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“Realize that you have nothing to fear from the truth.” It’s right up there at the top of Bridgewater Associates founder Ray Dalio’s Principles, just after “trust in truth” and immediately preceding “have integrity,” “be radically transparent” and “don’t tolerate dishonesty.” Nowhere, not even in a lettered or sub-numbered sub-principle, do we find “make things up when convenient” or “ignore the contents of the Bridgewater Blockbuster if it does not help make your point.”

A three-arbitrator panel found on July 1 that Bridgewater had fabricated evidence, withheld evidence and disregarded its own records in pursuing its claims, according to a July 13 filing by the former employees’ attorneys. The filing in New York State Supreme Court recounted aspects of the arbitration and summarized portions of the panel’s finding…. Bridgewater brought its claims “not to prove misappropriation, but rather, to adversely affect [Messrs. Squire’s and Minicone’s] ability to conduct a competitive business,” the filing said the panel found.

At issue before the arbitrators was Squire and Minicone’s founding of their own hedge fund, Tekmerion Capital Management, and whether it had used the secrets found deep in Dalio’s Cave of Contemplation to get it off the ground and get the likes of Mike Novogratz and Alan Howard to invest. The panel, after two years of discovery, eight days of hearings and “voluminous post-hearing briefing” found that they had not, and also that Bridgewater owed its former charges nearly $2 million for their trouble.

The panel further found the trade secrets Bridgewater alleged its former employees had violated were publicly available or “generally known to professionals in the industry.”

Now there’s a truth to fear: That the Svengali of Westport has no Principled proprietary practices to charge such lavish fees on that $140 billion.

Bridgewater Loses Claims It Brought Against Ex-Employees Who Launched Hedge Fund [WSJ]


Ray Dalio (Getty Images)

Bridgewater Questioning Whether Ex-Co-CEO Ever Actually Read ‘Principles,’ Let Alone Her Employment Agreement

It’s going to have to check and recheck its machine to see how someone so unPrincipled suck through.

Ray Dalio (Getty Images)

Bridgewater Didn’t Try Very Hard To Prove Ex-Employees Stole Its Secrets

The lazy arrogance of the hedge fund’s effort to destroy them is pretty stark.

Coming soon to a Bridgewater office near you.

Famed Liar, Do-As-I-Say-Not-As-I-Do Proponent Of Radical Transparency Head To Court

When others violate Principles, it should cost them $100 million, according to Bridgewater.

Ray Dalio (Getty Images)

Ray Dalio Makes Himself Vice President Of The Bridgewater Senate

Ties are broken by the most Principled among them.

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Borderline Slimy Weasel Newly-Minted Bridgewater Billionaire

Greg Jensen’s hissy fit cost him his co-CEO title, but not much else.

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Ray Dalio Not Giving His Principles Away Anymore

The latest logical decision based on an expected value calculation out of Bridgewater Associates.

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Ray Dalio Betting Barolo Stocks About To Turn To Vinegar

Bridgewater’s dolce vita might be paved with Italian misery.