Billionaire Ray Dalio loves criticism — and says you should too. (via CNBCMakeIt)
In fact, it should be welcomed, says the billionaire investor."Managing Asia."It's a realization Dalio came to the hard way. In 1982, he blindly predicted a stock market crash, despite critique from his naysayers. That bet nearly lost Dalio his business — an experience he has described as "painfully humbling" — but it went on to define his future."It made me think: How do I know I'm right?" he continued. "That changed my approach to life.
In the years that followed, the entrepreneur did just that, and made feedback a central tenet of his business. Indeed, it's a culture for which Bridgewater Associates has become famous. When people keep bad thoughts held in their minds and they don’t put them on the table, it’s very inefficient, and it’s very unproductive.Under a philosophy Dalio dubs "idea meritocracy," staff are expected to openly give and receive feedback — good and bad — regardless of their level or position. That includes to himself, he said.
"Anybody I'm working with always has the right to question anything, the right to the opinion," said Dalio."When people keep bad thoughts held in their minds and they don't put them on the table, it's very inefficient, and it's very unproductive," he said. "Let's have a totally open communication. If you want an organization to be really, really successful, this is the key to Bridgewater success, then you want a real idea meritocracy."
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