The transcript below was taken from our full interview with Singapore presidential hopeful Ng Kok Song and is part of a series where we discuss tech, business, and other topics with potential candidates for the upcoming presidential elections.

You can also read our detailed coverage or watch the full video of the chat with Ng.

Transcript

We’ve (Ng referring to Ray Dalio) known each other for 30 years. We are contemporaries – started from zero.

So we grew up together, we exchange a lot of lessons with one another.

And he taught me some very important principles for investing as well as principles for leadership, one of which was the importance of a meritocracy of ideas.

It’s not a meritocracy of who is senior, who is junior. The best idea must prevail.

And therefore, for that to happen, you must create an organization where there is thoughtful disagreement.

People should be willing to speak their minds, encouraged to speak their minds, bring out the ideas, regardless of whether they are senior or junior, old or young. So, Ray taught me that.

And another lesson he taught me was mistakes plus reflection equals progress.

Don’t be afraid to make mistakes but when you make a mistake, reflect on it. Learn, don’t let the mistake go to waste. Learn from it. Then you will make progress.

That is the reason why he built Bridgewater from nothing to maybe US$150 billion.