Ray Dalio Leaves His Job at Bridgewater
Ray Dalio is handing up ownership of his 1975-founded hedge fund firm Bridgewater Associates. With $150 billion in assets, Bridgewater is the world’s largest hedge fund.
The 73-year-old hedge fund boss originally announced his decision in a Bloomberg interview.
“Today is a very special day for me and Bridgewater Associates because I transitioned my control of Bridgewater to the next generation and I feel great about the people and ‘machine’ now in control,” his tweet said . “This transition moment is the culmination of a 47-year journey.”
Dalio, who earned popularity with his book “Principles,” handed up his voting rights and job as co-chief investment officer in September. Dalio said he will continue to advise Bob Prince, Greg Jensen, and the investment committee.
Rick Sopher, chairman of LCH Investments in London, named Dalio Bridgewater’s best money manager ever. Bridgewater had made investors $52.2 billion since 1975, according to Sopher, but only $5.7 billion in 2021 on $99.2 billion in assets.
Forbes says he is worth $19.1 billion. Dalio started investing as a 12-year-old caddying on Long Island. After earning an MBA from Harvard in 1973, he founded Bridgewater.
Dalio’s “Daily Observations” led to a $5 million World Bank account in 1985. His macroeconomic foresight continues. Dalio was one among the first to forecast the 2008 financial catastrophe, and he has predicted that Fed interest rate hikes on top of inflation will lead to stagflation. Bridgewater also gained from short positions in European stocks during the Russia sanctions.
Bridgewater’s founder resigned as CEO in 2017 and chairman in 2021. In 2020, he shifted from CIO to investment committee mentor.
“From my starting Bridgewater w/ 2 people helping me in my 2-bedroom apartment to a multi-generation institution w/ 1,300 people that I’m helping. I can now visualize it doing great things for generations w/ out me. That’s as good as it gets,” Dalio tweeted.
“While it hasn’t been easy over the last 12 years, we made it!” he said. Dalio was called “mentor, an investor, and board member at Bridgewater” is “a dream come true.”