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Principles for Success “Be Radically Open-Minded” | Episode 7 — Transcript

by Principles by Ray Dalio · 588 words · 89 segments · language en · Watch on YouTube

Full transcript

  1. 0:00principles for success an ultra
  2. 0:02mini-series adventure in 30 minutes and
  3. 0:05in eight episodes episode 7 be radically
  4. 0:09open-minded taking risks and
  5. 0:13occasionally being ruined wasn't
  6. 0:15acceptable and neither was not taking
  7. 0:18risks and not having exceptional results
  8. 0:21I needed an approach that would give me
  9. 0:23the exceptional upside without also
  10. 0:25giving me the exceptional downside when
  11. 0:29I discovered it it turned out to be my
  12. 0:31Holy Grail to get it I needed to replace
  13. 0:35the joy of being proven right with the
  14. 0:37joy of learning what's true this need
  15. 0:42prompted me to seek out the most
  16. 0:44thoughtful people I could find who
  17. 0:46disagreed with me I didn't care about
  18. 0:49their conclusions I just wanted to see
  19. 0:51things through their eyes and to have
  20. 0:53them see things through my eyes so that
  21. 0:56together we could hash things out to
  22. 0:58discover what's true in other words what
  23. 1:02I wanted most from them was thoughtful
  24. 1:04disagreement going from seeing things
  25. 1:08through just my eyes to seeing things
  26. 1:10through the eyes of these thoughtful
  27. 1:12people was like going from seeing things
  28. 1:15in black and white to seeing them in
  29. 1:17color the world lit up that's what I
  30. 1:25realized that the best way to go through
  31. 1:28the jungle of life is with insightful
  32. 1:30people who see things differently from
  33. 1:32me think about the five step process I
  34. 1:35described earlier as I said because we
  35. 1:38are wired so differently not everyone
  36. 1:40can do all the five steps well but you
  37. 1:43don't have to do them all alone you can
  38. 1:46get help from others who are good at
  39. 1:48what you're not who are wired to
  40. 1:51perceive things you can't all you need
  41. 1:54to do is let go of your attachment to
  42. 1:56having the right answers yourself and
  43. 1:58use your fear of being wrong to become
  44. 2:01open-minded to these other views
  45. 2:05in this way you could point out the
  46. 2:07risks and opportunities that you would
  47. 2:10individually miss I found that taking
  48. 2:12this radically open-minded approach and
  49. 2:15believability weighting people's
  50. 2:17thinking significantly increased my
  51. 2:19probabilities of making the best
  52. 2:21decisions possible this enabled me to
  53. 2:24ascend to greater heights and greater
  54. 2:26challenges in the past I would have
  55. 2:29always wanted to do what I myself
  56. 2:31thought was best but now I sort out the
  57. 2:35strongest independent thinkers I could
  58. 2:36find I still do there is nothing better
  59. 2:39to be on a shared mission with
  60. 2:42extraordinary people who can be
  61. 2:44radically truthful and radically
  62. 2:46transparent with each other
  63. 2:48this approach led me to create a company
  64. 2:51with the unique idea meritocracy
  65. 2:53operating in a unique way that produced
  66. 2:56unique successes in an idea meritocracy
  67. 3:00you get the best of everybody
  68. 3:02everyone thinks independently then we
  69. 3:05work through our disagreements to get at
  70. 3:07what's best however not every opinion is
  71. 3:10equally valuable and we had to learn to
  72. 3:12distinguish between good ideas and bad
  73. 3:15ones to get the best decisions in other
  74. 3:18words we needed to believability way to
  75. 3:21people's thinking but that's another
  76. 3:23story I will explain in my work
  77. 3:25principles right now there are many
  78. 3:28wonderful opportunities and dangerous
  79. 3:31risks surrounding you that you don't see
  80. 3:34if you saw them free of the distortions
  81. 3:37produced by your ego or your blind spots
  82. 3:40you would be able to deal with them more
  83. 3:42effectively if you could acquire this
  84. 3:44ability and with practice you can you
  85. 3:48will radically improve your life in
  86. 3:50episode 8 I will conclude our short
  87. 3:53journey together with a few practical
  88. 3:55thoughts so that you can begin your own
  89. 3:58journey toward whatever you want

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