Principles by Ray Dalio
What follows are three distinct parts that can be read either independently or as a connected whole. Part 1 is about the purpose and importance of having principles in general, having nothing to do with mine. Part 2 explains my most fundamental life principles that apply to everything I do. Part 3, explains my management principles as they are being lived out at Bridgewater.
以下三部分內(nèi)容可以分別閱讀也可以當(dāng)作一個(gè)整體閱讀。
第一部分介紹大眾擁有原則的重要性；
第二部分介紹我在生活中經(jīng)常用到的基本原則；
第三部分我在管理橋水資本的時(shí)候使用的原則。
Since my management principles are simply my most fundamental life principles applied to management, reading Part 2 will help you to better understand Part 3, but it’s not required—you can go directly to Part 3 to see what my management principles are and how Bridgewater has been run.
我的管理原則是我生活原則在生活中的應(yīng)用，閱讀第二部分有助于理解第三部分，當(dāng)然你可以直接閱讀第三部分了解橋水資本的是如何運(yùn)營的。
One day I’d like to write a Part 4 on my investment principles. If you are looking to get the most bang for your buck (i.e., understanding for the effort), I suggest that you read Parts 1 and 2, and the beginning of Part 3 (through the Summary and Table of Principles) which will give you nearly the whole picture. It’s only about 55 pages of a normal size book.
也許有一天我會寫第四部分，關(guān)于我投資的原則。如果你想得到最大的回報(bào)，我建議你閱讀第一、第二部分和第三部分的開頭。這些內(nèi)容會提供給你一個(gè)全景圖。這僅僅是一個(gè)55頁的小冊子。
Above all else, I want you to think for yourself—to decide 1) what you want, 2) what is true and 3) what to do about it. I want you to do that in a clear-headed thoughtful way, so that you get what you want.
總之，我想你應(yīng)該深入思考去決定：
1.什么是你想要的
2.什么是真相
3.如何才能獲得你想要的結(jié)果
我認(rèn)為你應(yīng)該做一次清醒周全的思考，如此你就可以得到你想要的。
I wrote this book to help you do that. I am going to ask only two things of you—1) that you be open-minded and 2) that you honestly answer some questions about what you want, what is true and what you want to do about it. If you do these things, I believe that you will get a lot out of this book. If you can’t do these things, you should reflect on why that is, because you probably have discovered one of your greatest impediments to getting what you want out of life.
我寫了這本書幫助你做上面所述的事情。我僅僅會問兩個(gè)問題：
1.你的思想要足夠開放
2你要足夠誠實(shí)的回答一些關(guān)于什么是你所想要的，什么是真相，以及如何取得結(jié)果。
如果你能夠按照這些去做，我相信你能夠從本書中汲取很多養(yǎng)分，因?yàn)槟阋呀?jīng)發(fā)現(xiàn)了阻礙你成為想象中自己的最大障礙。
這里作者已經(jīng)引出非常重要的幾個(gè)原則：實(shí)事求是，主動選擇做事不要被動等待，重視各種套路，保持饑餓和愚蠢。如果不能做到上面這幾點(diǎn)，他們將會成為我們前進(jìn)路上的嚴(yán)重阻礙。
Introduction ......
Part 1: The Importance of Principles ...... 原則的重要性
Part 2: My Most Fundamental Life Principles ...... 我基本的生活原則
Part 3: My Management Principles ...... 我的管理原則
? 2011 Ray Dalio
Introduction
Principles are concepts that can be applied over and over again in similar circumstances as distinct from narrow answers to specific questions. Every game has principles that successful players master to achieve winning results. So does life. Principles are ways of successfully dealing with the laws of nature or the laws of life. Those who understand more of them and understand them well know how to interact with the world more effectively than those who know fewer of them or know them less well.
原則不同與對特殊問題的險(xiǎn)隘回答，它們是可以在類似的環(huán)境中被反復(fù)使用的觀念。每個(gè)游戲都有它們的規(guī)則，聰明的玩家總會使用規(guī)則幫助他們成功。這個(gè)道理在生活中同樣適用。
原則是通往成功的道路，它們與自然規(guī)律和生活的規(guī)則和諧統(tǒng)一。對原則知道的越多，知道的越深入，就越能夠在現(xiàn)實(shí)世界中高效的生活。
Different principles apply to different aspects of life—e.g., there are “skiing principles” for skiing, “parenting principles” for parenting, “management principles” for managing, “investment principles” for investing, etc—and there are over-arching “l(fā)ife principles” that influence our approaches to all things. And, of course, different people subscribe to different principles that they believe work best.
不同的原則適用于生活的不同方面。比如：滑雪的原則適用于滑雪；養(yǎng)育子女的原則適用于養(yǎng)育子女；管理的原則適用于管理；投資的原則適用于投資...等等。有一個(gè)例外就是，生活的原則適用于所有方面。當(dāng)然，不同的人能夠總結(jié)出對于他們來說最合適的原則。
I am confident that whatever success Bridgewater and I have had has resulted from our operating by certain principles. Creating a great culture, finding the right people, managing them to do great things and solving problems creatively and systematically are challenges faced by all organizations.
無論橋水資本有多成功，我都非常有信心，我已經(jīng)依據(jù)這些原則去運(yùn)營橋水并取得了成果。創(chuàng)建優(yōu)秀的企業(yè)文化，找到合適的人才，管理他們?nèi)プ鲎钣星熬暗氖拢约坝蓜?chuàng)造性的解決問題和組建一個(gè)系統(tǒng)，這些都是所有組織都會面臨的挑戰(zhàn)。
What differentiates them is how they approach these challenges. The principles laid out in the pages that follow convey our unique ways of doing these things, which are the reasons for our unique results. Bridgewater’s success has resulted from talented people operating by the principles set out here, and it will continue if these or other talented people continue to operate by them. Like getting fit, virtually anyone can do it if they are willing to do what it takes.
如何處理這些挑戰(zhàn)使得原則有了高低之分。
以下所屬的原則闡述了我們獨(dú)一無二的做事方式，正是因?yàn)檫@個(gè)原因我們也取得了獨(dú)特的成就。橋水資本的成功歸功于極具天賦的員工按照我們的原則工作。如果有天分的你也能夠遵守相同的原則，同樣也可以續(xù)寫同樣的成功。就像健身一樣，實(shí)際上只有按照一定的原則去做就一定能夠取得我們想要的身材。
What is written here is just my understanding of what it takes: my most fundamental life principles, my approach to getting what I want, and my “management principles,” which are based on those foundations. Taken together, these principles are meant to paint a picture of a process for the systematic pursuit of truth and excellence and for the rewards that accompany this pursuit. I put them in writing for people to consider in order to help Bridgewater and the people I care about most.
這里所寫只是我對于這些原則的理解：我生活中的基本原則，我得到我想要東西的方法，我管理的基本原則。綜合來說，這些原則的目的是繪制一幅系統(tǒng)的追求真理的圖譜，很好的與這個(gè)追求的過程相伴。我將這些原則編寫成冊，給那些對橋水資本有所幫助的人和我所在乎的人。
Until recently, I didn’t write out these principles because I felt that it was presumptuous for me to tell others what would work best for them. But over time, I saw the people who I cared about most struggling with problems and wanted to help them; I also found that their problems were almost always the result of violating one or more of these principles, and that their problems could be solved by applying these principles. So I began writing down the types of problems and the broken principles that caused them. When I began, I didn’t know how many principles I would end up with but, through this process, I discovered that about 200 principles pretty much cover all the problems.1 I’m sure that I will come up with more as I learn more.
知道最近我才開始著手寫下這些原則，因?yàn)槲矣X得指點(diǎn)別人什么是最好的方法未免顯得過于自大。但是經(jīng)過一段時(shí)間的觀察，我所在乎的人總是在一些事情中掙扎，因此我開始想將這些原則寫下來。當(dāng)然我是發(fā)現(xiàn)他們在做事的時(shí)候經(jīng)常與一個(gè)或者多個(gè)原則相沖突。我開始記錄這些問題，并且總結(jié)這些問題的產(chǎn)生是與哪些原則相沖突。當(dāng)我開始著手寫的時(shí)候，我不知道總共有多少個(gè)原則可寫，但是通過這個(gè)總結(jié)的過程，我發(fā)現(xiàn)有200個(gè)原則即可覆蓋所有的問題。我非常確信在隨著我進(jìn)一步的成長我會總結(jié)出更多的原則。
When I say that these are my principles, I don’t mean that in a possessive or egotistical way. I just mean that they are explanations of what I personally believe. I believe that the people I work with and care about must think for themselves. I set these principles out and explained the logic behind them so that we can together explore their merits and stress test them. While I am confident that these principles work well because I have thought hard about them, they have worked well for me for many years, and they have stood up to the scrutiny of the hundreds of smart, skeptical people, I also believe that nothing is certain. I believe that the best we can hope for is highly probable. By putting them out there and stress testing them, the probabilities of their being right will increase.
當(dāng)我說它們是原則的時(shí)候，我并不希望它們投射出強(qiáng)加的意味。我僅僅是想表達(dá)它們是我個(gè)人想法的總結(jié)。我相信那些跟我一道共事和相信我的人會認(rèn)真的對待它們。我羅列出這些原則并且解釋它們內(nèi)在的邏輯，這樣我們可以共同探索它們的優(yōu)缺點(diǎn)。同時(shí)，我本人對這些原則非常有自信，因?yàn)樗鼈兪墙?jīng)過成百上千聰明而嚴(yán)謹(jǐn)?shù)木?yán)格檢驗(yàn)的。我相信使用這些原則的未來是可以期待的。通過羅列這些原則和對他們進(jìn)行壓力測試，這些原則的正確性將會進(jìn)一步提高。
I also believe that those principles that are most valuable to each of us come from our own encounters with reality and our reflections on these encounters – not from being taught and simply accepting someone else’s principles. So, I put these out there for you to reflect on when you are encountering your realities, and not for you to blindly follow.
但是我更確信只有這些原則從我們的現(xiàn)實(shí)遭遇中被總結(jié)出來，它們才會更具有價(jià)值，而不是從別人那里全盤接收。因此我將它們羅列在這里不是讓大家盲從，而是在我們遇到現(xiàn)實(shí)問題時(shí)看看它們是否真的有用。
What I hope for most is that you and others will carefully consider them and try operating by them as part of your process for discovering what works best for you. Through this exploration, and with their increased usage, not only will they be understood, but they will evolve from “Ray’s principles” to “our principles,” and Ray will fade out of the picture in much the same way as memories of one’s ski or tennis instructor fade and people only pay attention to what works.2 So, when digesting each principle, please...
...ask yourself: “Is it true?”
我最希望的是大家面對這些原則的時(shí)候可以深入的思考和不斷嘗試使用它們?nèi)グl(fā)現(xiàn)哪些能夠起到最好的效果。通過不斷的使用他們，這些原則就會從“Ray的原則”成為“你的原則”。我將淡出你們的視線，就像學(xué)習(xí)化學(xué)和網(wǎng)球時(shí)教練的影響會逐漸淡出，最終我們會將注意力集中在我們正在做的事，這時(shí)候技術(shù)要領(lǐng)才真正融合在我們的大腦里。因此，每當(dāng)我們消化每一個(gè)原則時(shí)，請問自己一個(gè)問題：我們是否真的理解了這個(gè)原則。
Before I discuss the management principles themselves, it’s important for me to articulate my own most fundamental life principles because my management principles are an extension of them.
在我討論我的管理原則的時(shí)候，這些原則和我的生活基本產(chǎn)生了很強(qiáng)的鏈接。因?yàn)槲业墓芾碓瓌t就是我生活原則的延伸。
In Part 1, I explain what I mean by principles, why I believe they are important, and how they are essential for getting what you want out of life.
在第一部分，我解釋了原則是什么，我為什么覺得他們非常重要。并且提煉了我們能夠活出自我的精髓所在。
Part 2 explains my most fundamental life principles. I describe what I believe are the best ways of interacting with reality to learn what it’s like, and how to most effectively deal with it to get what you want. I also discuss what I believe are the most common traps that people fall into that prevent them from getting what they want, and how people’s lives can be radically better by avoiding them. I wrote this so you can better understand why my other principles are what they are, though you don’t need to read this part to understand the others.
第二部分：我闡釋了我最基本的生活原則。我描述了什么是與現(xiàn)實(shí)生活交互的最好方法，如何才能更有效的接近你生活的目標(biāo)。我還討論了我們生活中常常遇見的陷阱，正是這些陷阱妨礙了我們?nèi)〉梦覀兿胍慕Y(jié)果，以及大家如何更快速的避免踏入這些陷阱。我的闡述非常詳細(xì)你不但可以了解到他們是什么，也可以了解到他們?yōu)槭裁幢贿@樣描述，雖然你也有可能沒有必要了解我這么描述的原因。
Part 3 is about my management principles. As I have run Bridgewater for more than 35 years, it explains Bridgewater’s approach up till now. It begins at the big-picture, conceptual level, with an explanation of why I believe that any company’s results are primarily determined by its people and its culture. It then drills down into what I believe are the important principles behind creating a great culture, hiring the right people, managing them to achieve excellence, solving problems systematically and making good decisions.
第三部分是關(guān)于我的管理原則。我已經(jīng)運(yùn)營橋水資本超過35年，這些原則闡釋了橋水資本迄今為止的方法論。這些原則的描述始于宏觀的觀念性的層面，我特別解釋了一個(gè)公司的最終結(jié)果決定于他們的員工和文化。然后我會深入的解釋哪些原則適用于創(chuàng)建公司優(yōu)秀的文化，雇傭合適的員工，管理他們讓他們向杰出邁進(jìn)，系統(tǒng)的解決問題以及更好的做出決策。
There are of course lots of other types of principles. For example, I hope to one day write about my investment principles. However, management principles are now what we need most, so here are the ones that I think make sense and have worked for me.
我還有很多適用于其他方面的原則。舉例來說，我希望有朝一日為大家總結(jié)出關(guān)于投資的原則。無論如何，管理原則目前是我們最需要的。因此，本書所寫是那些經(jīng)過我深思熟慮的和對我有效的原則。
3頁
Part 1: The Importance of Principles原則的重要性
I believe that having principles that work is essential for getting what we want out of life. I also believe that to understand each other we have to understand each other’s principles.3 That is why I believe we need to talk about them.
我相信我們能夠過我們想要生活的本質(zhì)就是有正確的原則。我也相信了解彼此的前提條件是我們相互熟知對方的原則。這就是我相信我們有必要討論這個(gè)話題。
We will begin by examining the following questions:
What are principles?
Why are principles important?
Where do principles come from?
Do you have principles that you live your life by? What are they? How well do you think they will work, and why?
我們將從如下發(fā)問開始：
什么是原則？
為什么原則如此重要？
原則從哪里來？
在你的生活中有沒有制定原則？都是什么樣的原則？
它們在你的生活中起到什么樣的作用，為什么？
Answer all questions with complete honesty, without worrying what I or others might think. That honesty will allow you to be comfortable living with your own principles, and to judge yourself by how consistently you operate by them. If you don’t have many well-thought-out principles, don’t worry. We will get there together, if we remain open-minded.
如實(shí)的回答這些問題，不要擔(dān)心別人怎么想。如實(shí)回答會讓你更加融洽的和你的原則相處，并且能夠自我判斷是否是種如一的安這些原則行事。如果你們有成熟的原則，你也不必?fù)?dān)心。如果我們能夠保持開放心態(tài)，我們將一起學(xué)習(xí)。
- What are principles?
Your values are what you consider important, literally what you “value.” Principles are what allow you to live a life consistent with those values. Principles connect your values to your actions; they are beacons that guide your actions, and help you successfully deal with the laws of reality. It is to your principles that you turn when you face hard choices.
1）什么是原則？
你的價(jià)值觀是你所認(rèn)為的重要的東西。原則就是讓你能夠在生活中的表現(xiàn)和你的價(jià)值觀一致的東西。原則鏈接這你的價(jià)值觀和行動，他們是指導(dǎo)你行動的燈塔。能夠幫助你成功的處理現(xiàn)實(shí)的規(guī)則。當(dāng)我們面對選擇的時(shí)候，我們常常會用到原則。
- Why are principles important?
All successful people operate by principles that help them be successful. Without principles, you would be forced to react to circumstances that come at you without considering what you value most and how to make choices to get what you want. This would prevent you from making the most of your life. While operating without principles is bad for individuals, it is even worse for groups of individuals (such as companies) because it leads to people randomly bumping into each other without understanding their own values and how to behave in order to be consistent with those values.
2）為什么原則如此重要
所有的成功者都依原則行事。如果沒有原則我們將用應(yīng)激的方式面對世界，而不是理性思考的結(jié)果。當(dāng)我們在沒有原則的指導(dǎo)下行事，這對于個(gè)體和群體都是災(zāi)難。因?yàn)槲覀冞@將導(dǎo)致人們彼此之間不能了解到價(jià)值觀，行為自然也不能很好的統(tǒng)一。
- Where do principles come from?
Sometimes we forge our own principles and sometimes we accept others’ principles, or holistic packages of principles, such as religion and legal systems. While it isn’t necessarily a bad thing to use others’ principles—it’s difficult to come up with your own, and often much wisdom has gone into those already created—adopting pre-packaged principles without much thought exposes you to the risk of inconsistency with your true values. Holding incompatible principles can lead to conflict between values and actions—like the hypocrite who has claims to be of a religion yet behaves counter to its teachings. Your principles need to reflect values you really believe in.
3）原則從哪里來？
我們可以自己思考我們自己的原則，有些時(shí)候我們也可以學(xué)習(xí)別人的原則或者歷史人物的原則。但是未經(jīng)加工的拿來主義是行不通的，如果我們不假思考的照搬別人的原則，而這些原則與我們的價(jià)值觀本身有很多沖突。這就像一個(gè)言行不一的偽君子。你的原則需要反應(yīng)你自己的價(jià)值觀。
未完待續(xù)
