c) 高级管理者与初级管理者、管理者与两级以下的被管理者之间的人数比例应该限定在一定范围内，以确保高质量的沟通与互相理解。
d) The number of layers from top to bottom and the ratio of managers to their direct reports will limit the size of an effective organization.
d) 自上而下的层级数量以及管理者与直接下属的比例会制约高效公司的规模。
e) The larger the organization, the more important are 1) information technology expertise in management and 2) cross-department communication (more on these later) .
e) 公司越大，越需要1）在管理中运用信息技术；2）跨部门沟通（后详）。
f) Do not build the organization to fit the people.
f) 不要为了迁就人员而组建机构。岗位是基于所需完成的工作来设定的，而不是基于人们想要干什么事，能干什么事而设定。
... 176) Have the clearest possible delineation of responsibilities and reporting lines.
... 176) 尽可能清楚地描述工作职责与级别关系。
a) Create an organizational chart to look like a pyramid, with straight lines down that don’t cross.
a) 建立一个金字塔形的组织图，画出不相交的竖线
... 177) Constantly think about how to produce leverage.
... 177) 经常思考该如何让事情发挥最大的效果。
a) You should be able to delegate the details away.
a) 你应该将细节工作委派给他人。
b) It is far better to find a few smart people and give them the best technology than to have a greater number of ordinary and less well-equipped people.
b) 与其让一众能力平庸之人获得不那么精良的装备，不如只给一小部分聪明人配备最好的技术。
c) Use “leveragers.”
c) 使用执行力强的人。
... 178) Understand the clover-leaf design.
... 178) 理解四叶草形的机构设置。
... 179) Don’t do work for people in another department or grab people from another department to do work for you unless you speak to the boss.
... 179) 不要为其他部门做事，也不要在没有和其他部门领导交涉的情况下从其他部门抓人来为你做事。
... 180) Watch out for “department slip.”
... 180) 谨防“部门职能错位”。
... 181) Assign responsibilities based on workflow design and people’s abilities, not job titles.
... 181) 在分配责任时，注意考虑工作流的设置和员工的能力，而不是岗位头衔。
... 182) Watch out for consultant addiction.
... 182) 谨防过分依赖外部咨询。
... 183) Tool: Maintain a procedures manual.
... 183) 工具：使用流程手册。
... 184) Tool: Use checklists.
... 184) 工具：使用任务清单。
a) Don’t confuse checklists with personal responsibility.
a) 不要将任务清单与个人责任混为一谈。
b) Remember that “systematic” doesn’t necessarily mean computerized.
b) 记住，系统性并不意味着必须全部由电脑来控制。
c) Use “double-do” rather than “double-check” to make sure mission-critical tasks are done correctly.
c) 要“重复工作”，不要“重复检查”，保证重要任务完成无误。
... 185) Watch out for “job slip.”
... 185) 谨防“职责错位”。
... 186) Think clearly how things should go, and when they aren’t going that way, acknowledge it and investigate
... 186) 考虑清楚工作应该如何开展，如果事情不是朝预期的方向发展，需要及时发现并展开调查。
... 187) Have good controls so that you are not exposed to the dishonesty of others and trust is never an issue.
... 187) 加强监管，谨防他人的不诚实，使信任不再成为问题。
a) People doing auditing should report to people outside the department being audited, and auditing procedures should not be made known to those being audited.
a) 审计人员应该向被审计部门之外的人汇报审计结果，同时审计程序不能向被审计对象透露。
b) Remember: There is no sense in having laws unless you have policemen (auditors) .
b) 记住，如果没有警察（审计人员），法律则形同虚设。
... 188) Do What You Set Out to Do
... 188) 按计划进行。
... 189) Push through!
... 189) 坚持到底！
To Make Decisions Effectively…
有效决策
...190) Recognize the Power of Knowing How to Deal with Not Knowing
...190) 认可处理无知的能力
... 191) Recognize that your goal is to come up with the best answer, that the probability of your having it is small, and that even if you have it, you can’t be confident that you do have it unless you have other believable people test you.
... 191) 要认识到，你的目标是找到最佳答案，而找到最佳答案的可能性是很小的，就算你真的找到了，你也无法确信自己成功了，你必须让其他的靠谱的人来对你进行测试。
... 192) Understand that the ability to deal with not knowing is far more powerful than knowing
... 192) 要知道，处理无知的能力要比知道某事的能力更强大。
a) Embrace the power of asking: “What don’t I know, and what should I do about it?”
a) 鼓励提问：“有什么是我不知道的呢？那我该怎么办呢？”
b) Finding the path to success is at least as dependent on coming up with the right questions as coming up with answers.
b) 寻找成功的道路上，提出正确的问题与获得正确答案同等重要。
... 193) Remember that your goal is to find the best answer, not to give the best one you have.
... 193) 记住，你的目标是寻找最佳答案，而不是在已有的答案中挑一个最好的。
... 194) While everyone has the right to have questions and theories, only believable people have the right to have opinions
... 194) 每个人都有权拥有自己的问题和理论，但是只有靠谱的人才有权提出观点。
... 195) Constantly worry about what you are missing.
... 195) 时刻警惕考虑不周的情况。
a) Successful people ask for the criticism of others and consider its merit.
a) 成功人士会征求别人的批评意见，并看到批评的价值。
b) Triangulate your view.
b) 吸收众人观点。
... 196) Make All Decisions Logically, as Expected Value Calculations
... 196）做决定要讲逻辑，基于期望值测算
... 197) Considering both the probabilities and the payoffs of the consequences, make sure that the probability of the unacceptable (i.e., the risk of ruin) is nil.
... 197）考虑结果的可能性与收益，确保不可接受结果（如搞砸的风险）的可能性为零。
a) The cost of a bad decision is equal to or greater than the reward of a good decision, so knowing what you don’t know is at least as valuable as knowing.
a) 不良决策的代价等同于，甚至严重于正确决策带来的回报，因此，知道自己没掌握什么，至少和知道自己掌握什么一样有价值。
b) Recognize opportunities where there isn’t much to lose and a lot to gain, even if the probability of the gain happening is low.
b) 鉴别出有亏少利多的机，就算获利可能性低也要试试。
c) Understand how valuable it is to raise the probability that your decision will be right by accurately assessing the probability of your being right.
c) 精准评估，提高决策的准确性十分有价值。
d) Don’t bet too much on anything. Make 15 or more good, uncorrelated bets.
d) 任何事情都不能押过多赌注，要留15%或更多的余地给无关联的赌注。
... 198) Remember the 80/20 Rule, and Know What the Key 20% Is
... 198）牢记80/20法则，并知道那关键的20%是什么。
... 199) Distinguish the important things from the unimportant things and deal with the important things first.
... 199）区分重要事项和不重要事项，先处理重要事项。
a) Don’t be a perfectionist
a) 不要做完美主义者。
b) Since 80% of the juice can be gotten with the first 20% of the squeezing, there are relatively few (typically less than five) important things to consider in making a decision.
b) 压榨过程进行20%的时候就能得到80%的果汁，所以做决定时，最重要的事项是比较少的（一般少于五件）。
c) Watch out for “detail anxiety,”
c) 警惕“细节焦虑”。
d) Don’t mistake small things for unimportant things, because some small things can be very important
d) 不要混淆小事情和不重要事项，因为小事情也可能很重要。
... 200) Think about the appropriate time to make a decision in light of the marginal gains made by acquiring additional information versus the marginal costs of postponing the decision.
... 200）要根据获取额外信息而取得的边际收益与延迟决定所造成的边际成本的比较与权衡，来思考合适的时间做出一个决定。
... 201) Make sure all the “must do’s” are above the bar before you do anything else.
... 201）确保所有“必须完成的任务”在完成时优先于其他任何事情。
... 202) Remember that the best choices are the ones with more pros than cons, not those that don’t have any cons. Watch out for people who tend to argue against something because they can find something wrong with it without properly weighing all the pros against the cons.
... 202）要记住，最佳选择是基于赞同意见多于反对意见的，当然不是说不允许任何反对意见。要警惕有人在不恰当权衡正反意见的基础上挑错，进而反对。
... 203) Watch out for unproductively identifying possibilities without assigning them probabilities, because it screws up prioritization.
...203）要警惕在没有考虑所有可能性的情况下，就低效地确定其可能性，这样会打乱优先次序。
... 204) Understand the concept and use the phrase “by and large.”
... 204）理解并运用“总体来说”的概念。
a) When you ask someone whether something is true and they tell you that “It’s not totally true,” it’s probably true enough.
a) 当询问某事的真实性时，若对方告诉你“也不完全是事实”时，其实也八九不离十了。
... 205) Synthesize
... 205）综合
... 206) Understand and connect the dots.
... 206） 理解并串联关键点
... 207) Understand what an acceptable rate of improvement is, and that it is the level and not the rate of change that matters most.
... 207）知道可接受的改善速度是多少，因为改变的程度比改变的速度更关键。
... 208) If your best solution isn’t good enough, think harder or escalate that you can’t produce a solution that is good enough.
... 208）如果最佳方案不够令人满意，就得尽力想出更好的办法，实在想不到就提交给上级。
... 209) Avoid the temptation to compromise on that which is uncompromisable.
... 209）经受住诱惑，避免让不可妥协的事情得到妥协。
... 210) Don’t try to please everyone
... 210）不要试图让所有人都满意。
What Follows is the Meat…
下面是干货。
To Get the Culture Right…
创造良好的公司文化
1) Trust in Truth
1）直面真相
So…
因此:
... 2) Realize that you have nothing to fear from truth. Understanding, accepting, and knowing how to effectively deal with reality are crucial for achieving success. Having truth on your side is extremely powerful. While the truth itself may be scary—you have a weakness, you have a deadly disease, etc.—knowing the truth will allow you to deal with your situation better. Being truthful, and letting others be truthful with you, allows you to explore your own thoughts and exposes you to the feedback that is essential for your learning. Being truthful is an extension of your freedom to be you; people who are one way on the inside and another on the outside become conflicted and often lose touch with their own values. It’s difficult for them to be happy, and almost impossible for them to be at their best. While the first-order effects of being radically truthful might not be desirable, the second- and third-order effects are great.
... 2) 你要知道，真相没什么可怕的。理解、接受、并了解如何能够有效处理现实问题，这对于取得成功而言至关重要。站在真相一边，就最有说服力。当然，有时真相本身可能会让人惧怕，比如，你暴露了一个弱点或者甚至是身患绝症，而了解真相却能让你更从容地处理事情。对自己坦诚、对他人坦诚，让别人也对自己坦诚，才能更好地了解自己的想法，获得他人的反馈，从而学到知识。诚实，同时也是做自己的自由的延伸。表里不一的人往往会自相矛盾，也容易丢失自己的价值观。他们不易开心，更不可能展现出自己最好的一面。尽管从一级效应的角度来看，过于诚实未免使人难以接受，但是从二、三级效应的角度而言，这样做却收效可观。
Do you agree with this?
你是否同意以上说法？
... 3) Create an environment in which everyone has the right to understand what makes sense and no one has the right to hold a critical opinion without speaking up about it.
... 3) 创造这样一种氛围：人人都有权理解合理之事，如果任何人有意见，都拥有开诚布公地表达自己想法的环境。。
... 4) Be extremely open. Openness leads to truth and trust. Being open about what you dislike is especially important, because things you don’t like need to be changed or resolved. Discuss your issues until you are in synch or until you understand each other’s positions and can determine what should be done. As someone I worked with once explained, “It’s simple - just don’t filter.” The main reason Bridgewater performs well is that all people here have the power to speak openly and equally and because their views are judged on the merits of what they are saying. Through that extreme openness and a meritocracy of thought, we identify and solve problems better. Since we know we can rely on honesty, we succeed more and we ultimately become closer, and since we succeed and are close, we are more committed to this mission and to each other. It is a self-reinforcing, virtuous cycle.
... 4) 要极为坦诚。坦诚能够揭示真相，增强互信。对于自己不喜欢的事情开诚布公尤为重要，因为你必须改变或彻底解决这些你不喜欢的事情。各抒己见，直到达成一致，或者直到充分理解彼此的处境，找到解决方案。一位曾经的同事说过，“这其实很简单，（表达观点时）不作任何过滤就行了。”桥水联合基金的成功经验之一就是公司所有人都能够以开放的、平等的方式进行沟通，他们的观点会得到客观公正的对待。遵循极致坦诚和观点至上的原则，我们才能够更好的发现并解决问题。对诚实的依赖，使我们更频繁地取得成功，彼此变得更加亲密。而因为这些成功和亲密，我们能更坚定地投入到事业与彼此之中。这是一个自我增强的过程，一个良性循环。
Do you agree with this?
你是否同意以上说法？
... 5) Have integrity and demand it from others. Integrity comes from the Latin word integer,meaning “one.” People who are one way on the inside and another way outside lack integrity; they have duality.
... 5) 为人正直，要求别人也保持正直。英文中的正直（integrity）一词来源于拉丁语的整体（integer）一词，含有唯一性。表里不一的人缺少唯一性，他们具有两面性。
The second- and third-order effects of having integrity and avoiding duality are great. Thinking solely about what’s accurate instead of how it is perceived helps you to be more focused on important things. It helps you sort the people you are around and the environments you are in. It improves the organization’s efficiency and camaraderie because the secret things that people think and don't say to each other drive resentment and key issues underground and don’t lead to improvement. Having nothing to hide relieves stress. It also builds trust. For these reasons:
坚持正直，拒绝两面性的二、三级效应是显著的。只考虑事物的准确本质而不是其表象能够帮助你抓住主要矛盾。同时，这样做还能帮你筛选身边的人和环境，提高组织效率，促进同事之谊。那些不为人知、不与人言的隐秘心思会掩盖埋怨与关键问题，更不能解决问题。相反，毫不隐瞒却能释放压力，增强互信，理由如下：
5a) Never say anything about a person you wouldn’t say to them directly, and don’t try people without accusing them to their face. Badmouthing people behind their backs shows a serious lack of integrity and is counterproductive. It doesn’t yield any beneficial change, and it subverts both the people you are badmouthing and the environment as a whole. Next to being dishonest, it is the worst thing you can do at Bridgewater. Criticism is both welcomed and encouraged at Bridgewater, so there is no good reason to talk behind people’s backs. You need to follow this policy to an extreme degree. For example, managers should not talk about people who work for them without those people being in the room. If you talk behind people’s backs at Bridgewater you are called a slimy weasel.
5a) 若当面不对别人进行评论，背地里也不要说。若未曾当面控诉过别人，也不要背地里试探。暗箭伤人是不正直的表现，只会产生消极效果，不能带来有价值的改变，不仅会中伤他人，也会对整体环境带来负面影响。在桥水联合基金，暗箭伤人被认为是仅次于不诚实的恶劣行径。我们公司欢迎并鼓励批评，完全没有必要背后对别人说三道四。这一原则必须得到最严格的遵守，比如说，管理者们不应该在当事人不在场的情况下指责下属。如果你在桥水基金背地说人坏话，别人会称你为“令人厌恶的黄鼠狼”。
5b) Don’t let “loyalty” stand in the way of truth and openness. In some companies, employees hide their employer’s mistakes, and employers do the same in return. In these places, openly expressing your concerns is considered disloyal, and discouraged. Because it prevents people from bringing their mistakes and weaknesses to the surface and because it encourages deception and eliminates the subordinates’ right of appeal, unhealthy loyalty stands in the way of improvement. I believe in a truer, healthier form of loyalty, which does the opposite. Healthy loyalty fosters improvement through openly addressing mistakes and weaknesses. The more people are open about their challenges, the more helpful others can be. In an environment in which mistakes and weaknesses are dealt with frankly, those who face their challenges have the most admirable character. By contrast, when mistakes and weaknesses are hidden, unhealthy character is legitimized.
5b) 所谓的“忠诚”不能成为真相与坦诚的拦路虎。在某些公司，雇员会隐瞒雇主的错误，而雇主也会隐瞒雇员的错误。这些公司，公开表达自己的疑虑被认为是不忠诚的，也不被鼓励。那么，所谓的忠诚就会阻止人们将错误和弱点摆到台面上来，鼓励欺瞒，剥夺下属向领导层上诉问题的权利，这种不健康的忠诚就是阻碍进步的拦路虎。我坚持的是另一种更加真实、健康的忠诚，效果正好相反。健康的忠诚通过坦诚应对错误和弱点实现进步，人们越是对自己的问题开诚布公，越是能够获得他人的帮助。在这样一种坦诚的环境之下，错误和弱点都得以解决，那些直面自己问题的人最令人敬仰。相应的，如果错误和弱点被一再掩盖，那么不健康的人格也会因此形成。
... 6) Be radically transparent. Provide people with as much exposure as possible to what’s going on around them. Allowing people direct access lets them form their own views and greatly enhances accuracy and the pursuit of truth. Winston Churchill said, “There is no worse course in leadership than to hold out false hopes soon to be swept away.” The candid question-and-answer process allows people to probe your thinking. You can then modify your thinking to get at the best possible answer, reinforcing your confidence that you’re on the best possible path.
