‘Mistakes shifted my perspective’ – Billionaire shares key principles to business success

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Ray Dalio has amassed a billion-dollar fortune through many successful decades of hedge fund management. The American founded Bridgewater Associates half a century ago and grew it into the world’s largest hedge fund.

Dalio often shares his principles for success with his Twitter following, which consists of over 700,000 users.

The 72-year-old recently shared how making mistakes has changed his perspective for the better.

He wrote: “My painful mistakes shifted me from having a perspective of ‘I know I’m right’ to having one of ‘How do I know I’m right?’

“They gave me the humility I needed to balance my audacity.

Dalio explained: “Knowing that I could be painfully wrong and having curiosity about why other smart people saw things differently prompted me to look at things through the eyes of others as well as my own.”

“That allowed me to see many more dimensions than if I saw things just through my own eyes.

“Learning how to weigh people’s inputs so that I chose the best ones—in other words, so that I believability-weighted my decision making—increased my chances of being right and was thrilling” he concluded.

Dalio practices what he preaches, describing himself as a “professional mistake maker” in his Twitter bio.

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He also stressed the importance of tough love in order to strengthen one’s hunger for business success.

Dalio said: “Embrace tough love.

“In my own life, what I want to give to people, most importantly to people I love, is the power to deal with reality to get what they want.

“In pursuit of my goal to give them strength, I will often deny them what they ‘want’.”

He continued: “That will give them the opportunity to struggle so that they can develop the strength to get what they want on their own.

“This can be difficult for people emotionally, even if they understand intellectually that having difficulties is the exercise.

Dalio added: “They need to grow strong and just giving them what they want will weaken them and ultimately lead to them needing more help.”

Dalio’s focus on ‘principles’ is a continuation of the theme of his book which goes by the same name.

The book ‘Principles’ was a New York Times number one best seller.

And Dalio’s principles have served him well across a glittering career, helping him to garner a net worth of £11.45billion, according to Bloomberg Billionaires Index.

That makes him the 126th richest person on the planet.

Besides just a financial success, Dalio is also revered as a true innovator of the finance realm, bringing many practices to the mainstream, like currency overlay and risk parity.

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