Billionaire Ray Dalio, founder of the world's largest hedge fund Bridgewater Associates, is impressed by one key skill: failing "well."
"The people I respect most are those who fail well," Dalio tweeted on Friday. "I respect them even more than those who succeed."
By failing "well," Dalio said, one learns from their mistake and changes their behavior.
"[I]t requires much more character to fail, change, and then succeed than to just succeed," he tweeted. "Of course the worst are those who fail and don't recognize it and don't change."
In fact, "the key to success," according to Dalio, is knowing how to "fail well," he wrote in his book "Principles: Life and Work," because in doing so, you're "able to experience painful failures that provide big learnings without failing badly enough to get knocked out of the game."
This is something Dalio learned while growing up.
"Since I was a kid ... I got excited about visualizing things to go after, had some painful failures going after them, learned principles that would prevent me from making the same sort of mistakes again, and changed and improved," Dalio wrote in "Principles: Life and Work."
It allowed him to "imagine and go after even more audacious goals," he said. "This way of learning and improving has been best for me."
Along with his respect for those who "fail well," Dalio said in a December 2019 YouTube video that "the people I admire the most are these people who have great character and [are] giving to other people."