Principles are ways of successfully dealing with reality to get what you want out of life.
Ray Dalio, one of the world’s most successful investors and entrepreneurs, cites principles as his key to success.
While everyone has the right to make sense of things--and is in fact obliged to challenge principles and policies if they conflict with what they believe is the best approach--that's not the same thing as having the right to change them. Changes in policies must be approved by those who made them (or someone else who has been made responsible for evolving them).
When someone wishes to make an exception to an important policy at Bridgewater, they must write up a proposed alternative policy and escalate their request to the Management Committee.
Exceptions should be extremely rare because policies that have frequent exceptions are ineffective. The Management Committee will formally consider it and either reject it, amend it, or adopt it.