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.
One can be good and the other can be bad, and it's easy to confuse which is which. Such confusion is especially common in organizations that are doing new things and evolving fast but haven't yet gotten the kinks out.
I have always described Bridgewater as being "terrible and terrific at the same time." For nearly forty years, we have consistently produced extraordinary results while struggling with lots of problems. It is easy to look at messy circumstances, think things must be terrible, and get frustrated. But the real challenge is to look at the long-term successes these messy circumstances have produced and understand how essential they are to the evolutionary process of innovation.