Billionaire investor Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, believes one should recognize mistakes are a natural part of the evolutionary process, it was reported in October 2022.
The author of the bestselling book "Principles" also quoted Amazon.com, Inc. AMZN founder Jeff Bezos on how important the willingness to fail is. "Jeff Bezos described it well when he said, 'You have to have a willingness to repeatedly fail. If you don't have the willingness to fail, you're going to have to be very careful not to invent,’" he tweeted.
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Dalio said if one cannot tolerate being wrong, one won't grow. “You'll make yourself and everyone around you miserable, and your work environment will be marked by petty backbiting and malevolent barbs rather than by a healthy, honest search for truth,” he said.
The billionaire investor explained that there is a scope to learn a lot while also increasing effectiveness if one doesn’t mind being wrong on the way to being right. “You must not let your need to be right be more important than your need to find out what's true,” he said.
Dalio is a big proponent of fairness and believes it should not be taken for granted. Last week, he explained through a series of tweets how there is a clear difference between fairness and generosity and that people should able to differentiate between them.
This story was originally published on Oct. 20, 2022.
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