Ray Dalio runs the world's most successful hedge fund according to these 20 management principles

Ray Dalio is the most successful hedge fund manager of all time, according to a recent ranking by LCH Investments.

He runs Bridgewater Associates according to an intense and unusual management philosophy that values "radical transparency." At the firm's isolated Westport, Connecticut headquarters, all meetings, interviews, and interviews are recorded and logged.

He demands that no employee withhold criticisms from each other, and encourages anyone to call him out, as well. Employees keep track of these criticisms in a proprietary app called "Pain Button" that they have on their company iPads.

According to a new report by The Wall Street Journal's Rob Copeland and Bradley Hope, Dalio and co-CEO Greg Jensen are currently at odds with each other after Dalio accused Jensen of lacking "integrity," which in Bridgewater-speak means a dedication to keeping all criticism public within the company. Dalio is asking management and stakeholder committees if they agree with his assessment that recordings of Jensen at meetings reveal tensions he has with Dalio that he did not say to his face.

Every employee has a copy of Dalio's exhaustive management guide, "Principles," which contains 210 lessons. The 2011 edition has been available on Bridgewater's site for a few years and has been downloaded more than two million times, according to The Journal.

We've highlighted 20 of the most representative principles.