Yesterday we discussed Bridgewater Associates’ “Principles,” the meanderings of founder Ray Dalio, which serves as the hedge fund’s unofficial handbook. While clients probably have no problem with it, not everyone counts themselves as fans of the Tao of Dal, which includes operating “like a hyena, attacking the wildebeest,” “probing” ones colleagues and having their meetings taped all in an effort to get to the “truth.” Today Ray got in touch with us to a) clear up some perceived misconceptions, re the T of D, b) respond to the characterizations of the of the firm made by a friend of BA and c) provide an up to date copy of “Principles” (yesterday’s PDF was a draft from last fall), which you can use yourself, should you be interested in starting your own little B-water (they also make great stocking stuffers).

Dalio’s Principles [BWater]

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Comments (146)

  1. Posted by Anonymous | May 11, 2010 at 2:28 PM

    Ray – I’m not paying you 2 and 20 to spend your day writing a response to a financial blogger. Get back to work or cut your fees.
    - Pissed off investor

  2. Posted by guest | May 11, 2010 at 2:31 PM

    @1 would’ve been a funnier joke if you knew that bwater charges 3 and 50.

  3. Posted by guest | May 11, 2010 at 2:32 PM

    Dalio is taking his time to respond to BL. My take-away: BL is the most powerful woman on wall street.

  4. Posted by Anonymous | May 11, 2010 at 2:35 PM

    I totally dig. Truth and thetans, bro.
    So sad our paths never crossed.

    ~The Ghost of L.Ron.Hubbard

  5. Posted by Anonymous | May 11, 2010 at 2:36 PM

    Ray, here’s some truth. You and your entitled, bratty, spoiled brat son are both douche bags and if you didn’t have money (and having money does not equal being intelligent, noble or courageous) nobody would care about your stupid philosophy.

  6. Posted by Anonymous | May 11, 2010 at 2:38 PM

    Would it be to truthful to say you are all trying to compensate for the fact that you all suffer from limp dick?
    SAC

  7. Posted by Maxine Waters | May 11, 2010 at 2:40 PM

    Where is the TLDR guy when you need him?

  8. Posted by Anonymous | May 11, 2010 at 2:41 PM

    i couldnt help but sing bridge over troubled water while reading this

  9. Posted by volatilitysmile | May 11, 2010 at 2:41 PM

    @3 – SECOND most powerful. Alexandra has more expensive art taste. Not necessarily more refined. She, too, has Stevie around her lillte, er, finger.

  10. Posted by Anonymous | May 11, 2010 at 2:43 PM

    @5 roid rage

  11. Posted by marcorman | May 11, 2010 at 2:44 PM

    WTF, a “sermon on the mount” from this amoral pecker-head? The man needs serious help.

  12. Posted by american bandersnatch | May 11, 2010 at 2:45 PM

    @5 – While Ray is probably pretty douchey, such cowardly anonymous vitriol reflects more on the sender than the target.

  13. Posted by Anonymous | May 11, 2010 at 2:46 PM

    I guess you have a lot of time on your hands when you lose 60% of your assets under management in 3 years. Maybe Ray should be more focused on managing money than his philosophy on how to create a healthy working environment.

  14. Posted by Anonymous | May 11, 2010 at 2:47 PM

    Wow, what a creative brainstorming process you have. I bet you’re the only firm to think of an idea, then have someone (maybe even 2 people!) critique said idea. How profound.

  15. Posted by Anonymous | May 11, 2010 at 2:48 PM
  16. Posted by Hatade | May 11, 2010 at 2:49 PM

    This guy is a pain in the Assness

  17. Posted by guest | May 11, 2010 at 2:51 PM

    @16 if you *had* to: asness or dalio?

    @12 seconded

  18. Posted by Anonymous | May 11, 2010 at 2:54 PM

    @5 is Jesse Jackson or another enforcer for the rainbow coalition, obviously racist and anti-establishment

  19. Posted by guest | May 11, 2010 at 2:54 PM

    @5 pretty sure that dalio isn’t under the impression anyone cares about his philosophy that doesn’t work for him, which is why only employees of bwater get this. and since he signs their paychecks, they literally are paid to give a shit what he thinks, just like at every other hf (SAC, etc).

  20. Posted by guest | May 11, 2010 at 2:56 PM

    I have a book of principles too, if anyone is interested…

    -PJ

  21. Posted by Anonymous | May 11, 2010 at 2:57 PM

    the ray-dy doth protest too much

  22. Posted by Anonymous | May 11, 2010 at 2:58 PM

    I have to say that Ray dealt with this PR issue brilliantly.. all that was missing was an email address where you can send your resume.

  23. Posted by Anonymous | May 11, 2010 at 2:58 PM

    Glad we cleared this up. How far will he go for a good milkshake?

  24. Posted by guest | May 11, 2010 at 3:01 PM

    @22 are you kidding? he comes off as even crazier.

  25. Posted by Seaman Bodine | May 11, 2010 at 3:01 PM

    Ray – Mark Cuban’s email is m_cubed@douche.net … I think you guys should hook up and port some alpha.

  26. Posted by guest | May 11, 2010 at 3:02 PM

    WHAT THE FUCK– I thought I was the only billionaire who corresponded with BL? Meet me at the Greenwich train station, Dalio. I will destroy you.

  27. Posted by Anonymous | May 11, 2010 at 3:02 PM

    RayDizzle must have been more than a little hurt by all the Stalin/Mao/Hitler/Scientology/Opus Dei references in the last thread.

  28. Posted by Anonymous | May 11, 2010 at 3:03 PM

    …I’m going to go with insane – what a self absorbed dickshine

  29. Posted by guest | May 11, 2010 at 3:03 PM

    If I had known Ray Dalio was going to be reading Dealbreaker I would’ve worn something nice.

  30. Posted by Anonymous | May 11, 2010 at 3:05 PM

    Ray thank you for the update, but after reading your treatise, I must question everything you told me until proven truthful.

  31. Posted by Anonymous | May 11, 2010 at 3:08 PM

    Bess are you flattered or annoyed by the request from Dalio? Is he worth your time?

  32. Posted by Anonymous | May 11, 2010 at 3:08 PM

    Kouwe will start a “Call the Market Close Contest” at 3:32 today.

  33. Posted by Big Bank | May 11, 2010 at 3:12 PM

    Funny that a guy who thinks his views are so normal keeps pointing them out as “radical.” Does that make you feel special Dalio?

  34. Posted by Hatade | May 11, 2010 at 3:15 PM

    @17, tough call – I like ‘em batshit crazy so lets go with RayRay

  35. Posted by Anonymous | May 11, 2010 at 3:15 PM

    @32 I actually thing he will post his “Call the Market Close Contest” at 4:01 today…..

  36. Posted by Anonymous | May 11, 2010 at 3:17 PM

    Ray Dalio’s anagram is “A Oil Yard”

    - The Anagrammar

  37. Posted by Anonymous | May 11, 2010 at 3:18 PM

    @12, no that post reflects the truth that Ray is so desperate to obtain. BTW he and his slaves (cult members, employees) love to insult people and tell them that they aren’t being nasty or mean or petty or jealous; they’re just being truthful and follow Ray’s teachings.

  38. Posted by Anonymous | May 11, 2010 at 3:25 PM

    Typical B-Water BS… and tell us Ray, how many of your progeny have gone out and started their own funds after subscribing to such a great culture….?

  39. Posted by creditquant | May 11, 2010 at 3:28 PM

    His essay on the D-process in the CFA institute book was a more value than this stuff; interesting view for sure.

    https://www.cfainstitute.org/learning/products/publications/rf/Pages/rf.v2009.n5.18.aspx

  40. Posted by guest | May 11, 2010 at 3:30 PM

    hideous letterhead.

  41. Posted by HAM05 | May 11, 2010 at 3:31 PM

    @22 seconded. WHERE CAN I APPLY!?!?

  42. Posted by Anonymous | May 11, 2010 at 3:32 PM

    @36

    Radial Yo
    Aid Royal
    Daily Oar
    Radio Lay
    Load Airy
    Ado Riyal
    A Laird Yo
    A Daily Or
    A Diary Lo
    A Dairy Lo
    A Rad Oily
    A Dray Oil
    A Yard Oil
    A Day Roil
    A Ail Dory
    A Riyal Do
    A Airy Old
    A Royal Id
    A Oar Idyl
    A Oar Idly
    A Ray Lido
    A Ray Idol
    Ad Rail Yo
    Ad Lair Yo
    Ad Lira Yo
    Ad Rial Yo
    Ad Liar Yo
    Ad Airy Lo
    Ad Royal I
    Ad Ray Oil
    Ad Ya Roil
    Ad Ay Roil
    Aid Lay Or
    Aid Ray Lo
    Laid Ya Or
    Laid Ay Or
    Dial Ya Or
    Dial Ay Or
    Raid La Yo
    Raid Ya Lo
    Raid Ay Lo
    Arid La Yo
    Arid Ya Lo
    Arid Ay Lo
    Lad Air Yo
    Load Ray I
    Lady Oar I
    Road Lay I
    Rad Ail Yo
    Rad Ya Oil
    Rad Ay Oil
    Day Ail Or
    Day Air Lo
    Day Oral I
    Ail Ray Do
    Ail Ya Rod
    Ail Ay Rod
    Rail Ya Do
    Rail Ay Do
    Lair Ya Do
    Lair Ay Do
    Lira Ya Do
    Lira Ay Do
    Rial Ya Do
    Rial Ay Do
    Liar Ya Do
    Liar Ay Do
    Air Lay Do
    Air Ya Old
    Air Ay Old
    Airy La Do
    Oral Ya Id
    Oral Ay Id
    Lay Oar Id
    Oar Ya Lid
    Oar Ay Lid
    A Lard I Yo
    A Lady I Or
    A Dray I Lo
    A Yard I Lo
    A La Rid Yo
    A La Dory I
    A Lay Id Or
    A Lay Rod I
    A Ray Id Lo
    A Ray Old I
    A Ya Lid Or
    A Ya Rid Lo
    A Ya Lord I
    A Ay Lid Or
    A Ay Rid Lo
    A Ay Lord I
    Ad Lay I Or
    Ad Ray I Lo
    Lad Ya I Or
    Lad Ay I Or
    Rad La I Yo
    Rad Ya I Lo
    Rad Ay I Lo
    Day La I Or
    La Ray Do I
    La Ya Id Or
    La Ya Rod I
    La Ay Id Or
    La Ay Rod I

  43. Posted by guest | May 11, 2010 at 3:33 PM

    WAKE UP, PEOPLE. This is a ploy to get in BL’s pants.

  44. Posted by guest | May 11, 2010 at 3:36 PM

    Dalio to BL: Tonight, we’re going to play ‘hyena and wildebeest.’ I’m going to give you the worst two minutes of your life.

  45. Posted by Anonymous | May 11, 2010 at 3:42 PM

    It was “Eagles and Lambs” when Nietzsche thought it up…

  46. Posted by guest | May 11, 2010 at 3:42 PM

    I interviewed there a few years back. I can vouch that the interview process there is extremely rigorous and confrontational. I sailed through the first few interviews which just tested your knowledge of the field. The next “interview” / debate was about a topic I selected from list of 10. This one that decided my fate. I took one side of the topic and the interviewers took the other side. They were looking for me to convince the other side and win them over. I went for a Fox News style debate, I dug into my position and did not give up an inch. Needless to say I did not make it further in the interview process.

    They are looking for people who are:
    1. Good at what they do, be it technology, trading, analysis, math or whatever
    2. Extremely confrontational and looking to challenge the status quo.
    3. Can express your ideas lucidly.

  47. Posted by Anonymous | May 11, 2010 at 3:46 PM

    I interviewed there a few years back…oh, someone said that already.

  48. Posted by Anonymous | May 11, 2010 at 3:52 PM

    Anal_yst,
    What are you thoughts on this? You sound like the kind of guy that would like to interview at BW and then blog about the ensuing sh*tshow.

  49. Posted by guest | May 11, 2010 at 3:54 PM

    Do they have a wildebeest that can play piano?

  50. Posted by Anonymous | May 11, 2010 at 4:01 PM

    Those who pride themselves on always telling the truth generally concentrate on truths more painful to others than to themselves.

    Truths are likenesses of other truths. So those who concentrate on finding them discover there are fewer really distinct truths than they’d expected. Some conclude that there is only one. The truth is: many truths find you, though only a few can be found.

  51. Posted by Anonymous | May 11, 2010 at 4:02 PM

    I’m hopping on the BW bandwagon. I always had a positive view of the place though never new much about it. I think I’d get along there. But who the fuck would leave socal for CT.

  52. Posted by billy | May 11, 2010 at 4:03 PM

    I wonder if everyone’s comp is transparently shared with everyone?

  53. Posted by guest | May 11, 2010 at 4:09 PM

    I’m not being vicious, you’re being vicious.

  54. Posted by guest | May 11, 2010 at 4:09 PM

    @HAM- same. I want to work at any HF that recognizes the power of the BL.

  55. Posted by american bandersnatch | May 11, 2010 at 4:10 PM

    “Truth,” said a traveller,
    “Is a rock, a mighty fortress;
    Often have I been to it,
    Even to its highest tower,
    From whence the world looks black.”

    “Truth,” said a traveller,
    “Is a breath, a wind,
    A shadow, a phantom;
    Long have I pursued it,
    But never have I touched
    The hem of its garment.”

    And I believed the second traveller;
    For truth was to me
    A breath, a wind,
    A shadow, a phantom,
    And never had I touched
    The hem of its garment.

  56. Posted by american bandersnatch | May 11, 2010 at 4:12 PM

    The wayfarer,
    Perceiving the pathway to truth,
    Was struck with astonishment.
    It was thickly grown with weeds.
    “Ha,” he said,
    “I see that none has passed here
    In a long time.”
    Later he saw that each weed
    Was a singular knife.
    “Well,” he mumbled at last,
    “Doubtless there are other roads.”

  57. Posted by guest | May 11, 2010 at 4:12 PM

    A more welcome, albeit short-lived, Christmastime tradition was the full-page ad that the Greenwich, Connecticut-based rich guy Ray Dalio took out in major newspapers decrying Yuletide commercialism. “No sooner does Thanksgiving end, than the loathsome shopping season begins – a monthlong compulsion to buy something, anything, for anyone,” read Dalio’s ad in last year’s Boston Globe, Wall Street Journal, Chicago Tribune and other papers.

    http://www.nytimes.com/2008/12/22/opinion/22iht-edbeam.1.18868883.html

  58. Posted by stg44 | May 11, 2010 at 4:16 PM

    It is by now proverbial that every proverb has its opposite. For every “Time is money” there is a “Stop and smell the roses”. When someone says “You never stand in the same river twice” someone else has already replied “There is nothing new under the sun”. In the mind’s arithmetic, 1 plus –1 equals 2. Truths are not quantities but scripts: Become for a moment the mind in which this is true.

    Thus Spake Ray

  59. Posted by Anonymous | May 11, 2010 at 4:21 PM

    People like Dalio is what the economy is in trouble.

  60. Posted by Anonymous | May 11, 2010 at 4:26 PM

    Well argued @59. Your insight, command of the English language, and/or attention to detail show you have a bright future at a prestigious institution like the SEC.

  61. Posted by Anonymous | May 11, 2010 at 4:29 PM

    Sounds like a utopia…kool aid line forms to the left.

  62. Posted by Anonymous | May 11, 2010 at 4:30 PM

    @60 BW employee?

  63. Posted by guest | May 11, 2010 at 4:37 PM

    @62 pretty sure you don’t have to work at bwater to know 59 is an idiot.

    -not 60

  64. Posted by Snoop Doggy Dalio | May 11, 2010 at 4:39 PM

    What’s the dilly yo, Dalio?

  65. Posted by Anonymous | May 11, 2010 at 4:48 PM

    59 misspoke – what he meant was “people like Dalio are what the subprime is in trouble”

  66. Posted by Guest | May 11, 2010 at 4:51 PM

    @65 is correct. Seriously people, please keep up.

  67. Posted by little rayray | May 11, 2010 at 4:54 PM

    I like that the defense of his sanity comes in the form of the willingness of people whom he pays to continue to stay with him. Is the WWII Nazi reference too easy here?

  68. Posted by guest | May 11, 2010 at 4:55 PM

    @60 show us your tits!

  69. Posted by Anonymous | May 11, 2010 at 5:01 PM

    85 pages? How about Principles for Dummies–a 1 page cheatsheet with bullet points and size 12 font?

    Jeez

  70. Posted by PermaGuest | May 11, 2010 at 5:02 PM

    @42 Like the ring of “A Royal Id”

  71. Posted by Anonymous | May 11, 2010 at 5:03 PM

    I liked his response.

    I’d consider working there if it wasn’t in the middle of CT.

  72. Posted by Anonymous | May 11, 2010 at 5:24 PM

    is this guy a Scientology or at least a former follower of xenu?

  73. Posted by Anonymous | May 11, 2010 at 5:41 PM

    My comment was referencing #57′s link, consumer spending is 70% of economy, Dalio being a grouch, old DB memes…yada yada.

    Thanks for not getting it.

    -59

  74. Posted by guest | May 11, 2010 at 5:44 PM

    @73 I got it, and I thought it was fabulous. Fuck 60/63, okay?

  75. Posted by Anonymous | May 11, 2010 at 5:50 PM

    wordy

  76. Posted by Anonymous | May 11, 2010 at 6:44 PM

    This guy is fucking insane. It’s just a matter of time before the family murder/suicide.

  77. Posted by Anonymous | May 11, 2010 at 7:04 PM

    @59/73 Fair enough. It’s sometimes tough to tell if it’s a Yahooer or an Andy Kaufman kind of thing.

  78. Posted by Anonymous | May 11, 2010 at 7:07 PM

    All this talk makes my dick itch.

  79. Posted by Anonymous | May 11, 2010 at 7:13 PM

    Landmark Education much Ray???

  80. Posted by Anonymous | May 11, 2010 at 7:13 PM

    I interviewed there a couple years ago. It’s def. cultish which wouldn’t be so bad if the people who worked there weren’t such pretentious douches. This one D-bag whose head was the size and shape of a small pumpkin basically sealed the deal for me despite me feeding him all the culture crap he wanted to hear. In most places people are people and they are generally nice, at B-water douche levels run allot higher though.

  81. Posted by Anonymous | May 11, 2010 at 7:16 PM

    I used to work there a few months ago and got fired for finally not giving in to the stupid demands of my boss. I had to deliver to his desk every morning a football helmet full of cottage cheese and a hemorrhoid pillow soaked in preparation H.

  82. Posted by guest | May 11, 2010 at 7:44 PM

    This comment has been moderated.

  83. Posted by Harry C | May 11, 2010 at 7:54 PM

    He’s a legend … in his own mind.

  84. Posted by Anonymous | May 11, 2010 at 8:35 PM

    Asness came out of the woodwork when provoked. Dalio did the same. Who’s next?

  85. Posted by Jojo | May 11, 2010 at 8:45 PM

    Why do you all seem to consider yourselves to be any better than Ray or those that support Bridgewater? Perhaps you’ve blinded yourselves while slandering others, but your insults and comments are nothing more than hypocritical attacks. You are all conforming to another CULTure, one them seems to thrive on taking stabs at people you simply do not know or understand. The largest problem I see here is that everyone on this thread (including myself at times) fears the truth. As sometimes truth is brutal, but once seen and understood, the value it holds is priceless.

    Perhaps it would be useful if you all reflected on the things you wrote and realize, you are no better than anyone around you, and no one around you is better than you. We all have weaknesses and strengths and vary in countless ways, but the only way to succeed in anything is to be transparent, truthful to others and honest with yourself.

    (From what I have read of the Principles, I believe Ray would agree, and also believe that people who do not… are probably afraid of truth…thus afraid of who they are/have become)

  86. Posted by Anonymous | May 11, 2010 at 8:52 PM

    I have no problem with Asness, Dalio, etc.
    But, I have a hard time seeing what they get out of publicly posting on sites like Dealbreaker.

  87. Posted by ivydouche | May 11, 2010 at 8:56 PM

    @86 – ivy league undergrads and recent grads read this site in droves. how else is he going to populate westport with glorified research analysts if word gets out that it’s just a creepy cult with no exit ops?

  88. Posted by Seaman Bodine | May 11, 2010 at 9:23 PM

    @85

    assuming you to be a complete douche…if not, I apologize for not being worthy of your sarcasm

    Do you really believe Ray Dalio built his treefort in Weston, amidst 50 year old pines, a no-kill flyfishing only branch of the Aspetuck River, and countless twink infested McMansions, being honest with any of his LPs?

  89. Posted by Anonymous | May 11, 2010 at 9:36 PM

    @87,
    86 here. you’re kidding, right? are you saying this: BW has such a hard time attracting recruits that they’ve got their billionaire founder trolling a finance gossip blog.
    ha.

  90. Posted by guest | May 11, 2010 at 10:02 PM

    @86, 87 “I have no problem with Asness, Dalio, etc.
    But, I have a hard time seeing what they get out of publicly posting on sites like Dealbreaker.”

    I realize people like to slander this site by claiming “oh it’s just a little gossip blog” or whatever but for whatever it is, it’s extremely widely read by Wall Street and not just among the 20-something set but from the bottom all the way to the top (I can’t be bothered to find the links but see the NYT, WSJ stories that mention Jamie Dimon, Ken Griffin, Steve Cohen et al all reading here). Dalio and Asness obviously get that, which is why they’ve responded to DB directly. They know ppl are getting the one side, they figure they might as well have themselves heard too.

  91. Posted by Amateur Psychologist | May 11, 2010 at 10:07 PM

    @86/89,

    Both are rich, insecure men with huge egos who have no conception of reality outside their little sycophant-filled bubbles. Hence the need to lash out. Capiche?

  92. Posted by guest | May 11, 2010 at 10:09 PM

    90 and 91 are both correct.

  93. Posted by guest | May 11, 2010 at 10:11 PM

    @84 please for the love of god let it be Ping. Or Jim Simons.

  94. Posted by Anonymous | May 11, 2010 at 10:32 PM

    @90, 86/89 here.
    Is calling a self-proclaimed “Wall Street Tabloid” a “finance gossip blog” slanderous?

    I like Dealbreaker a lot. I’m just questioning why the Dalios/Asnesses out there think that it’s a good forum for themselves.

  95. Posted by guest | May 11, 2010 at 10:37 PM

    @94 it’s a good forum for them because everyone on WS is reading it, and the posts are widely circulated. so, since these ppl are getting the DB side anyway, the Dalios and Asnesses figure they should get their side in too. obviously the way Dalio went about it was vastly preferable to Asness’s caged circus freak routine?

  96. Posted by Teresa Lo | May 12, 2010 at 1:40 AM

    I for one would like to thank Ray for sharing his Principles. It would have been a best-seller had he published it as a book.

  97. Posted by CoveredLong | May 12, 2010 at 9:02 AM

    As a Bridgewater grad, all I can say is: Jesus. I wish I could say this is an outlier, but I’d be lying. Dalio-ites are, more often than not, giant weirdos.

  98. Posted by Wilber | May 12, 2010 at 9:17 AM

    Maybe no one revolts because they are stuck in the woods without exit options and 2+ year non-competes that are rigidly enforced even on low level employees.

  99. Posted by Transparency | May 12, 2010 at 3:26 PM

    You really couldn’t even begin to understand the place unless you experience it (a misfortune I wouldn’t wish upon anyone). While the pay is great, you’ll need to factor in the cost of the years of therapy it will take to un-do the damage. While the philosophy may sound refreshing, it is quite the opposite and creates the most unpleasant, hostile working environment imaginable. People use the culture as an excuse to be ruthless and self-promoting. The only thing you gain from the place is an enormous network of brilliant alum who share in this clarity.

  100. Posted by guest | May 12, 2010 at 6:50 PM

    This guy believes that a) truth is good, and b) we should be transparent to avoid gossip and office politics. And all of you are tearing him to shreds? Clearly you prefer lying, backstabbing and nepotism.

  101. Posted by guest | May 12, 2010 at 6:52 PM

    @89 Um, I’m pretty sure he probably has a PR team that does that (and probably writes the responses for him)

  102. Posted by Bob P | May 12, 2010 at 7:38 PM

    Interesting old RD doesn’t refute anything about the COO recording get passed around…

  103. Posted by Anonymous | May 12, 2010 at 8:46 PM

    @99 is correct. Having worked there, it all sounds great and in concept makes a lot sense. However, the culture of truth is used to drive expereinced hires out the door while the bright light of truth is never shined on the veterans of the firm. (The tunrover rate of new expereinced hires approaches 80% in 2 years.) Even more so, speaking the truth about Ray is not tolerated. Anyone who has the backbone to stand up to Ray is quickly fired and Ray is very good at hiring legions of consultants to come in and tell him what he wants to hear.

  104. Posted by Anonymous | May 12, 2010 at 9:30 PM

    Speaking ‘the truth’ is not tolerated even in interviews – unless it is their version of ‘the truth’

  105. Posted by annonymous | May 12, 2010 at 9:44 PM

    how can Ray think he’s got the right views if his employee turn over is 80%?? and i wonder how he really feels about all the bad press bw is receiving from this blog?? these views of any company can not be good….. I hope he can look at these views and know that there must be some truths, if almost everyone has nothing good to say about him or the company it’s worth taking a step back and searching the all mighty truth!!!!!!!

  106. Posted by Greg J | May 12, 2010 at 9:47 PM

    I want to probe you like an animal

  107. Posted by Anonymous | May 12, 2010 at 10:09 PM

    Look in my eyes, what do you see?
    the Cult of Personality
    I know your anger, I know your dreams
    I’ve been everything you wanna be ohhh…
    I’m the Cult of Personality
    Like Mussolini and Kennedy
    I’m the Cult of Personality
    the Cult of Personality
    the Cult of Personality

    Neon lights, Nobel Prize
    When a mirror speaks, the reflection lies
    You won’t have to follow me
    Only you can set me free

    I sell the things you need to be
    I’m the smiling face of your T.V. ohh…
    I’m the Cult of Personality
    I exploit you; still you love me
    I tell you one and one makes three ohh…
    I’m the Cult of Personality
    Like Joseph Stalin and Gandhi ohh…
    I’m the Cult of Personality
    the Cult of Personality
    the Cult of Personality

    Neon lights, Nobel Prize
    When a leader speaks, that leader dies
    You won’t have to follow me
    Only you can set you free

    (Guitar solo)

    You gave me fortune, you gave me fame
    You gave me power in your God’s name
    I’m every person you need to be ohh…
    I’m, the, Cult, of, Per, Son, Al, Ity

    I am the Cult of (x8)
    Personality

    “Ask not what your country can do for you…” (John F. Kennedy)
    “The only thing we have to fear, is fear itself.” (Franklin D. Roosevelt)

  108. Posted by Anonymous | May 12, 2010 at 10:25 PM

    Working at bwater is a horrible experience. The only people that like it there either come from campus and are drawn in by the money and parties or are so insecure and used to abuse that it feels like home to them. Most of the departments at bwater are sub par to those same departments elsewhere and you spend all your time there practicing cultural bullshit and not much else. If you are there for too long, you literally become unemployable anywhere else. The best thing about woking there is that anywhere else you work after there is fantastic. However, if you are looking for a job that beats you down every day, publicly humiliates you and has no appreciation for the skills you actually learned from your years of experience elsewhere, it’s the perfect job if you are lucky enough to be found worthy.

  109. Posted by Anonymous | May 13, 2010 at 7:19 AM

    @105 When you are a narcissitic egomanic who thinks he is a management genius and capable of changing the world deep down you beleive you are right and everyone else is wrong. Ray and the other management committee members have said openly that the turnover problem is a result of hiring bad people, not a result of a bad culture. When you have been succeesful and are worth billions of dollars it tends to reinforce this deep seaded naricissim.

  110. Posted by What if... | May 13, 2010 at 7:42 AM

    Accountability-what a concept. Just because you have to look someone in the face to bad-mouth them is good enough for me. Cowards beware. Where do I sign up, Ray?

  111. Posted by Claude A | May 13, 2010 at 9:15 AM

    the great thing about 360s is all your feedback is available to the whole department(or wider) year after year, in a normal company this sort of process would be susceptible to the bandwagon effect or group think but not at the bastion of truth that’s BW.

  112. Posted by Not Important | May 13, 2010 at 12:03 PM

    It is obvious most of you would not survive at BW since most of you could only respond as anonymous.

  113. Posted by Anonymous | May 13, 2010 at 1:09 PM

    This is in response to 112 – otherwise known as “Not Important”. Do you really think that you are any different than those that responded as “anonymous” with that very self identifying name of “Not Important”? Seriously, how arrogant can you be?

  114. Posted by Anonymous | May 13, 2010 at 1:46 PM

    @112 – if you don’t work there already, you’d fit right in.

  115. Posted by An MA | May 13, 2010 at 1:55 PM

    If you use the computers they provide employees for checking their external email they keylog and screen capture everything you do. They have a whole team who monitors everyone’s activities on these computers, ie reading your personal email. If they find you’re interviewing or talking to recruiters they fire you.

  116. Posted by former BW employee | May 13, 2010 at 4:46 PM

    I’m actually a former employee, and I liked the culture (I left because I hated CT). Sure, diagnosis sessions take forever, and you generally get more negative feedback than positive. But what good does positive feedback do? This isn’t kindergarten, and building self-esteem doesn’t get you far. Having frank conversations with coworkers/managers about your weaknesses is the best way to honestly assess them, and to grow and improve.

    It can get a bit cult-ish, but that sort of makes sense. There’s one standard, and everyone adheres to it (like in the military, or a sports team, etc). I guess that would seem scary, except that part of the standard is open-mindedness, and they honestly value differences of opinion.

  117. Posted by db | May 26, 2010 at 12:51 PM

    All this from people who believed Obama? Oy!

  118. Posted by Anonymous | May 27, 2010 at 7:21 AM

    bottom line is that the Performance of Bridgewater sucks the carbunkled scrotum sack of an HIV+ Aids infected simian

  119. Posted by anonymous | June 6, 2010 at 10:52 AM

    There’s some smart stuff here, but this is HORRIBLY written. It is repetitive, poorly structured, and inefficient.

    How the hell this is a management / philosophy manual is beyond me. I hope in their system of “truthfulness” someone hands Ray the manual full of red marks telling him to do it again.

    There is no excuse for such a public, professional document to be any longer than 20 single spaced pages.

    I hope this paper doesn’t speak to Bridgewater’s notion of quality. I was honestly disappointed.

  120. Posted by a former investor | June 25, 2010 at 2:39 AM

    Ray, thanks for telling us you were de-risking the allweather fund in 2008 AFTER you did it. And given you are so fond of the truth please stop quoting the performance of the strategy in presentations as if you had not de-risked the portfolio – there’s a 20% return difference between what you say it did and what i got in my account.

  121. Posted by honest observer | July 11, 2010 at 11:32 AM

    you guys don’t like the hyenna wildabeast metaphor? I see, so the hedgefund world is really more like charity non-profit work? is that the brutal truth? and as for attacking his son for starting a foundation that gives money to needy Chinese orphans, would you suggest a better place for him to put all his money than to help his son do some good in the world? should he buy the kid a Ferrari instead? and whoever said he should have a bullet in his head, you should have a bullet in your ballsack so you can no longer reproduce anyone one as stupid as you are into this world to oversimplify it any more than you already have.

  122. Posted by Na | July 15, 2010 at 10:22 AM

    @102 the COO recording is accurate- why would he refute it? It’s used as training material. Did you read his response?

    @100 Nepotism does exist at the firm. By and large, however, it is done by RD only. It’s a sore point with some employees, but fair is not always equal as is made clear everyday by RD.

    @101 There is no PR group. Ray writes every piece that comes out to the media himself (aside from editing).

    @119 This is the 5th or 6th draft. And yes, it’s standard quality of RD writing, without heavy editing from others. But it’s a draft – drafts are allowed to be poorly written.

    @all I’m new to this site, but I’m surprised no one has looked at the benefits given to people as part of the total package. For instance, 40+ year olds get the benefit of staying with all the new interns at Ray’s Vermont home and doing camping activities. Where else would this happen? All of these things show Ray’s generosity. It more than makes up for the 2+ year non-competes….

  123. Posted by a former investor | July 29, 2010 at 1:32 AM

    @122 Being honest and upfront with investors is more important than spreading cash around your inner circle or letting them stay at your Vermont home.

    In addition to not telling investors they were de-risking allweather, Ray et al were less than forthcoming about the problems they had with beta replication in 2008 too. Bridgewater has lost sight of what it is supposed to do – look after OTHER PEOPLE’S MONEY. If this is not their primary purpose, then Ray should just look after his own money.

  124. Posted by Frank | August 12, 2011 at 2:39 PM

    In his principles (http://www.bwater.com/Uploads/FileManager/Principles/Bridgewater-Associates-Ray-Dalio-Principles.pdf page 14) Ray Dalio claims "how much money people have earned is a rough measure of how much they gave society what it wanted —NOT how much they desired to make money. Look at what caused people to make a lot of money and you will see that usually it is in proportion to their production of what the society wanted and largely unrelated to their desire to make money."

    It's amusing to see that he cannot see the difference between what society wants and what the market demands. Clearly, society wouldn't want drug dealers to get rich (even though there is a large market for drugs).

  125. Posted by Whatever | November 14, 2011 at 6:06 PM

    Haha…lets see… First and foremost, how much money do you have? Am I gonna believe him or your hating self?… Its easy, :) Just increase the production to how much YOU desire!!…
    I don't work for Bridgewater or anything. But I surely wouldn't mind! ;)

  126. Posted by whatever | November 15, 2011 at 6:25 PM

    Everybody gets what they want…

  127. Posted by YouthMovement | November 18, 2011 at 7:00 PM

    We are not Greece!!! Please people you better be careful in what you want….

  128. Posted by YouthMovement | November 18, 2011 at 7:03 PM

    But we can fight corruption if we can all come up with the best truthful answer….

  129. Posted by YouthMovement | November 20, 2011 at 6:03 PM

    All we need is an anti-corruption movement…That's it!! The whole world needs one… And we KNOW how to deal with corrupt people…scum of the earth, its easy to spit on them…haha

  130. Posted by YouthMovement | November 20, 2011 at 6:19 PM

    Well not easy…

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    ows think tank…

  132. Posted by Youthmovement | November 22, 2011 at 5:55 PM

    Please join and give your opinion

  133. Posted by whatever | November 22, 2011 at 6:05 PM

    And personally, I don’t agree with the name…

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