Those that either don’t see or don’t acknowledge their weaknesses are doomed to be crippled by them. Those that accept their weaknesses and find ways to work around them to play to their strengths do better. Those that do best, embrace their weaknesses and find mechanisms, tools or people with complementary strengths to fill the gaps and turn themselves, their teams and their organization into high performing machines.
In his book Principles, Ray Dalio lays out a compelling argument for how Radical Truth + Radical Transparency + Believability-Weighted Decision Making are the crucial components of Bridgewater’s idea meritocracy. He describes how he and his colleagues turn the best thinking that flows from that idea meritocracy into principles and then use those principles to power the decision-making algorithms that helped Bridgewater become the largest hedge fund in the world.