Billionaire Memo
Painted portrait of Ray Dalio Ray Dalio · set in the movement 51 memos drawn
quoted verbatim

The Principals · Jewel XIII of XXI

Ray Dalio

Founder of Bridgewater Associates, the world's largest hedge fund.

Calibres
Principles for Dealing with the Changing World Order · Principles: Life and Work · Principles for Navigating Big Debt Crises
Jewels set
51 memos drawn to date
Most recent
March 2026

Drawn from Dalio

All memos →
Ref. 115 · deep dives

How 4 Billionaires Actually Scaled Their Businesses — And What They’d Tell You to Do Differently

Call Me Ted, Principles: Life and Work, Screw It, Let's Do It, The Art of the Deal

Power reserve 13 min
Ref. 216 · deep dives

How 4 Billionaires Built Brands From Nothing — And What They Disagree About

Direct from Dell, Screw It, Let's Do It, How Countries Go Broke, Bloomberg by Bloomberg

Power reserve 12 min
Ref. 260 · deep dives

How 4 Billionaires Handle Failure — And What Their Differences Reveal

Warren Buffett's 1968 Annual Letter, Principles: Life and Work, Direct from Dell, Call Me Ted

Power reserve 12 min
Ref. 224 · deep dives

How 4 Billionaires Handle Failure — And What Their Approaches Reveal About Success

Berkshire Shareholder Letters, Principles: Life and Work, What I Know for Sure, Bloomberg by Bloomberg

Power reserve 11 min
Ref. 85 · deep dives

How 4 Billionaires Handle Failure — And What They Do Differently

Bloomberg by Bloomberg, Berkshire Shareholder Letter 1999, Measure What Matters, Principles: Life and Work

Power reserve 11 min
Ref. 92 · deep dives

How Billionaires Actually Think About Cash Flow — And Why Most Business Owners Get It Wrong

Onward, Principles for Navigating Big Debt Crises, Play Nice But Win, Made in America

Power reserve 12 min
Ref. 119 · Single Quotes

How Ray Dalio Turned 50 Years of Debt Cycles Into a System That Beat the 2008 Crisis

Principles for Navigating Big Debt Crises

Power reserve 2 min
Ref. 127 · versus

Howard Schultz vs. Ray Dalio: Leading with Heart vs. Leading with Systems

Pour Your Heart Into It, Principles: Life and Work

Power reserve 5 min
Ref. 113 · versus

Jeff Bezos vs. Ray Dalio: Embracing Failure vs. Learning from It Systematically

Invent and Wander, Principles: Life and Work

Power reserve 5 min
Ref. 178 · versus

Michael Dell vs. Ray Dalio: Building on Direct Feedback vs. Reading Historical Patterns

Direct from Dell, How Countries Go Broke

Power reserve 5 min
Ref. 163 · versus

Ray Dalio vs. Ray Kroc: Reading the World’s Patterns vs. Grinding Until the Opportunity Arrives

Principles for Dealing with the Changing World Order, Grinding It Out

Power reserve 4 min
Ref. 193 · quick takes

Ray Dalio’s Rule for Making Better Decisions

Principles: Life and Work

Power reserve 1 min

Their calibres in the library

Cal. 001 Principles for Dealing with the Changing World Order 13 memos drawn Cal. 002 Principles: Life and Work 8 memos drawn Cal. 003 Principles for Navigating Big Debt Crises 6 memos drawn Cal. 004 Pour Your Heart Into It 1 memos drawn

The next Dalio memo arrives on a Tuesday

One memo a week from the manufacture: the passage as written, the chapter it lives in, and what it is worth to whatever you are building.

Lifetime guarantee · Stop any Tuesday