In the end, what matters most is that the people you work with share your values, so I've wanted people who value the meaningful work and meaningful relationships that always motivated me in building Bridgewater.

Know what your people are like, and make sure they do their jobs excellently.

There is giant untapped potential in disagreement, especially if the disagreement is between two or more thoughtful people

People who confuse what they wish were true with what is really true create distorted pictures of reality that make it impossible for them to make the best choices.

Do not feel bad about your mistakes or those of others. Love them! Remember that one: they are to be expected; two: they're the first and most essential part of the learning process; and three: feeling bad about them will prevent you from getting better.

To have an idea meritocracy, one needs to do three things. First, they have to put their honest thoughts on the table, for everyone to look at and everyone to work through. Second, they need to have thoughtful disagreement, by which there are quality exchanges, in which there's open mindedness and the realization that no one has all the right answers. And you can work through that and get to better answers because good collective decision making is better than any individual decision making. And third, you have to have ways of getting past the disagreements if they remain.

You should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.