Most enthusiasts will be bitterly disappointed by this news, but Ray Dalio has officially announced his resignation from Bridgewater Associates.
Summary
Ray Dalio resigns from his hedge fund
In a thread consisting of no less than 11 parts, Ray Dalio thus announces his resignation from Bridgewater Associates.
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. This transition moment is the culmination of a 47-year journey (1/11)
— Ray Dalio (@RayDalio) October 4, 2022
Ray Dalio founded Bridgewater Associates in 1975. A full 47 years of history that has led him to be the largest hedge fund in the world. It currently manages assets worth about $150 billion.
In the second part of the thread, some thoughts dedicated to the origins of his journey could not be missed, which are shared with a little note of nostalgia:
..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. (2/11)
— Ray Dalio (@RayDalio) October 4, 2022
An empire built from scratch, started thanks to the commitment and dream of three people in those two bedrooms, which led it to be the reality it is today. A reality that boasts an international team of as many as 1,300 people.
After a wonderful career spent at the reins of Bridgwater, Dalio has finally found his successors.
..As far as how that Bridgewater machine looks to me which makes me optimistic, I see it in the hands of 1) co-CIOs Bob Prince and Greg Jensen who were in it with me for over 35 years and 25 years, respectively, who are in charge of the investment part, (3/11)
— Ray Dalio (@RayDalio) October 4, 2022
That leaves the two historic CIOs, Bob Prince and Greg Jensen, in whom Ray Dalio places much esteem and affection.
..2) co-CEOs Nir Bar Dea (who spent the better part of the last decade working with us in senior management) and Mark Bertolini (who has a wealth of experience) who are in charge of the business part, (4/11)
— Ray Dalio (@RayDalio) October 4, 2022
The two co-CEOs, who are in charge of the business area, will be Mark Bertolini and Nir Bar Dea, who said in an interview:
“Ray no longer has the final word. That’s a big change.”
What is most interesting is that Ray Dalio, when mentioning his successors with great support, is referring to the next generation that will be responsible for driving innovation at the world’s largest hedge fund.
He defines this great moment of transition as:
“the culmination of a 47-year journey.”
The future vision placed in Bridgewater Associates
The goal is to find new lifeblood by transferring the task of management to the next generation of leaders and investors.
He has relinquished control and his role as chairman, but still remains on the board with a new title: founder and Chief Investment Officer (CIO) mentor.
A really good vision from Ray Dalio, who despite relinquishing control, remains in the life of the hedge fund for a while longer. He will be a figurehead for the new management and will continue to instill advice based on his long experience.
A successful career behind him earns him the depth and respect he deserves. He will continue to do what he loves and has always loved, so much so that he emphasizes it in his thread:
..Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together. That's a dream come true. (9/11)
— Ray Dalio (@RayDalio) October 4, 2022
Few words, but effective, like the last sentence that reads:
“That’s a dream come true.”
Just yesterday, a video was posted on YouTube, shot on the occasion of the 40th anniversary, highlighting the solid principles on which Raymond’s ideology is based and which have helped shape the entire history of Bridgewater Associates:
Last but not least, Ray Dalio invites to read a letter dedicated to him by his successors and closest friends.
All this makes Dalio a truly respected and respectable person who can make Bridgewater feel like a second family.
In this regard, his last words to Bloomberg during a statement cannot be missed:
“It’s the most beautiful thing to see. Bridgewater is my extended family, and now my family is well without me. It’s a joy. They’re strong.”
