On excellence......................

     Our overriding objective is excellence, or more precisely, constant improvement, a superb and constantly improving company in all respects.
     Conflict in the pursuit of excellence is a terrific thing.  There should be no hierarchy based on age or seniority.  Power should lie in the reasoning, not the position, of the individual.  The best ideas win no matter who they come from.
     Criticism (by oneself and by others) is an essential ingredient in the improvement process, yet, if handled incorrectly, can be destructive.  It should be handled objectively.  There should be no hierarchy in the giving or receiving of criticism.
     Teamwork and team spirit are essential, including intolerance of substandard performance.  This is referring to 1) one's recognition of the responsibilities one has to help the team achieve its common goals and 2) the willingness to help others (work within a group) towards those common goals.  Our fates are intertwined.  One should know that others can relied upon to help.  As a corollary, substandard performance cannot be tolerated anywhere because it would hurt everyone.
     Long-term relationships are both a) intrinsically gratifying and b) efficient, and should be intentionally built.  Turnover requires re-training and therefore creates setbacks.
     Money is a byproduct of excellence, not a goal.

Ray Dalio,  as excerpted from a 1996 office memo reprinted in  Principles