저자: 미상 · 외국인
요약 보기
레이 달리오와 브리지워터의 일대기를 다룬 영상. 1960~70년대 월가 경력, 1980~90년대 여러 차례 대공황 예측(대부분 빗나감), 브리지워터 성장과 정보 우위 전략(카자흐스탄 칼사간 유전, 드라기 ECB 대응 베팅), 원칙 기반 기업문화와 '고통+성찰=발전' 철학, 투명성 라이브러리 등 논란을 소개. 영상 중간에 TR Republic 광고 포함. 특정 종목 가격 방향에 대한 예측 발언은 없음.
다듬은 글
If you're not involved in the world of investing, you might not know who Rayalio or Bridgewater are. But let me tell you, at its peak, Bridgewater Associates was the world's biggest hedge fund fan, and its founder, Raidaliio, is a financial guru who has appeared countless times on television, participated in the World Economic Forum, and been in contact with global influencers such as Mario Dragiy, leaders of the Chinese Communist Party, and, of course, American politicians.
He has written five books on economics and philosophy and has sold more than 5 million copies worldwide. Given those facts and seeing the amazing hair that Raimundo's bonus has, you'd think he's your typical loudmouth in a suit who looks like he has a stick up his ass. But what if I told you that this guy is none other than Michael Scott from The Office, but in real life and in a much darker and more absurd version?
Don't worry if you haven't seen The Office, you'll still understand the video. But, bro, what are you waiting for? The protagonist of The Office is Michael Scott, and he's the typical boss you don't even know how he got to where he is. He is an eccentric character and the trait that defines him most is immaturity.
He's like a child: egocentric, constantly seeking attention from others, and extremely clumsy. God, no god please no. Well, with that description you're probably thinking that there's not even the slightest possibility that the founder of one of the biggest Hedge fans in history has anything to do with him.
But that's because you don't know Raidalio. This that you see here is his autobiography written by himself. Ray was actually obsessed with having his biography written by Walter Isaacson, a practically legendary author who has written the biographies of Steve Jobs, Leonardo da Vinci, Benjamin Franklin, and Elon Musk.
You know what I mean, important people. But Walter Rayson, after meeting Ray, decided that maybe it wasn't such a good idea and decided not to do it. That's why Ray hired a ghostwriter, that's what they call a ghostwriter in the literary industry , the typical one who writes Ana Rosa Quintana's books.
And this came out of it: Principles, Life and Work. This is Raidalio's autobiography , his life told by himself through a ghostwriter. And this here is the unauthorized biography told by journalist Rob Coplan through numerous interviews with employees and people who worked at his fund. Bridgewater. This book speaks of the world through Rayio's eyes, and this book speaks of Rayio through the eyes of the world, and that is what we are going to see in this video.
To begin, let's go back to 1961 in New York, United States . The young Ray Dalolio was 12 years old when he showed up at the Lyx Golf Club and volunteered as a Cadet. Transporting the sticks for the financial elite of the time was his first job and at the same time a great training to learn how to behave with the rich and powerful brokers, businessmen and aristocrats they talked to him about the market and gave him advice about the stock market.
It was a new world. There he grew up among rich and important families and began to acquire the education and class of the elites. Although he also liked to skip class to surf, he didn't get very good grades and ended up at this university here that few people know about, the Charles William Post College, which would later be called Long Island University.
There Ray studied finance and began practicing meditation. Note that, according to Ray, this would be one of the secrets of his success. It was during that time that Ray also began to heed the advice of the people at the golf club and started to invest. He began investing in gold, corn, soybeans, and pigs.
The truth is that it was quite exotic for a university student at the time, a bit like investing in cryptocurrencies today, although the truth is that his first investment had been made even younger when he acquired shares of a small airline called Northast, which he supposedly bought because its shares were worth less than But things got really serious when he got a summer job on Wall Street.
If you're thinking about how you can get a summer job like this too, you'd better get moving, because what Raidalio has done is quite impressive. During his time in Cadi he had met the Lab family, wealthy people in the investment banking sector, and Rayandiló met them all, especially the mother, because he talked to her about European culture and she was also a good influence on her children.
When the time came, one of his sons gave him this job. At this stage, his personality began to shine through. According to Gordon Labe, he did n't have much of a sense of humor, didn't fit in well with the team, and could sometimes annoy people with his somewhat arrogant attitude. And he still had a lot of polishing to do on that little bit.
He studied for an MBA at Harvard Business School and from there went to the investment banking firm Dominic and Dominic. Here I could tell you what operations he performed and how much he charged. $25,000, which wasn't bad at all for the time. But that's not the interesting part. The interesting thing is that he had an argument with his boss, whose name wasn't Dominic, and Raidalio solved it by punching him in the mouth.
I think it's important to clarify for the sake of the story that the event occurred on New Year's Eve 1974, that Ray was drunk, and that according to gossip, Ray's blow could be described as a treacherous blow. I think this part is very important to mention. The funny thing is that they didn't fire him on the spot, but some time later good old Ray gave a talk at a convention and well, if you've been to the typical events of this kind , you know how boring they can be.
So, to heat things up, he hired a stripper, and although there are different versions of the acts the young lady may have performed on stage, the conclusion is that he was fired and Chao Pescado Raidalio was unemployed, but his story had only just begun. And a good story, the kind we like, a Hollywood story, can't be one without a touch of love and romance.
And that's what Barbara Gabaldoni contributed, a young lady he met on a blind date now that he had more time for such matters. Good old Ray fell madly in love with Barbara. She worked in an art museum and barely spoke English. He loved her, and well, I suppose that when he discovered her real last name he loved her even more because Barbara Gabaldoni was actually the great-great-granddaughter of Gertrud Vanerville, heiress of the Old Money family par excellence.
I know what you 're thinking. That's it, Morridal got rich because he married a Vanderbilt. Well, that's not entirely true. And by the way, what difference does it make to you? If you're not going to marry a Banderbild or anyone else, you'd better start investing on your own with banks like TR Republic, the sponsor of this video.
TR Republic is the bank I use for my daily transactions. I use it because its app works wonderfully. Income and expenses are automatically categorized, it has BUM, transfers can be made and all procedures, from creating an account to ordering a card, are quick and easy. But above all, and what interests us most here, is that TR Republic pays you interest just for depositing your money.
This interest rate depends on the European Central Bank ; right now it's 2.02% APR, and you do n't have to worry about what you earn because, being a Spanish account, it's already connected to the Tax Office, and the taxes on that interest are handled automatically. This makes everything very convenient.
In addition, with Republic you can also buy stocks, ETFs or bonds, and by the way, every time you use their card you can invest 1% of your spending in an investment plan of your choice. A 1% that I'm sure not even Ray Dalio himself would dare to refuse. Below is a link to open your free account. And now, let's continue.
In 1982, Raidio appeared before the United States Congress to declare something important. The world was about to end. Well, maybe it wasn't Judgment Day, but the world was certainly facing a challenge of biblical proportions. Ray had spent a whole year traveling the country, telling everyone that an economic catastrophe was coming, a historic economic collapse, the worst since World War II.
Markets were volatile, unemployment was high, and gold and oil prices were soaring. On his unique end-of-the-world tour, Ray appeared in every media outlet that would grant him an interview, and in the process, he gained clients for his new company, Bridgewater Associates, which was obviously not the gigantic fund we know today, but a small risk and currency consultancy for companies.
He also wrote an economic bulletin that was gradually gaining followers; in other words, he had a newsletter. The climax of the tour occurred in the nation's capital, Washington, where Ray addressed Congress and literally told them that what the United States was facing was not a crisis, but a genuine depression.
They were screwed. And then nothing, absolutely nothing happened. The markets went up and Ray Dalio remained silent, ridiculed. To be fair to Ray, a few years later he predicted the end of the world again and this time he was right . It happened in 1987, known as Black Monday. It was a historic stock market crash, and Ray had seen it coming like an oracle, a true financial wizard.
The problem is that he also predicted a depression in 1988, 1989, 1990, 1991, and 1992. You know how it goes. When the dot-com bubble burst in 2001, do you know who had predicted it? Indeed , the magician Dalolio. By the way, I have n't mentioned this, but Dalolio was his last name at first, but he changed it to Dalio because it was easier to pronounce.
The point is that little by little Bridge Water went from being Ray's small consultancy to a fund that managed his clients' money, and it was a lot of money. The first big client was the World Bank, which entrusted its pension fund to Dio. This gave it credibility and the rest of the clients started coming.
By the year 2000 they already had $33 billion under management. Bridgewater was a fund that primarily invested this money in two ways. One was the old water, which was the form, let's say, of grandparents, the one that had the least risk, it was the one that convinced pension funds. The other one was Pure Alpha, the one with testosterone, the one that said, "You come here already crying from home." The strategy that took risks, the strategy that achieved an annualized return of approximately 12% from its creation until 2024.
Well, it's not that alpha either. It is very similar to the 11.2% annualized return that the SP500 gave in the same period. Later we'll go into detail and I'll tell you the real secret Dali had when it came to investing, what gave him an advantage over the other investors, but for now we have to understand that Dio had invented a kind of lubricant that kept the fund's gears in perfect condition .
Or well, at least that's what he thought. Year 2009. In the Bridgewater offices in Westport, peace is in the air . How could it not be? Working next to a small lake and earning a fortune must be a dream for many graduates of the top universities in the United States. That's what Katina Stefanova, a Harvard graduate, thought, or at least she thought so once.
Her classmates called her the Ice Queen. She was a tough, hardworking woman with a strong character. Some even said she was Dalio's favorite. And this was no joke because Dio had just turned 60 and someone would have to take over from the boss. At the end of 2009, Katina Stefanova went to a meeting where her performance was to be evaluated.
I had spoken with Ray about something important shortly before. When the meeting began, she was surprised by a large black object in the center of the table, a kind of box the size of a VHS tape. The session began and Dalio's words were not very affectionate. Stefanova was responsible for hiring some recruits, and things hadn't gone very well.
Dalio's analysis was as follows, word by word. You're a [ __ ] idiot. You don't even know what you know. Stefanova tried to defend herself and tried to use the logic and rationality that the founder tried to instill in his employees, but it did n't work. He continued to receive without hesitation amid the silence of the rest of his companions at the table, who, incidentally, also aspired to the legendary throne of Bridge Water.
Finally, the ice queen broke down and cried. It turns out that the black box had a microphone that recorded each and every one of Stefanova's cries, moans, and sobs. When she left the room, Dio celebrated how well everything had gone. From there, other Dalio employees took the recording and cut and edited it for the usual things: removing some pauses, deleting confidential information, removing the part where Dalio insults an employee, and then they stored it in the Bridge Water Library of Transparency, a macabre idea of Dalio's with which he recorded and compiled moments of his employees so that everyone could learn, evolve and become followers of his philosophy.
In this case, Stefanova's recording was titled Pain plus reflection equals progress. And with this title and well edited to make it seem as if Stefanova was overreacting to a calm and assertive Dalio, the recording was sent to the more than 1000 employees of Bridgewater. Incidentally, what Stefanova had told Raidalio before that day's meeting, before succumbing to the pressure and insults and crying in front of her colleagues and managers, was that she was pregnant.
You're probably thinking, "What kind of madness is this? What's this about a transparency library? What's this ' pain plus reflection equals progress' nonsense?" Well, you have to understand that Dio wasn't just a simple investor. To begin with, he considered himself, and still considers himself, a doctor of economics.
Not a doctor of doctoral degrees, but a doctor of doctors, a medical doctor. That is to say, he can see what ailments an economy has, diagnose the disease, and prescribe a solution. He's like an economist with a lot of mental gymnastics, and therefore, having people under his charge and seeing how they evolve, he also applied that knowledge to this aspect and created the Raidalio principles, a series of teachings for learning to live and getting the best out of oneself, like the Bible.
But if the Bible were written by Jesus Christ himself, and Jesus Christ were the Wolf of Wall Street. Well, as you can imagine, these principles were amazing. New recruits had to memorize them and take an exam. And don't think it didn't matter because the important thing was making money. No, that didn't matter.
Dalio already took care of the investing . The employees They had to dedicate themselves to acting with integrity and following principles, and if they didn't, it was noticeable. This was partly due to the player profile system that all employees used. It worked like this: each person had a profile with their name and avatar, and a series of parameters that their colleagues could rate .
These parameters included things like open-mindedness, tolerance for criticism, consistency, ability to solve complex problems, and so on. The profile also included details about the employee's personality, such as whether they were more analytical than intuitive, or more creative than structured. Raidalio was obsessed with studying the human mind and behavior.
That's why he once hired a team of psychologists to administer the Myers-Brussels test to him , the typical 16 personality tests. He was the first to take the test and was amazed to discover that he was an ENTP . Extroverted, Intuitive, Thinking, and Perceiving. Being an ENTP is really cool. Leonardo da Vinci was an NTP, everyone knows that.
So were Socrates and Alexander. Magnificent and attentive Barack Obama. The NTP is charismatic, curious, a good debater, creative, and exploratory. When he found out, Ray wandered around the Bridgewater offices telling everyone how wonderful the Meer Bricks test was and that soon everyone could take it and discover the origin of their behavior.
And so it was. The test was given to the staff, and the result was that almost everyone at Bridgewater was an ENTP. Seriously, according to the psychologists, there was an abnormally high concentration of ENTPs, up to six times more than there should have been. Being an NTP at Bridgewater was basically just being one of the crowd.
After that, Dio never spoke of the Meer Bricks test again. He didn't like the test that much, but he was delighted with the player profile app, and when he discovered iPads, he went completely crazy and bought one for every employee. The device came with the profile app installed, but it also had an app for reading the principles, and he was already designing an app—get this—with artificial intelligence, which was like a kind of Siri, but based on the principles.
The thing is, all the employees were quickly completely addicted to rating each other. According to Rob Copland's book, they were opening the app every 20 minutes, and of course, that created a bit of a tense atmosphere because you had to be careful. You didn't want to get on bad terms with anyone so they wouldn't give you a bad rating.
You also didn't want to give anyone a bad rating because they might give you a bad rating in return, but at the same time, if one person started giving you a bad rating, the others would too because it's easier to go with the flow. On October 21, 2016, the first episode of season 3 of Black Mirror, an anthology series that explores the dangers of technology in human life, premiered on Netflix.
When the Bridgewater employees saw the episode, they were amazed. It was a satirical story in which the characters used a rating system very similar to their gamer profiles. The app was so similar that there were rumors in the Wport offices that there had been a leak to the The show's writers. It was too much of a coincidence.
Most likely, it was just a fluke. But the fact that the employees believed it was a leak could only mean one thing. Life inside Bridge Water was Orbelian, and not just because of the scoring system, but because of something much more sinister and C.F. Quite something that started happening in the offices.
Mock trials with real consequences in which both the judges and the defendants were the employees themselves. One of Raidalio's best-known principles is radical transparency. For him, truth is above harmony, which means doing whatever it takes to get to it, like hiring a former attorney general to conduct cross-examinations and create trials with prosecution, defense, and deliberation.
That attorney general was James Commy. When Ray hired him for $7 million a year, he was no longer a prosecutor because he came from a consulting position at Lockheed Martin. In any case, he had to learn a great deal from Raidalio and must have followed his principles to the letter. Because after his experience at Bridgewater, Barack Obama appointed him director of the FBI.
Anyway, you might think that a company doesn't need an attorney general or to hold public trials, but the truth is that the world's largest fund needed them, as happened, for example, with the well-known case of the urine. This is what happened . One day Ray sent an email with the subject line "There's Peace on the floor." It turns out that Ray had gone to urinate in the bathroom and when he looked down, he saw that there was human urine on the floor.
Obviously, he couldn't let it go. He had to find out who had done it and who had allowed it. From there, the interrogations began. Dalio himself interrogated the head of maintenance. Dozens of employees took turns standing guard in front of the bathrooms. They had to note who went in and then make sure they left it clean.
They brought in new models of urinals to see if different shapes helped people aim better, and of course, they put up the typical stickers so the kids would have a precise target. All of this was obviously filmed for Bridgewater's transparency library so that The employees could then watch it and learn from it.
Another important case was known as the Ailen Lies case. Ailen Murray was an executive at Bridgewater, one of those who could have succeeded Ray, but it turns out that one day she got herself into serious trouble for breaking Ray's main principle. The truth is, the lie wasn't that big, okay? They had hired a guy from Morgan Stanley, but they didn't know he had been fired from Morgan Stanley.
Eyno , Greg Jensen, found out, they asked her, and she said she didn't know. I mean, she lied. But then there were some inconsistencies because he sent an email, and the cameras showed him with him sending an email, and well, it was a real mess. But the principle of radical honesty had to be followed , so a trial began that lasted nine months.
Every week, the cross-examinations of Ili and other witnesses were recorded and then broadcast internally to all employees in a series format. It was a reality show that lasted nine months. The humiliation ultimately led to the ruling that Ailen Muray had indeed lied, but she wasn't a liar. Ailen was temporarily demoted and would soon climb the corporate ladder again.
This didn't sit well with Greg Jensen, Ray's right-hand man, who saw her as competition and hoped she would be fired once the lie was proven. Interestingly, Jensen was also later accused. I do n't think he broke a specific Dalio principle, or I'm not sure how to classify it, but the reason was that he groped an employee while drunk at a party.
After the trial, where they discussed Jensen's abuses of power, how he humiliated employees, and, according to Ray, how inflated his ego was, it was concluded that Jensen had exhibited inappropriate behavior, but not enough to justify his dismissal. The employee whose butt he groped was Katina Stefanova, the same woman whom Raida had made cry while she was pregnant and recorded her crying for the transparency library.
After the Following this event, Katina left Bridgewater. Many know Rayio from this book, Principles, which he self-published, but they don't know that these aren't Dalio's original principles. If we look at this book, everything seems to fit together well, except for an economist discussing neuroscience and the origin of the universe in some chapters.
The book makes a lot of sense, and hey, the principles are pretty good, but it's passed through many hands before being published. I also recently published a book, and well, it hasn't been through many hands, but a little promotion can always slip through. But the point is that before these principles were made public, there were a kind of proto-principles within Bridgewater.
People outside the fund didn't know anything about it; it was like a secret until it came to light in 2010. Apparently, an angry employee or ex-employee , who knows, leaked Dio's principles to the financial blog Dealbre Breaker. In that first manuscript, you can see Dio philosophizing about being a full or a wildebeest.
Obviously, the Every Bridgewater employee had to be a full house. The blog took it as a joke. They were laughing at Dalio. Those original principles were much more direct and dogmatic than those that would be published years later. And when I say dogma, I'm not exaggerating. Breaking a principle meant facing one of those sham trials that they improvised in the background.
But for that, first they needed someone to keep an eye on the employees. One of Ray's biggest obsessions has always been China. In China, he saw a model of order and pragmatic meritocracy that reminded him of his own vision of how an organization should function . He was so obsessed that he tried again and again until he managed to connect with members of the Chinese Communist Party.
And there, aside from investments and many stories, Ray was amazed by a system the Communist Party had to maintain ideological loyalty. This system is an internal body that controls the moral and disciplinary conduct of the party. It's known as the Polit Bureau, and when Ray discovered it, he decided that Bridgewater should have its own politburo, a politburo that would make sure that all the employees of Bridge Water followed Ray's principles to the letter.
The members of this police force would be the most ardent defenders of the principles, colloquially known as the Principles Police. Their job was to detect, document, and correct deviations from expected behavior. To do this, they reviewed recordings of meetings and conversations to check if anyone was avoiding telling the truth or not applying the principles.
They examined the ratings of each employee. They saw who was criticizing whom, who was lying, who was showing ego, and if a case was serious, they could recommend an internal trial. Obviously, this police force created a state of constant paranoia, since, remember, almost everything was recorded. People were constantly being rated, and everything was judged based on the principles.
These principles, which had begun as a philosophy or as advice for prospering, were becoming a religion with its believers and its evangelizing police force . And the next step a religion has to take, if you've played Civilization 6, is to expand it. And since Ray was a visionary, he hired none other than Dave Ferrucci, one of The most important engineers in the field of artificial intelligence were brought together to create Principal OS, software that would codify Ray's principles.
What Daliio really wanted was to take his entire philosophy and turn it into code, a system, a decision-making algorithm that would make exactly the decisions Daliio himself would make. And the result was a disaster. If there's one thing the engineers discovered while developing Principal OS, it was that there was no way to systematize Daliio's decisions.
He might have been a genius, or he might have said one thing one day and something else the next. Investing tens of millions of dollars and hiring engineers from Google, Palantir, and Apple was pointless if they had to parameterize subjective and arbitrary concepts. I'll briefly explain what was happening here.
Principal OS was supposed to take a lot of data— scores from people who were , remember, in a state of fear, paranoia, and surveillance—all subjective, and assign it a credibility scale. Basically, the software had to be able to say who was right. It's said that Ferrucci ended up so Frustrated because he couldn't make Ray understand that the principles were too ambiguous to translate into code, Ferrucci finally packed up and left.
And worst of all, what hurts me the most, is that Principal Oes was going to have an extension that would be like Siri, but only for the principles. Imagine having all of Raidalio's wisdom on your phone with a pleasant female voice. The loss that humanity has suffered simply because this project failed is inconceivable.
But beyond an anecdote, the failure of Principal Oes was symbolic. Redio had been threatening to retire for years and let Bridgewater run without him. But he couldn't. If he wasn't able to systematize his decision-making in code, he couldn't do it with a successor either. In fact, according to Robert Copland, many employees ended up frustrated at Bridgewater because their investment ideas simply didn't work .
The real decisions about what to invest in and when to invest were made by Dalio himself. This guy He didn't delegate anything, which is very strange in a fund with around 1,000 employees. But Ray was so convinced that only he could do it right that they created a kind of investment game. It worked like this: Analysts could propose an investment idea, like buying bonds, stocks, or whatever, and they had to defend their idea to Ray, who was the bank, and he bet against it.
If the idea worked, they didn't make any money because they weren't investing any real money. Like many others, they gained a positive evaluation from Ray. The real game was arguing with Dalio, explaining why the idea was good and not a complete load of rubbish, as Ray always thought. And folks, nobody won against Ray.
Even if the idea worked, Ray would say it did so for the wrong reasons. Some employees described it as a game of intellectual submission. This is yet another example of the dogged atmosphere that existed within the Bridgewater offices. Above all else were the principles, and above the principles was Ray, the leader and the Messiah.
And yet So, let's face it, this guy managed to make his fund the biggest Hedgehog fan of all. The question is, how did he do it ? As much as Ray Daly has been somewhat exposed for predicting the end of the world, literally 75 times and being right twice, it's true that he achieved results over the years.
The same goes for Rob Copland's book. As much as Ray is portrayed for his human resources policies and how he treated his employees, he must have had some secret to make everything work. And that secret was, so to speak, strategic and very effective networking. Let's understand this with an example.
In 2013, Kazakhstan was about to exploit a gigantic oil field. It was the most expensive oil project in the world, known as the Cashagan Field, located in the Caspian Sea. Thanks to the income from its gas, oil, and metal deposits, Kazakhstan had a sovereign wealth fund of 77 billion. The money had to be invested somewhere.
When Dali learned one day that the director of the Kazakh fund was in New York looking for investments, he arranged a meeting with him and sent a helicopter to pick him up. It was quite a dramatic arrival, but once they were together, Dali was taken aback. The directors of Blackstone and KKR had invited him to sea bass and caviar, but Dali gave him a long lecture on the nature of the markets.
Dali's approach was specious. He wasn't interested in that money being invested in Bridgewater. In fact, when the Kazakhs offered to invest a modest 15 million, Bridgewater told him they weren't interested, that what they wanted was a long- term relationship, and that they were willing to advise the sovereign wealth fund free of charge on where to invest those billions.
They added that, of course, they would be very grateful if they could ask a few questions about how the oil field project was progressing. You see, Cashaganfield was a very complicated project. It had been plagued with problems and constant delays for over a decade. And anyone who knew how the project was progressing could adjust their oil investments accordingly.
Indeed, what Dalio was looking for was that informational advantage. Oil, in particular, is what is known as a short-lived asset because it can only be stored on the surface for a limited number of days. This makes it very sensitive to variations in supply, and having information that the competition didn't have gave Dalio a very significant advantage.
By the way, informational advantage is not synonymous with insider trading. In this case, we're talking about something legal, although I understand that for an individual investor it sounds just as bad because it makes you feel like, compared to these people, you 're just a monkey throwing a dart. Another of Dalio's contacts was Mario Dragi, the Italian president of the European Central Bank from 2011 to 2019.
Dalio often chatted with Dragi and during the 2010s advised him repeatedly to introduce stimulus measures in the European economic area. Introducing stimulus measures is nothing more than printing money. Technically, it isn't, because... They do this by lowering interest rates, buying sovereign bonds, and in other ways.
Interestingly, some of you may remember that interest rates were close to zero or even negative a few years ago. That period, in fact, was during Draghi's time . The goal was to rescue the European economy after the crisis, but as you may have guessed, the side effect is inflation; that is, the euro loses value.
And what did the investment genius Raidio do after talking many times with Mario Draghi? Well, he bet against the euro and then released the following statement: "At every key moment, Draghi has done the right thing, and the whole world is better off because of it. At this point , it's good that the whole world knows this.
Mario Draghi should not be underestimated." There are other examples of these practices, but Coplan summarizes his modus operandi as follows: next form. Dalio intensely courted well-connected government officials from whom he could deduce how they planned to intervene in their economies. And Bridge Water used this knowledge to make money with its funds.
Summer 2012, the MV Alucia, Raidaliio's impressive yacht, sails near the Ogasawara Islands in southern Japan. From there, he sends a direct message to Ray's offices in Bridgewater. Come quickly, you won't believe what we've found. Ray left everything at the offices, took a flight to Tokyo and then a ferry to the islands.
What the MV Alucia had found in the deep waters of the so -called eastern Galapagos was something very unusual, a historic discovery, a terrifying creature with eight long tentacles, two arms, blue blood and eyeballs the size of a human head. The giant squid. Until then, it had only been portrayed in works of fiction such as 20,000 Leagues Under the Sea.
He had never been observed alive before, and Dalio was about to be the first. However, shortly after arriving at Lucia, the captain warned Ray that a typhoon was approaching and that it was best to abandon the expedition. Ray had to pack his things and return to Westport. A few weeks later, scientists at the Lucarian Institute captured the next first-ever images of a live giant squid.
This, which seems like just another anecdote about Rey Dalio, is actually a metaphor for what was beginning to take shape in Dalio's mind. After making a fortune and creating one of the world's largest funds, it's logical that his main objective was no longer to make money. His main goal suddenly became to somehow endure in history, to change the world, not for money, but for a pathological need for immortality that infects many millionaires when they reach the end of their careers.
Dali used the Lucia because he liked to go on diving expeditions, but he didn't buy it just for that reason. Dali lent the enchanted megagate to researchers from all over the world. Researchers and scientists change the way we see the world, and Ray wanted to be a part of it. That's why he decided that the principles he had used to train his employees to bring out their best had to be taught to the whole world so that everyone could bring out their best.
The book was a huge success and somehow fulfilled Ray's desire to have an impact on the world. There were other books about the principles as well, but what is interesting is that the success of the books finally coincided with leaving the leadership of Bridgewater and slowly moving away from his creation.
It was something poetic; he no longer needed the attention of his employees because now he had the attention of the entire world. In 2025 he published another book also about the end of the world and also appeared on the most well-known English-language podcasts also talking about the end of the world.
On December 17, 2020, Ray Debondaliio's son died in a tragic car accident. Following the incident, Dalio published a post on LinkedIn in which he reaffirmed his most important principle. Pain plus reflection equals progress. Like other billionaires, Raidalio has reached that point where he intends to change the world by spreading his principles, convinced like a Messiah that he brings the truth and what is right for humanity, that principles can bring out the best in oneself .
This sort of Messiah complex is quite common in similar figures. For example, George Soros has sought to change the world with his Open Society Foundation. He is said to have financed walk culture, Catalan separatism, and to have become rich by sinking the pound sterling. But, , what's the truth in all this?
Click on the image to learn the story of one of the most important billionaires of the time, and remember that you have a link in the pinned comment to register for free at TR Republic. Bye.
Comments 0