Summary: Author Ray Dalio is the founder and co-chairman of Bridgewater Associates, which has become the largest and best-performing hedge fund in the world. In Episode 560 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles discuss Palio’s book, “Principles: Life and Work.” Rob says what was most important in building his company wasn't knowing the future; it was knowing how to react appropriately to the information available at the time. We traders often become obsessed with a desire to know the future and with being right. Join us for this episode, and let’s explore these principles together. Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes! Links for this episode: Subscribe to Rob's YouTube channel here: <a href="https://youtube.com/robbooker" target="_blank">https://youtube.com/robbooker</a> Rob on Twitter: <a href="https://twitter.com/robbooker" target="_blank">@RobBooker</a> The Traders Podcast on Twitter: <a href="https://twitter.com/traderspodcast" target="_blank">@TradersPodcast</a> <a href="http://tfl365.com/" target="_blank">TFL365.com</a> <a href="http://www.traderinterviews.com/" target="_blank">Trader Interviews.com</a> Be sure to catch up with Scott Welsh at his <a href="https://www.scottwelsh.me/" target="_blank">Website</a> and at <a href="https://twitter.com/swelsh66%20" target="_blank">Twitter</a> Hear Jason’s movie podcasts: <a href="http://www.moviepodcastweekly.com/" target="_blank">Movie Podcast Weekly</a> where we review new movies in theaters. <a href="http://horrormoviepodcast.com/" target="_blank">Horror Movie Podcast</a> where we’re Dead Serious About Horror Movies. <a href="http://moviepodcast.network" target="_blank">Movie Podcast Network</a> a group of eight film-related audio podcasts that cover various movie genres. Full Episode Transcript: Rob Booker: All right, there's a new book out, Jason. Jason Pyles: Oh, tell it. Rob Booker: This is my favorite book, other than Shonn Campbell's book Inventory Trading, which if you have not read that book, stop everything, go to Amazon. I think it's even part of the Kindle Unlimited program. It is magnificent. Shonn's not a writer and he's not a professional educator, but it's a great book. I'm just going to give him a little plug there. Other than that, I just finished reading essentially what is the best book about the financial markets I've ever read in my life. Jason Pyles: Wow. That's high praise. What is it? Rob Booker: And I don't ever say that, really. I said it about Shonn's book, but there's not a lot out there otherwise. Jason Pyles: Yeah, okay. Rob Booker: So a few years ago, I became enamored with, and there really is not a better word for it, enamored with Ray Dalio, the founder of Bridgewater Associates, and the story behind the building of the largest hedge fund in the world, now managing over $160 billion in assets. And I became fascinated, Jason, with this guy because of his reputation for having a culture at work of radical transparency, which I think we've touched on this subject before in previous episodes. Jason Pyles: Okay, yeah. Rob Booker: At the company, there are no meetings about other people held in private, unless it's something sensitive to do with their health, which you don't reveal outward. But there are no conversations about other people, there are no reviews, there are no private conversations in the company. Everything is recorded all the time, and there are editors at the company that chop up the footage into digestible chunks so that it can be archived and searched for and watched later. There is a culture of radical openness about disagreement, and there's only about 1,500 employees there, and they have just cycled through and chewed up people left and right, because this culture just does not do well for people who are conflict avoiders. As you and I know,
