
Ray Dalio Is Stepping Down from Management at Bridgewater - JumpCrisscross
https://www.bloomberg.com/news/articles/2017-03-01/dalio-to-step-down-as-rubinstein-leaves-in-bridgewater-shuffle
======
chollida1
They've recently hired a bunch of senior CIO type people and created a "senior
fellowship program", Carsten Stendevad, the former head of the Danish pension
fund ATP is the most recent hire.

Also there is no one direct person in charge anymore according to Reuters...

> Dalio is being replaced as CEO by David McCormick, president of Bridgewater
> for the last eight years. McCormick will serve along side co-CEO Eileen
> Murray.

So for those of you keeping score he's tried replacing himself with a hand
picked successor, and then a computer program and now he's assembling a
collective to replace himself and he's making sure there is no one person in
charge of the firm.

If I wanted to resign but couldn't bear the thought of someone replacing me,
this is almost exactly how I'd setup the firm for my retirement too:)

I guess the clock is running on his return based on this quote from a letter
he just wrote......

> “As I love markets, I’m excited about this change and expect to remain a
> professional investor at Bridgewater until I die or until those running
> Bridgewater don’t want me anymore,” Dalio said.

------
Dave_TRS
For those who aren't familiar with Ray Dalio, beyond being founder and CEO of
the world's largest hedge fund, he is also known for his dramatic views on
transparency in the workplace, and his knack for explaining economic
principles in simple terms. These two content pieces he created give a window
into his mind:

 _Management principles manifesto_
[https://www.principles.com/#Principles](https://www.principles.com/#Principles)

 _How the economy works cartoon video_
[https://www.youtube.com/watch?v=PHe0bXAIuk0](https://www.youtube.com/watch?v=PHe0bXAIuk0)

~~~
hkmurakami
I've heard from friends there that the directness often only flows in one
direction (managers being direct and aggressive to their subordinates), but
YMMV.

~~~
aleeds
The directness flows both ways, however, the aggression is strictly top down.
Ray Dalio, etc, yell at people all the time, and are praised for their
honesty. This is not something that goes both ways.

~~~
dingbat
thats a great distinction. sounds like an institutionalized version of the
individual tendency to excuse poor emotional regulation with "it's just who I
am, a straight shooter" b.s.

authentic (foolish) straight shooters would have no problem yelling in the
upwards direction too

~~~
btreesOfSpring
"People who are brutally honest generally enjoy the brutality more than the
honesty." \--Richard Needham

~~~
dingbat
well as long as they are honest about enjoying the brutality i guess they are
being consistent!

------
kolbe
To me, this is the more interesting news.

"his star hire Jon Rubinstein, one of the creators of the iPod, will leave
after 10 months as co-CEO."

Citadel recently got rid of Keven Turner, Microsoft's ex-COO, from the CEO
position at Citadel Securities. It sounds like the experiment of hiring tech
executives into asset management roles isn't producing very promising results.

~~~
tptacek
Kevin Turner isn't really a tech executive; he's a professional big company
manager. Prior to MSFT, he spent 20 years at Walmart.

~~~
pinewurst
Turner wasn't exactly beloved at Microsoft either, at least by the field sales
people who reported up to him.

------
uptownfunk
They try to hire a lot of guys from our firm. I've always heard they have a
very cutthroat and had an odd work environment where they urge / insist on
everyone giving direct harsh criticism of their colleagues. Wondering how this
may change that at all if any.

------
koolba
The article says he'll remain as co-CIO.

As his long term stated goal is to replace most humans in the company with a "
_What would Ray Dalio do?_ " AI, I'd say he's still on track to be in charge
of everything (assuming that includes the CEO spot!).

~~~
seanhunter
CIO in the context of a hedge fund means "Chief Investment Officer" rather
than "Chief Information Officer".

------
shm224
wonder what they were thinking when they hired Jon Rubinstein. Why hire
someone with consumer electronics background and no financial background in
the first place? I worked with Apple before and I'm very disinclined to
believe that their success had much to do with their tech.

~~~
stagbeetle
I believe it's more for the fund than for their particular investments.

See: Renaissance Capital

------
rattray
The article (and especially the associated video) claim that internal
technology was/is a major priority at the firm.

Does anybody know what they're building? Just typical trading algos or
something else?

~~~
laktek
They said to be betting heavily on AI for day-to-day management
[https://www.theguardian.com/technology/2016/dec/22/bridgewat...](https://www.theguardian.com/technology/2016/dec/22/bridgewater-
associates-ai-artificial-intelligence-management)

------
notadoc
Dalio has a very impressive record, will be interesting to see if Bridgewater
can maintain it

~~~
6stringmerc
My sentiment exactly; there's something quite interesting watching 'culture'
firms once the, uh, fish head gets lopped off. Either via attrition or
mortality.

------
breck
Here's the source: [https://www.linkedin.com/pulse/changes-bridgewaters-
manageme...](https://www.linkedin.com/pulse/changes-bridgewaters-management-
roles-ray-dalio)

------
pharrington
"What We Do

Bridgewater Associates is focused on understanding how the world works. By
having the deepest possible understanding of the global economy and financial
markets, and translating that understanding into great portfolios and
strategic partnerships with institutional clients, we've built a distinct
track record of success. We've done this for more than 40 years by having
great people operate in a culture of radical truth and radical transparency.
Today, we manage about $160 billion for approximately 350 of the largest and
most sophisticated global institutional clients including public and corporate
pension funds, university endowments, charitable foundations, supranational
agencies, sovereign wealth funds, and central banks."

I know a cult when I see one. When there's a whole lotta money on the line and
you drop a paragraph that contains the phrases "radical truth" and "radical
transparency" but that paragraph doesn't start with "Bridgewater Associates is
a hedgefund that...", _you are a fucking cult._

~~~
caminante
"Radical [surveillance]" [0]

[0]
[https://www.nytimes.com/2016/07/27/business/dealbook/bridgew...](https://www.nytimes.com/2016/07/27/business/dealbook/bridgewater-
associates-hedge-fund-culture-ray-dalio.html)

~~~
pharrington
Whoever is downvoting this, _downvote with comments_.

