Veteran financier Ray Dalio has been in every kind of meeting: the good, the bad and the ugly. Here’s how he keeps his meetings focused and productive.

In 1974, Ray Dalio founded the hedge fund Bridgewater Associates, and it’s now the world’s largest, managing roughly $160 billion. Here is Dalio’s advice for how to run meetings that don’t go off the rails.

1. Make it clear who is directing the meeting and who it is meant to serve.Every meeting should be aimed at achieving someone’s goals; that person is the one responsible for the meeting and decides what they want to get out of it and how they will do so. Meetings without someone clearly responsible run a high risk of being directionless and unproductive.

See the rest of Ray’s tips here.