Jan 21 (edited) in Insights and Ideas
Keep Track of the "Another one of those" situations - Principles by Ray Dalio
Resource name: Principles by Ray Dalio
Type: Book
Summary/Key Takeaway: Throughout our lives, we will encounter different problems and situations that may seem very different from each other, but ultimately, they can have hidden patterns that seem to repeat. Over time, we will realize that a situation is "another one of those" and we can start to build problem-solving toolkits to solve similar problems that have the same pattern or general cause.
Another important factor here is seeing things as cycles and as machines that have interrelated parts and different causes and effects. Seeing them both as machines and cycles lets us break free from bad cycles and create upward spirals in our lives.
Review: 10/10 would re-read. Ray Dalio is someone who we can mirror when it comes to decision-making (Being the founder of the world's largest hedge fund Bridgewater Associates, he's definitely one of the best decision-makers there is). He focuses on the variables we consider when making decisions, rather than the decision-making tools or the decision itself. The decision-making machine that you use is more important than how correct the decision was.
Actionable Insight:
- Keep track of similar problems that you face.
- See things as cycles and as machines.
- Worry about how you select the decision variables when making decisions, and use the results of the decision to see if the variables are correct.
- Pain + Reflection = Progress
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Keep Track of the "Another one of those" situations - Principles by Ray Dalio
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