Ray Dalio & Bill Belichick on Building Great Teams

Since I released my book Principles: Life & Work, several remarkably successful people from all walks of life contacted me telling me that they used basically the same principles across domains and asked me if I would brainstorm with them about principles for success. This led to my having incredibly interesting and valuable conversations that I want to pass along to you so you can get the best possible principles for success.
This first conversation is with one of the greatest football coaches and team builders in history, Bill Belichick, who just earned his 300th career win. After he read Principles he called me and said, “Mine are remarkably similar. Can we chat?” I asked him if we could record it for others to hear and he said sure, so here you go. We sat down before the start of this season to talk about building great teams and how failure is the most valuable part of the path to achieving great success, which is especially interesting as this season has been a challenging one so far. Our long conversation was edited down to a 45-minute piece, which I also broke up into short clips that I will pass along separately.
Get the book, Principles: Life & Work, here: amzn.to/2JMewHb
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Key Sections:
00:00 Introduction
01:59 Going From Nothing to Something Big
05:10 Tough Love
09:42 Learning from Failure
12:31 Picking People
16:39 Identifying and Addressing Mistakes
20:53 The Art of Giving Feedback
25:49 Dealing with Arrogant Players
27:08 Having Great Relationships
33:53 The Psychology of the Team
35:00 Toughness
39:07 Bill’s Most Important Principles for Success
42:54 Learning and Development
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More on Ray Dalio:
Ray Dalio is the founder and CIO Mentor of Bridgewater Associates, the largest hedge fund in the world. He is the author of #1 New York Times Bestseller and #1 Amazon Business Book of the Year, Principles. Dalio has appeared on the Time 100 list of the most influential people in the world as well as the Bloomberg Markets list of the 50 most influential people. He lives with his family in Connecticut.
Principles from this conversation:
04:03: Write down your Principles
04:48: Accept coaching and take positive action
07:14: Strengthen your weakness to compete
07:54: Avoid the personal at all costs
09:38: If you don’t address your weaknesses, your opponents will
10:34: Pain + Reflection = Progress
10:55: Job security is based on performance
12:17: It’s either the pain of preparation or the pain of failure
12:31: Picking People
13:10: Define the role clearly and “hear the click"
13:57: Treat people the same on the way out as you did on the way in
14:38: Have clear specifications
15:25: If you know what somebody is like, you know what you can expect from them
15:32: Know what can improve through training and what can’t
17:47: Ask: Who should do what differently?
18:03: Diagnose your mistakes to get at the root cause
18:44: Play to your strengths and protect your weaknesses
20:11: Willingness to own mistakes is a key marker of success
21:38: If you don’t address the issue, you’ll have confusion about the problem
23:41: Great leaders welcome criticism
24:59: Put your compliments and criticisms in perspective
28:34: Be generous and expect generosity from others
29:19: Know where the line is and be on the far side of fair
31:14: Cultivate meaningful work and meaningful relationships
32:45: Learning goes both ways
34:30: Prioritize execution
39:20: Do your job, work hard, pay attention to details & put the team first
39:33: Put the mission first
40:35: Ignore the noise
40:50: Focus on your performance
42:04: Focus on the important relationships
43:19: There’s no substitute for hard work
43:43: Leadership is doing your job and putting the team first
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For more from Ray Dalio:
Principles | #1 New York Times Bestseller: amzn.to/2JMewHb
Principles | Your Guided Journal: www.amazon.com/Principles-You...
Principles for Success, distills Principles into an easy-to-read and entertaining format for readers of all ages: amzn.to/34lgnNJ
Download his free app: principles.app.link/PFS
Connect with him on Facebook: / raydalio
Follow him on Twitter: / raydalio
Follow him on LinkedIn: / raydalio
Follow him on Instagram: / raydalio
Follow him on TikTok: / principlesbyraydalio

[@josephtagliente6894]

“If you don’t know where you’re going, any road will take you there.” Great phrase from Coach B.

[@livinginPantopia]

Alice: Would you tell me, please, which way I ought to go from here? The Cheshire Cat: That depends a good deal on where you want to get to. Alice: I don't much care where. The Cheshire Cat: Then it doesn't much matter which way you go. Alice: ...So long as I get somewhere. The Cheshire Cat: Oh, you're sure to do that, if only you walk long enough.

[@peterenestrom]

Two legends of their respective fields having a casual conversation on their fundamental beliefs and principles…what a time we live in

[@backpackly]

This is a gem of a conversation. Thank you Ray for continuing to help our collective evolution!

[@projectgolio]

Really fantastic discussion. "Do your job and do what is best for the team". I love how both of these guys have such clarity. I imagine that clarity was both hard-won and totally instrumental in their successes.

[@WinVault]

Love this def need more conversations like this! 🙏

[@kurtschultz9807]

This is really good. Bill is so smart and such a good teacher. His guidance is not just for sports but also the work world. Really enjoyed this.

[@WarriorsPhoto]

Exactly! Bill B is a leader for more than the sports world.

[@maiden_america]

Great conversation. Create the vision and stick to the path on getting there. Be humble & kind, educate yourself & take the time to appreciate the lessons.

[@linkercasas1004]

Two people I highly respect! A great treat to see this! 😎

[@scottpalmer5969]

Two legends sharing many pearls of wisdom! Awesome.

[@Jamminn555]

Best conversation on team building and leadership I think I've ever seen. Principles, insights, nuggets, and examples from Ray Dalio & Bill Belichick, two of the world's most successful leaders, with great stories of failure and gray areas as well.

[@juanbarberis7192]

Thank you! Thank you! Thank you! Blessings!

[@publicspeaker3086]

As a pats fan and a Ray Dalio supporter. This came to me as the delight of the week. LETS GOOOOOOOO!

[@therealjayz8036]

Ray is a legend, Bill is being exposed for the average head coach he really is when he doesn’t have an all time great QB

[@publicspeaker3086]

That's your opinion and I'm giving you a thumps up for it. That said. Humans tend to judge legends based on the resume they've built@@therealjayz8036. Don't get me wrong I think TB12 had his magic on the Pats. But it would be silly to base all the glory on one nigga and all the blame on the rest of his Team.

[@user-fj5ct2ri2j]

Thank you two for letting us sit in and be 'in your room' and convo.......

[@CristofEnsslin]

Thank you for recording this video. I read Ray's book a couple of years ago - and it completely changed my life. I finally opened up to learning from others! Thank you, Ray Dalio, for writing this book.

[@TomWang]

what was your biggest takeaway?

[@tel5690]

One of the best conversations ever Coach and Ray Just talking about the road to success

[@jamesolsen5818]

Loved this conversation. Hope Ray has some more interviews

[@mikemaresh2417]

This is like hearing General Eisenhower and Henry Ford talk about leadership and strategy. This is awesome!

[@cyberike]

Ray is having an absolute blast during this interview

[@danielgnecco1662]

Let's go! Love this new format. Keep it coming.

[@yashagar4443]

Thank you for your lessons sir

[@JamrockVybzTV]

Awesome conversation. Thank you both!

[@realestatejunkie0414]

The collab I never thought I would ever see on KZbin. Before watching it and having studied Bill for a long time, I can tell you what he will say. Important things would be defining the role of every person in the building and not letting them drift outside that role. Do Your Job is defining roles, keeping them accountable, and also not letting middle managers take people out of their defined role.

[@kassimligopora4457]

Thank you for recording this video very meaningful and practical 🙏🏾🙏🏾

[@danprado3020]

This is a great piece. Deep to the core of what's involved with growth.

[@Thisisbamidele]

Fantastic conversation, it's really helpful. Thank you.

[@struongcosmetic1032]

Thank you.🎉🎉🎉

[@America1st2029]

Videos like this should have millions of views.

[@Legal_Savant]

Bill Belichick: "It's either the pain of preparation or the pain of failure." Nick Saban: "You either suffer the pain of discipline or suffer the pain of disappointment." Two Legends with the same message, which means you should probably take note.

[@skyline128]

and two best friends

[@mouadtalbi94]

Thank you, right video at the right time 🫡

[@lupiscask]

Buenos días RAY. Abrazo fuerte👍🇲🇽🇲🇽

[@patrickmork]

great discussion. Ray's book is a MUST read for people serious about leadership, management and building companies. regardless of whether you're in corporate or building a startup

[@BhanuKorremula]

When legends talk learn, listen, customize and execute

[@rohitdas475]

Learnings for lifetime...

[@Dillygotitbumpin]

I'm so grateful for Ray spreading his knowledge and lessons like this. Great talk, can't wait to see who else he talks with

[@gatewaypartners8018]

Brilliant. Stay Generous folks.

[@rogue_luko]

Great nuggets of wisdom in this video!

[@jonquindiagan7625]

Thanks for sharing

[@criticalwealththeory]

i love all your youtube diagram videos..

[@Ksp0626]

Wow this is legendary

[@user-cv9gy4rd7t]

太专业了!

[@darrengagliardi1540]

What a remarkable discussion. Also, the most open I’ve ever seen Belichick.

[@antoan.s]

"Do unto others as you would have them do unto you"

[@de1738]

Ray, Bill🎉

[@tenningale]

As someone who watches Dalio and also Belichick's grunting to the media for entertainment, this is a great crossover. 40:04 is perfect

[@cleopaskavita8960]

Great Insight

[@fredyfbaby]

The two 🐐🐐

[@KatherineAnderson-lm8bw]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[@user-cr8nd1sy8e]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.

[@blessingpaul5484]

This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?

[@KatherineAnderson-lm8bw]

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.

[@SophiaBint-wj8wn]

Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.

[@alicebenard5713]

I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?

[@America1st2029]

12:49 Identify the right people who will fit in your culture and program because it is very hard to fundamentally change people if they don’t have the qualities that you are looking for. 💯

[@RobJones-zx2jp]

There are only 3 ways to treat a person, whether on a team or in an organization. You can pat them on the back - “well done!”. You can kick him in the ass-“What are you doing? You can do better!”And three you can leave them alone. A great leader knows how to treat a person in that moment those three ways or combination therof and it’s an art.

[@jeanmarkbadibanga8689]

Great discussion

[@bestofyoutubecomedy5666]

Awesome

[@user-nm2ew1sq6j]

厉害的家伙

[@Home_Inspector]

This book and Arnold Schwarzenegger's book "Be Useful" are my companions

[@justadudeintheworldman.120]

Please hook Bill up with your publisher & begin a Principles like book for Bill. Would be a bestseller no doubt

[@carolyndean2095]

Thanks again for your work. As a professional leadership and team coach of 34 years (and an amateur trader!) I’d be really interested to know your thoughts on dealing with people’s relationship to power which I think is associated with the discussion with Bill about dealing with arrogance. Other principles do attend to the propensity towards the arrogance, lack of generosity, lack of listening, utter belief in one’s view to the exclusion of others a person can slip into when they are successful but I was wondering if you have any thoughts on having a healthy relationship to power specifically.

[@Man_Man410]

I just learned so much watching this interview.

[@rdmaker3]

Hello, Ray! I am curious about the meaningful relationship you mentioned. Then, what is the meaningful life like?

[@FlipzFlip]

Thank you for posting this. Why cut the audio immediately after asking questions? A few answers were skipped and then the video was cut to a new topic. E.g at the end of the video.

[@pathfollowed]

Great conversation! After creating PathFollowed I came across the book Principles, and it was extremely helpful. At PathFollowed I talk about the importance of principles in the leadership domain and specifically how they help you make decisions. Bill stated it best when he said your book put into words some of the same principles I already live by.

[@justadudeintheworldman.120]

This was great, currently reading Belichick by Ian O’Connor

[@dharrison9221]

Great book!

[@PaulTrippy-bj8ho]

Ray Dalio [aries] , Bill Belichick [leo] , super compatitable

[@navleekha9168]

Make more of content like principles your guided journal. More videos on upcoming world scenarios. As you are the one who’ll provide data along. Navigate 2030

[@kargulman]

❤

[@thelastbison2241]

More interviews please.

[@user-np4bb9ir7i]

对谈高手

[@krisw1977]

How does one bring the team together especially when on different pay scales or the team members believe they are not paid fairly.

[@joshuakessler8346]

The Secret is to have Tom Brady as your QB

[@thefinancevulture3682]

who drafted tom brady?

[@herbertli9603]

Someone please tell me when did they mention Tom Brady in this video

[@erichsen07]

one suggestion : improve the audio quality for your next content, maybe put mic nearby the speakers :)

[@aldoobregon1243]

Ray, on your most recent book you mentioned you were working on you next book already “principles for economics and investments”, just wanted to know when can we expect ir to be published? I think many of us are looking forward to it

[@principlesbyraydalio]

It probably won’t be out for another year or so as I’m deeply involved in other research that I will pass along to you.

[@butterylight]

Great content, but for two legends, I would expect better audio-video quality. Poor audio levels, jump cuts, and footage look desaturated.

[@ivandeee]

Thank you for the interview. Ray, what do you think about luck? There are a lot of hard working, educated people with principles and they just don't make it.

[@Barubindc]

The audio is off

[@andrewcreech8158]

Make this louder please

[@Victory1507ci]

BB should be coaching in Dallas or Buffalo. If they go 0-2 or 0-3; watch out!

[@WallStreetPirate]

Ray, the great narrator, eh (?) 😀

[@josephtagliente6894]

Belichick’s Principles for Success: 1. Do your job 2. Work hard 3. Pay attention to details 4. Put the team first

[@user-zl1xr7iq1o]

都市回来了!

[@sunnykhan5920]

Gallup will argue that you don’t “strengthen your weaknesses” but actually “manage your weaknesses”. You should strengthen your strengths :)

[@sahilpawaskar5512]

👍👍👍👍

[@Okwegeddit]

“Bellichik can’t throw the ball I can’t coach” Tom Brady

[@mtheory1999]

🤯🤯🤯

[@peterthrasher3519]

Bill Belichick is 77-79 outside of the Brady years. I’ll just leave this right here.

[@fernandovergara3119]

Hombre saber quién más fuerte calpedo espieza

[@justadudeintheworldman.120]

Get Nick Saban next

[@user-jc1mm2ec8u]

姐妹回来了!

[@YouTubeChannel-wc8ip]

What do you mean ?

[@peterfitzentite6581]

You need to have TB12 on your team.

[@MekonenMeteor123]

I didn’t know Bill Belichick had emotions

[@mithunmodnol6975]

Mithunmobnol

[@peachleafwillow607]

Wait hold on here, what's Bill's record again without Brady??

[@charlestumazos3439]

The way Ray Dalio vibes with Bill Bellichek, I know I would have vibed with Al Davis. His philosiphies and how he embodied them are very similar to me.

[@sadatmcarthur7641]

Why don't you run for office?

[@MegaJw99]

disappointingly never asked cheat-codes and swindling techniques The Pats employed

[@John-sh6sr]

The correct answer to all this is to have Tom Brady, THE GOAT on your team - Bill acts like he actually did something (but he did not)

[@julianbrown9338]

Who drafted Tom Brady ya dingbat? Leadership and greatness isn't just about your own capabilities but being able to recognize them in others.

[@stephenwilson9480]

I've never understood why people keep saying bill would be nothing without Brady. Who built them teams. Plus it was the whole team that won Superbowls not just Tom brady

[@andreasdwiputra8818]

Brady always have to carried Belichick inferior team, look at his 11 yrs record wo brady@@stephenwilson9480

[@Tex_155]

Step 1: have the greatest QB of all time on your team. Step 2: Watch greatest QB of all time win superbowls Step 3: give interviews as an authority on building great teams.

[@thefinancevulture3682]

you win as a team and lose as a team.

[@julianbrown9338]

Before step 1, have the skillset and knowledge to draft Tom Brady. You cynics are ridiculous.

[@Tex_155]

@@julianbrown9338 ah yes, the foresight to know that you were about to draft the best QB ever and yet to also know you could wait until the 199th pick to do so. Genius! Then to follow that up with mediocre (at best) draft classes ever since- 5D Chess of team building. Having a losing record before Brady - all those losses led to that genius 199th pick that had nothing to do with luck. Having a losing record after Brady? Obviously a genius long term master plan for the best team builder of our life time.

[@skyline128]

he seems to be always be around great players. won two superbowls with lawrence taylor, maybe coaching great players makes them even greater huh?

[@thefinancevulture3682]

when you read manager's books, good managers attract good workers and are good at putting teams together. the one-minute manager, Peter Teils 0-1 Ray Dalio's principles, all talk about this. a good manager will be able to identify and put together a great team. i do think that a team wins because of the team rather than a player. It's why I think ultimately the Warriors beat Labron James more times in the finals. Labron is a alltime MVP. But he lost to a team of really great players who worked well together as a team.

[@c.w.pritchard7685]

TWINS... separated at birth?

[@millerrh2]

Hey Bill- you should re-read the book, your team is terrible this year

[@ultimatevictory9900]

Answer: Get the greatest football player of all time.

[@skyline128]

which one? he's had two on two different teams

[@abi2132]

#sans #women ? #dismiss #year2023

[@Regularguy1798]

Bellìchick - how about not screaming up and loosing the GOAT Tom Brady???

[@michaeltracey5691]

Your spelling and grammar is representative of your thinking - hopeless. Bill basically orchestrated the first three super bowls without too much of Tom playing his eventual superstar role. Educate yourself, brother! 😎🙏🏼✌🏼