Principles

1. A firm is a machine consisting of two major parts: culture and people.

A great firm has both great people and a great culture.
Great people have both great character and excellent capabilities.
Great cultures bring problems and disagreements to the surface and solve them well, and they love imagining and building great things that haven't yet been built.

Use transparency to help enforce justice.
Share the things that are hardest to share.
Keep exceptions to radical transparency very rare.
Ensure those who are given radical transparency recognize their responsibilities to handle it well and weigh things intelligently.
Provide transparency to people who handle it well and either deny it to people who don't handle it well or remove those people from the firm.

Think about people's believability in order to assess the likelihood that their opinions are good.
Remember that believable opinions are most likey to come from 1) who have successfully accomplished the thing in question at lease three times, and 2) who have great explanations of the cause-effect relationships that lead them to their conclusions.
If someone hadn't done something but has a theory that seems logical and can be stress-tested, then, by all means, test it.
Don't pay as much attention to people's conclusions as to the reasoning that led them to their conclusions.
Inexperienced people can have great ideas, too, sometimes far better than ones than more experienced people.
Everyone should be up-front on expressing how confident they are in their thoughts.