Page 100 - Ray Dalio - Principles

it is also joyous because of the excellence they achieve and the
extraordinary relationships they make. And the ones who can’t
or won’t adapt must be cut; this is essential to keeping

Bridgewater excellent.

For a long time, I had been the one responsible for
establishing the culture and upholding its high standards. But
in 2010, I was sixty years old and had been running
Bridgewater for thirty-five years. Though I expected to be
good for another ten years or so, I was ready to put my energy
into other things. While I always wanted to be deep into the

markets, I wanted to spend more time with my family and
friends, to help policymakers, and to pursue a few growing
passions (like ocean exploration and philanthropy) as well as
whatever else interested me. My plan was to step out as CEO
while helping my replacements as a mentor, remain in my
investment role, and take the time I gained from no longer
managing the company to suck the marrow out of life while I

still could.

As with all organizations, whether Bridgewater would
succeed would come down to the people and the culture.
People who run companies are faced with important choices
every day. How they make those choices determines the
character of the company, the quality of its relationships, and
the outcomes it produces. When the buck stopped with me, I

was responsible for most of the important decisions. Now
those decisions would be in the hands of others. While they
would have a well-established culture and agreed-upon
principles that had worked for decades, the proof would be in
the pudding.