Ray Dalio on an Idea Meritocracy
Dear CSS Members and Colleagues:
Depart for a moment from the world of surgery and consider an interesting Ted talk from Ray Dalio who built one of the greatest Hedge funds, Bridgewater (https://www.bridgewater.com/leadership/ray-dalio/)
Most of us work in AMC’s or large Private groups or for large companies developing technology for Orthopedics. For the most part these are not institutions which reflect on decisions. In fact, most make decisions and implement from a Top-down perspective. This is in keeping with their historical structure and responsibility to their Boards. For the most part these are risk-averse organizations that frequently perform with high revenue and low margin returns. Dalio proposes the concept of an “Idea Meritocracy” where we can stress test our own ideas and balance our emotional and intellectual perspectives by systematically comparing with others in the organization. This leads to a collective decision-making that more routinely results in the best decisions. While it may be unfair to compare one of the greatest Hedge Funds to Orthopedic Business and AMC’s it is at least instructive to consider how we might broaden our own views for our strategic decision-making processes.
JP Warner, MD
Click here to view the TED talk: