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Ray Dalio is well and truly into the next phase of his career as guru-philosopher king. Unfortunately, his time for writing books, spreading the Good News of Principles, issuing stern warnings from history and going to Burning Man has been seriously curtailed by his having to continue to run the world’s largest hedge fund, Bridgewater Associates. It’s a been a millstone around his neck for the better part of a decade or more, as he continually tested new possibilities and permutations only to find what we have to imagine were decreasingly happy mistakes.

Most recently, Dalio’s plan to finally stop worrying about Bridgewater and start worrying (essentially) full-time about the fate of the planet and the species was derailed by the departure of former CEO David McCormick, who would not lead Bridgewater into its Dalio-less (or, really, Dalio-Lite) future, but who would also not be serving in the United States Senate representing Pennsylvania after living for more than a decade in Connecticut. Finally, however, the pieces are in place, suitable titles that would make Prince Harry smile settled upon, and at last Dalio can more or less stop pretending that he’s not running Bridgewater and actually start not running Bridgewater.

Dalio has transferred his majority stake to the board but remains a “meaningful” owner of the $150 billion hedge fund, the company said. He has stepped down as one of three co-chief investment officers and will have a new title the firm said: founder and CIO mentor…. Dalio, who founded Bridgewater in 1975, will now hold a position as a member of the operating board, senior investor and as a mentor to the firm’s CIOs.

And Dalio has his first key advice in those elevated if amorphous roles, both for his CIOs and for the rest of us.

Ray Dalio gives up Bridgewater’s control as part of succession plan [Reuters via CNBC]
Ray Dalio No Longer Thinks ‘Cash Is Trash’ [Bloomberg]

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