American financier and billionaire Ray Dalio had a typical childhood in an ordinary family. Dalio was very curious and wanted to find out everything by himself. Like any child, he had things he didn’t want to do, so he didn’t do them, no matter how much persuasion he was given. Nevertheless, nothing could stop him from pursuing his passion.

A great example was his attempts to earn money. At eight, he started delivering newspapers, clearing snow from driveways, serving tables, and washing dishes at a restaurant. His parents didn’t push him to do this and encouraged him to focus more on studying. But Dalio had different views on life. Earning and spending money in those early years taught him a lot of precious life skills that he would not have learned at school or while playing with his friends.

Ray’s interest in finance began with a game in the 1960s. At that time, Fortune magazine had a small tear-off coupon that people mailed in to obtain free annual reports from Fortune 500 corporations. He ordered all of them and began building an investment library as he played around. In 1966, the stock market was booming, and Ray was making money.

His education, work in various companies, and personal experiences led Ray to found Bridgewater Associates in 1975. At that time, the company’s office was just a room in his apartment. Ray spent most of his time following the markets and showing clients how to manage risk in the market. And, of course, Ray continued to trade on his account. For eight years, the company didn’t achieve the desired success. Losing people he cared so much about and almost losing his dream of working for himself was devastating. However, through reflection, effort, and perseverance, Ray managed to get Bridgewater back on the path to success.

He highlights key principles that helped him build Bridgewater as an ideal meritocracy. It promotes thoughtful differences and examines and weighs people’s ideas based on their merits. He recommends seeking out and communicating with the most intelligent people who disagree with you. The goal is to understand their reasoning and look at your own opinion from a different perspective. Create, validate, and organize timeless and universal principles. Balance the risks to maintain the big benefits and reduce the negative impacts.