert a sprawling and multi-faceted issue into a clear-cut process of cause and effect. Critically, he simplifies without over-simplifying." - Financial Times For the 10th anniversary of the 2008 financial crisis, one of the world's most successful investors, Ray Dalio, shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to anticipate events and navigate them well while others struggled badly. As he explained in his #1 New York Times Bestseller, Principles: Life & Work, Dalio believes that most everything happens over and over again through time so that by studying their patterns one can understand the cause-effect relationships behind them and develop principles for dealing with them well. In this 3-part research series, he does that for big debt crises and shares his template in the hopes reducing the chances of big debt crises happening and helping them be better managed in the future. The template comes in three parts:: 1) The Archetypal Big Debt Cycle (which explains the template), 2) 3 Detailed Cases (which examines in depth the 2008 financial crisis, the 1930's Great Depression, and the 1920's inflationary depression of Germany's Weimar Republic), and 3) Compendium of 48 Cases (which is a compendium of charts and brief descriptions of the worst debt crises of the last 100 years). Whether you're an investor, a policy maker, or are simply interested, the unconventional perspective of one of the few people who navigated the crises successfully, Principles for Navigating Big Debt Crises will help you understand the economy and markets in revealing new ways.

Big Debt Crises

An entertaining, illustrated adaptation of Ray Dalio’s Principles, the #1 New York Times bestseller that has sold more than two million copies worldwide. Principles for Success distills Ray Dalio’s 600-page bestseller, Principles: Life & Work, down to an easy-to-read and entertaining format that’s acces­sible to readers of all ages. It contains the key elements of the unconven­tional principles that helped Dalio become one of the world’s most suc­cessful people—and that have now been read and shared by millions worldwide—including how to set goals, learn from mistakes, and collaborate with others to produce exceptional results. Whether you’re already a fan of the ideas in Princi­ples or are discovering them for the first time, this illustrated guide will help you achieve success in having the life that you want to have.

Principles for Success

The Changing World Order

How the Economic Machine Works

Principles for Navigating Big Debt Crises

En 1975, Ray Dalio fundó Bridgewater Associates desde su pequeño apartamento de Nueva York. Cuarenta años después, Bridgewater es la quinta compañía privada más importante de Estados Unidos (Fortune) y ha conseguido ganar más dinero para sus inversores que cualquier otro hedge fund en la historia (Bloomberg). A lo largo de su trayectoria, Dalio ha descubierto un conjunto de principios únicos que considera la base de su éxito y que ahora comparte con todos nosotros. En este libro repasa su trayectoria, haciendo mayor hincapié en sus errores que en sus aciertos, pues destaca que estos errores han sido su principal fuente de aprendizaje. Un conocimiento que surge de la experiencia y que le permitió, tras acabar arruinado en 1982, ser uno de los únicos gestores capaces de capear con éxito la crisis financiera de 2008. Ray Dalio, que ha sido apodado "el Steve Jobs de la inversión", te invita a descubrir estos principios y a ponerlos en práctica para conseguir todo lo que te propongas.

Principios

Zasady

Populism

Ray Dalio, the legendary investor and #1 New York Times bestselling author of Principles—whose books have sold more than five million copies worldwide—shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to antic­ipate 2008’s events and navigate them well while others struggled badly. As he explained in his #1 New York Times best­seller Principles, Ray Dalio believes that most everything happens over and over again through time so that by studying patterns one can understand the cause-effect relationships behind events and develop principles for dealing with them well. In this three-part research series, he does just that for big debt crises and shares his template in the hopes of reducing the chances of big debt crises hap­pening and helping them be better managed in the future. The template comes in three parts: 1. The Archetypal Big Debt Cycle (which explains the template) 2. Three Detailed Cases (which examines in depth the 2008 financial crisis, the 1930s Great Depression, and the 1920s infla­tionary depression of Germany’s Weimar Republic) 3. Compendium of 48 Cases (which is a compendium of charts and brief descriptions of the worst debt crises of the last 100 years) Whether you’re an investor, a policy maker, or are simply interested in debt, this unconventional perspective from one of the few people who navigated the crisis successfully, Principles for Navigating Big Debt Crises will help you understand the economy and markets in revealing new ways.

In dieser bemerkenswerten und zeitgemäßen Ergänzung zu seiner Principles-Reihe nimmt Dalio die Leser mit auf seine Studie über die großen Imperien – einschließlich des holländischen, britischen und amerikanischen – und rückt den »großen Zyklus«, der die Erfolge und Misserfolge aller großen Länder der Welt im Laufe der Geschichte bestimmt hat, ins rechte Licht. Vor einigen Jahren begann Ray Dalio beunruhigende politische und wirtschaftliche Entwicklungen zu bemerken, denen er in seiner 50-jährigen Karriere noch nie zuvor begegnet war. Auf der Suche nach einer Erklärung entdeckte er, dass solche Kombinationen von Bedingungen charakteristisch für Perioden des Übergangs sind, in denen sich Reichtum und Macht in einer Weise verschoben, die die Weltordnung neu gestaltete. Dieses Buch analysiert die turbulentesten wirtschaftlichen und politischen Phasen der Geschichte, um zu zeigen, warum die vor uns liegenden Zeiten sich radikal von denen unterscheiden werden, die wir bisher erlebt haben.

Vom Aufstieg und Fall von Nationen

Weltordnung im Wandel

"With this new journal, Dalio takes his goal one step further to help readers reflect on and record their own principles. He does that by providing a series of guided exercises and questions for reflecting on what you’re like, what you value, and what principles will best help you achieve your goals. These exercises draw from key concepts in the original Principles book, including: 1. How to identify your strengths, weaknesses, motivations, and preferences 2. How to use the “five-step process” to achieve your goals 3. How to become both “assertive and open-minded at the same time” 4. How to maximize your learning from your mistakes (which are inevitable)."--from amazon.com.

Your Guided Journal (Create Your Own Principles to Get the Work and Life You Want)

应对变化中的世界秩序

原则

Ray Dalio, the legendary investor and international bestselling author of Principles - whose books have sold more than five million copies worldwide - shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to antic­ipate 2008’s events and navigate them well while others struggled badly. As he explained in his international best­seller Principles, Ray Dalio believes that almost everything happens over and over again through time, so that by studying patterns one can understand the cause-effect relationships behind events and develop principles for dealing with them well. In this three-part research series, he does just that for big debt crises and shares his template in the hopes of reducing the chances of big debt crises hap­pening and helping them be better managed in the future. The template comes in three parts: 1. The Archetypal Big Debt Cycle (which explains the template) 2. Three Detailed Cases (which examines in depth the 2008 financial crisis, the 1930s Great Depression and the 1920s infla­tionary depression of Germany’s Weimar Republic) 3. Compendium of 48 Cases (which is a compendium of charts and brief descriptions of the worst debt crises of the last 100 years) Whether you’re an investor, a policy maker, or are simply interested in debt, this unconventional perspective from one of the few people who navigated the crisis successfully, Principles for Navigating Big Debt Crises will help you understand the economy and markets in revealing new ways.

★橋水基金達利歐淬煉40年的成功原則★ 最強商管書變身繪本，華爾街大師給你的進擊練習 與你攜手走一場進化版人生之旅！ 比爾．蓋茲盛讚：瑞．達利歐曾給我非常寶貴的指導和忠告，你在《原則》一書中都能找到。 達利歐26歲白手起家創辦橋水基金，把橋水打造成全球最大的避險基金公司。達利歐將生活、管理、商業和投資系統化為一系列「原則」，並認為是原則造就他的事業的成功，對工作與人際關係的價值更是彌足珍貴。2017年他基於自己的生活和工作經歷而撰寫的600頁《原則》巨作，自上市以來，全球已有數百萬人閱讀和分享，包括如何設定目標、從錯誤中學習以及與他人合作以產生卓越成果。 達利歐認為，是「原則」成就他和橋水的空前成功。處在當下70歲的第三人生階段，他更希望能夠透過自己的分享讓更多人實現目標，達成使命。為了讓更年輕的讀者親近與理解，達利歐擷取了《原則》的精華拍攝為「成功的原則」動畫影片，進而改編一本好讀的有趣繪本《成功的原則》，獻給所有年齡層的讀者。達利歐藉自己人生冒險之旅為示範，途中為了所求所想，有大大小小決策要做、難免跌跌撞撞、有成功也有失敗、組最佳團隊打怪……總結出邁向成功最重要的原則，讀者可思考、學習、體會，找出適合你引為己用的原則，助你成就目標。你可以讀到： ●正確的認知世界，理解現實 如果我們能理解自然規律，就能夠加以利用來實現目標。成為一個超級現實主義者：擁抱現實，沈著應對，而不是一味希望情況有所不同，抱怨現狀不如人意。 ●夢想＋現實＋決心＝成功的人生 專注於實現自己的夢想，勇於承擔並且去理解影響你的現實問題和如何妥善處理，進而下定決心去做，你就學會了足以造就成功人生的原則。 ●痛苦＋反省＝進步 起初遇到問題、犯下錯誤和自身的弱點都會讓我十分痛苦，主要是因為我一味希望這一切都不存在。 經過一段時間，我才體會到痛苦是一個信號，表示我需要痛定思痛，找出最佳解決方案，面對現實處理問題。 ●五步流程 成功的人生包括一次又一次完成這五個步驟，使你的個人進化邁向成功的更高階關卡：1.確定你的目標→2.遇到問題，不要容忍→3.診斷問題，找出根本原因→4.設計解決方案→5.敦促自己去解決 ●要成功就要勇於冒險 知道如何在風險與報酬之間取得適當的平衡，是創造美滿人生不可或缺的元素。專注於實現自己的夢想，勇於承擔並且去理解影響你的現實問題，找出妥善處理之道，進而下定決心去做，你就學會了足以造就成功人生的原則。 ●與聰明人當隊友 穿越人生叢林的最好方式，是與一群看事情角度與你不同的有識之士結伴同行。你可以跟別人合作，截長補短。 ●練習你的人生旅程 這個練習是為了幫助你把自己的人生、你所關心的人的人生納入通盤考量，並對未來做好計畫。在這個練習中，我要請你看看典型的人生旅程，省思你自己的生活，以及你可能會遇到的問題。 《成功的原則》以活潑的圖畫、有趣的故事、輕鬆的氛圍，分享人生闖關心得，與讀者攜手走一場進化版人生之旅。無論你已經是《原則》一書的粉絲，還是初次閱讀，這本繪本都是一堂難能可貴的大師級人生課，面對面引導你思考人生、成功、成長，幫助你實現自己想要的生活。 ｜本書特色｜ 1. 最精彩好看的《原則》動畫故事，孩子、少年、青年、壯年，各世代都能讀的繪本 《原則》上市以來，成為華爾街、企業界、金融業者、新創公司、想要進化的讀者人手一本的案頭書。達利歐為了讓更多、年齡層更廣的讀者也能體會、運用這些原則，特別講一段個人故事，製作成30分鐘「成功的原則」影片www.principles.com/principles-for-success/#play更進而推出繪本，以饗各年齡層讀者。 2. 聽達利歐坐下來講故事，談生涯闖關 達利歐如《魔戒》般闖關、打怪、奪寶的人生歷險，多年經歷和體悟，畫給你看、說給你聽，每一頁都真摯且發人深省。 3.與大師對話，練習自己的人生旅程 書中附有提問及練習，讀者都能細細思考、用心體會，彷彿與達利歐反覆討論般有臨場感，讓本書變成一場大師課，陪你預習人生，一起找出專屬於你最好的答案。 4. 打造成功的你，年度最佳禮物書 任何想不斷自我進化的讀者，都能用以思考、實踐，進而改變，是年度最適合送給自己、親人及摯友的真情之作。 ｜名人推薦｜ 比爾．蓋茲（微軟創辦人） 里德．哈斯汀（網飛創辦人） 傑米．戴蒙（摩根大通執行長） 麥可．彭博（彭博新聞社創辦人、紐約市前市長） 雅莉安娜．赫芬頓（《赫芬頓郵報》創辦人） 馬克．庫班（NBA達拉斯小牛隊老闆） 馬克．貝尼奧夫（Salesforce創辦人兼執行長） 吹牛老爹（知名饒舌歌手） 葛妮絲．派特洛（知名影星） 施崇棠（華碩電腦董事長） 郭書齊（創業家兄弟&松果購物共同創辦人） 朱文儀（台大工商管理學系暨商學研究所教授） 齊立文（《經理人》月刊總編輯） 安納金（財經作家） 愛瑞克（知識交流平台TMBA共同創辦人） 財報狗（台灣最大的基本面資訊平台與社群） 雷浩斯（價值投資者／財經作家） 謝孟恭（podcast《股癌》製作人） ｜好評推薦｜ 「瑞．達利歐曾向我提供的非常寶貴的指導和忠告，你在《原則》一書中都能找到。」─比爾．蓋茲，微軟創辦人 「每個有目標、有夢想的人都能從《原則》裡獲益。」─麥可．彭博，彭博新聞社創辦人、紐約市前市長 「《原則》一書對我的領導風格產生了深刻的積極影響。」—里德．哈斯汀，Netflix 創辦人 「這是一本必讀之書。」—馬克．貝尼奧夫，Salesforce創辦人兼執行長 「《原則》的字裡行間充滿智慧。」—雅莉安娜．赫芬頓，《赫芬頓郵報》創辦人 「我希望在年輕創業時就看到《原則》。」—馬克．庫班，NBA達拉斯小牛隊老闆 「瑞是我的心靈導師……《原則》改變了我的人生。」—吹牛老爹，知名饒舌歌手 「失敗和挫折往往帶給人們很大的痛苦，但只要讓自己能在這個過程中有更多反省與檢討，就有機會將這些痛苦轉化成人生成長的養分，相信每位讀者都能透過作者淺顯易懂的文字找到屬於自己的人生智慧。」─郭書齊，創業家兄弟&松果購物共同創辨人

Ray Dalio

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