Bridgewater Associates

At the end of March, Mayor Michael Pavia called an impromptu press conference to make the announcement that many in the city had long been expecting. Joined at a table by Carl Kuehner, the CEO of Building and Land Technology, Pavia proclaimed that, after months of tough negotiations, his administration and the Harbor Point developer had finally reached a deal to bring Bridgewater Associates, the world’s largest hedge fund, to Stamford…As all the parties, including a senior executive from Bridgewater, posed smilingly for photos, the deal between the mayor and Kuehner, for all purposes, seemed to be done…Yet three months later, the license agreement outlining the conditions of BLT’s use of city property for the boatyard as well as its infrastructure contributions, is yet to be finalized. Without the critical document, neither the new boatyard nor Bridgewater can move forward in the city approval process. As of last week, there was no indication of any progress in the dialogue between the two sides. The delay has spurred speculation within the city’s development community about Kuehner’s strategy, prompting questions about whether the hedge fund has changed its plans, possibly weighing a new location or perhaps staying put in Westport. “It’s curious,” said one well-informed observer. Like others, he stressed that any talk was just conjecture and that any changes to the project would likely be a closely guarded secret kept by Kuehner and Ray Dalio, the founder of Bridgewater. But he expressed bewilderment at the sudden loss of momentum for a project attached with significant economic stakes. [Stamford Advocate, earlier]

Overtime that was not for naught! Thanks to labor laws protecting LBBs, Tepper took home $2.2 billion last year. Other people who made some money in 2012: Read more »

Bridgewater Associates told its investors that it will launch a new hedge fund this year, and had sold another minority equity stake in the firm to an unidentified buyer to help ensure its long-term viability. Bridgewater described its new fund, All Weather Major Markets, as a variation of its All Weather strategy that seeks to perform in any economic environment. In a Jan. 24 year-end report to investors, the hedge-fund firm said All Weather Major Markets would help ensure that its $65 billion All Weather fund doesn’t grow too large, potentially hurting its returns. All Weather returned 15.3% in 2012, gross of fees, Bridgewater wrote. In the same 304-page report, Bridgewater said it had completed a deal at the end of last year to sell a nonvoting stake in the firm to an outside investor, marking the fourth time the firm made such a transaction. The firm didn’t identify the investor or the size of the stake. “The proceeds of these transactions have allowed us to create a sustainable capital base that is independent of Ray, while remaining entirely employee-controlled,” the Jan. 24 report said, referring to Bridgewater founder Ray Dalio. [WSJ]

  • 11 Oct 2012 at 2:35 PM

Caption Contest Thursday: Vintage Dalio


Bridgewater Mentor Ray Dalio and friends, circa 1976 [Clusterstock]

Earlier today, Bridgewater Associates founder Ray Dalio sat down with Andrew Ross Sorkin for a wide-ranging chat about QE3, China, gold, American competitiveness, monetary policy, and his general outlook on life and the economy. While there are a whole bunch of issues that Dalio could be worried about, his biggest fear? “Social disruptions” that could pave the way for a Hitler-esque guy or girl coming to power.  Read more »

On Wednesday, Governor Dannel P. Malloy of Connecticut announced that the asset manager would be constructing a state-of-the-art facility along the Stamford waterfront as part of an economic and community development initiative. As part of the program, which will give the firm as much as $115 million in incentives as part of the deal, Bridgewater has also promised to add another 750 to 1,000 new high-level jobs to its current staff of 1,225…The new offices will have about 750,000 square feet spread across two eco-friendly buildings that will front the water in the Harbor Point development area. Bridgewater has promised to clean up the contaminated site and reforest the area, creating a park-like campus for its employees with public access. “We are pleased that the State of Connecticut shares our vision of creating a state of the art and environmentally sustainable office campus, while also restoring this key piece of natural waterfront property in Stamford,” Greg Jensen, co-chief executive of Bridgewater, said in a statement. “We look forward to transforming this industrial site into a spectacularly beautiful forested campus that will be seamlessly integrated into the natural surroundings. The proposed campus will house all of our employees and be designed to facilitate creativity, collaboration and help reinforce Bridgewater’s distinct culture which has been so instrumental to our success.” [Dealbook]

  • 07 Aug 2012 at 4:00 PM

Ray Dalio Loses Fellow Truth Seeker To Baked Goods

Ben Gifford ’10, the valedictorian of his class [at Dartmouth], left his job at Bridgewater Associates after a year and a half. The next day, he decided to open a San Francisco-based bakery called Double or Muffin, an idea he and his childhood friend and Double or Muffin co-founder Sean Pears conceived while they were at a coffee shop in their hometown of Newton, Mass., according to Gifford. “It was the summer after college graduation and we were waiting in line, making bad jokes, when one of us said ‘double or muffin,’” Gifford said. “It’s really unclear who said it first, and we kind of forgot about it initially, but before long we realized that there was an actual game you could play that corresponded pretty much perfectly with the pun. You would buy a muffin and flip a coin — heads you’d get a second muffin for free, tails you’d keep the muffin you already bought.” Gifford, who does not have any prior entrepreneurial experience, had planned on pursuing other career paths post-graduation. After being rejected from several teaching programs in Asia, Gifford subsequently joined Bridgewater Associates in May 2010. “I actually liked the company and the people a lot, and, as I had hoped, I learned a ton,” Gifford said. “But at the end of the day, I’m really just not that passionate about macroeconomics or financial markets.” [The Dartmouth]