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1、全球最优秀的对冲基金管理哲学MyoverridingobjectiveatBridgewaterisexcellence,ormoreprecisely,constantimprovement.Firstandforemost,Iwanttohaveacultureofexcellencethatresultsinasuperbandconstantlyimprovingcompanyinallrespects.ToachieveexcellenceIbelievethattruth,ormoreprecisely,one'saccuracyinunderstandingreality,
2、isessential.Ialsobelievethatradicalopenness,thoughitcanbeuncomfortable,isessentialingettingattruth.Truthservesasthefoundationforexcellence,andopennesshelpstoassuretruth.I'lldowhateverittakestomakethecompanygreat,includingthedifficultanduncomfortablethings.Ineedtohavepeoplearoundmewhoaresimilarlym
3、otivated,bothbecauseIcannotachievethecompany'sgoalsaloneandbecauseIwouldnotwantto(Iwanttoworkhardandcelebratethesuccesswithothers).Ihavebeenveryluckyinthisregardasseveralpeoplewhosharethesamephilosophyhavebeenwithmeformanyyears,andtherearemanymorewhohavebeenherelesstimethatIamoptimisticabout.Theg
4、reatestcomplimentsomeonecouldpaymeistotellmewhatagreatteamofpeopleIhaveassembled.But,Iwon'tcompromiseexcellencefortheteam.Thisbringsmetothesubjectofconflict.ConflictinthepursuitofexcellenceisaterrificthingandisstronglyencouragedatBridgewater,infactdemanded.Iwantpeopletoexploredisagreementsbecause
5、thisallowsustoidentifytruthandovercomepossibleimpedimentstoexcellence.Thereshouldbeno(oraslittleaspossible)hierarchy.Certainlythereareorganizational"superior/subordinate"relationships;however,every"subordinate"isencouragedtodebatewithhisorher"superior"ifheorshethinkstheyknowthebetterway,andevery"
6、superior"isrequiredtoencouragethis.Thesediscussionsshouldtakeplaceopenlyand,ifdisagreementremains,appropriatelyknowledgeablepartiesshouldbeconsulted.The"superior"isencouragedtoonlyrarelyusetheauthorityofhisorherpositionindeterminingtheoutcome.Iwantpowertolieinthereasoning,notintheposition,ofthein
7、dividual.Whiletherearedrawbackstothisapproach(alotoftimecanbespentindiscussions,disagreementscanproducetensions,etc.),theadvantages(thedecisionsarelikelytobebetter,evolutionoccursfaster,peoplewhodon'thaveseniorityknowt
