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this video is sponsored by noaa an app i use to listen to articles from the world's leading financial publications the first 100 people to visit the link in the description below will get a week's free trial plus 50 off the annual subscription fee when it comes to hedge fund managers there's perhaps no one more prominent than ray dalio founder of one of the largest hedge funds in the world bridgewater associates which has over 160 billion dollars in assets under management ray dalio started bridgewater in 1975 and subsequently guided the fund through a series of global financial crises making money for the fund's investors at times when much of the world was facing significant losses he is now viewed as one of the most prophetic figures in the investment field bridgewater's daily observations note is read and analyzed by managers of the globe's biggest banks pension funds and investors of all stripes but how did dalio come to achieve this degree of renown well you could say that comes down to a few principles of his well over 200 to be exact rules of life that dalio has encoded deep into bridgewater's internal algorithms and its company culture and that have since been laid out in his best-selling book but while dalia attributes much of his success to these principles they and some of dalio's other traits have come to be a source of criticism and controversy leading to the hedge fund's mixed reputation in some circles nonetheless there's no denying the success bridgewater has seen under dalio's leadership so it's probably worth taking a look at ray dalio his principles and why so many investors hang on to his advice we'll dive into dalio on today's plane bagel raymond thomas dalio was born in new york shortly after the end of the second world war on august 8 1949.
he was the only child of a jazz musician something that would instill in him a love for music and from a young age he was a hard worker running paper routes and mowing lawns to make himself money in fact by the age of 12 dalio had landed a job as a golf caddy at link's golf club an exclusive course attended by many wealthy and prestigious guests and it would be here that the stock market would fall on dalio's radar you see many guests of the course were straight from wall street and dalio would overhear conversations about the booming 1960s market the high returns of the time intrigued him and he decided to sink 300 of his own earnings into north east airlines one of the few stocks you could actually afford at the time the position would eventually triple in value hooking the young dalio to the trade no pun intended he continued trading throughout high school and college venturing into commodities and building up quite the impressive resume by the time he actually finished school he held positions on the new york stock exchange trading floor attended harvard for his mba and even worked on an early iteration of bridgewater associates with a few friends of his once he graduated in 1973 ray dalio landed a job as director of commodities at dominic and dominic not a bad first career position but later became a trader for shearson hayden stone a company run by the soon-to-be ceo of citigroup sanford weil but dalio's time working as an employee didn't last very long at a company new year's party dalio punched a manager after a heated debate and when managers discovered that he had allegedly hired an exotic dancer to attend a client convention dalio was promptly fired from his role with this opportunity to start fresh dalio revisited bridgewater associates and founded the company that we know today from a small two-bedroom apartment in manhattan the year was 1975 and dahlia was just 26 at the time dalia would also marry at the stage of his life and after moving with his wife barbara galbadoni to wilton connecticut bridgewater started to take off seeing prominent early clients the likes of pension funds for the world bank and eastman kodak the approach employed by bridgewater involved the application of quantitative models to identify investment opportunities with a heavy focus on macro or economic analysis in fact the company was able to build a reputation on wall street by publishing a daily observations note an economic analysis that became quite popular on wall street to this day the article remains widely read as a source of information for central banks fund managers and even top government officials looking for clues as to where economic and stock market trends are headed in the future beyond bridgewater dalio himself built up his own reputation as a prudent prognosticator in the 1980s he predicted a global debt crisis linked to american banks lending more to emerging countries than they realistically could pay back an event that would begin to unfold in 1982 when mexico defaulted on its own debts despite being right about the crisis however dalio's bet against the markets turned sour as the stock market actually entered a bull run nearly bankrupting bridgewater and forcing dalio to borrow money from his father to make ends meet dalio has called this error his greatest mistake but says the failure taught him the value of humility this epiphany would set dalio to a series of fundamental concepts that have guided him in his personal and professional life ever since for one dalio's love for music would actually lead him to become a fervent practitioner of transcendental meditation something he learned about through the beatles who were learning about the practice themselves transcendental meditation involves the use of a silent mantra or chant if you will to focus one's mind andelio has said in interviews that it gives him a sense of clarity in all of his decision making calling it the single most important reason for whatever success i've had perhaps what dalio is most widely known for however are his principles a set of rules by which he not only lives his life by but runs his company at bridgewater each of the mistakes dalio has made throughout his life whether in an investment or in a personal relationship becomes a gem that forms a new principle something that is supposed to help avoid that same mistake moving forward in the future here are just a few examples of the more than 200 principles dalio has laid out so far look for people who sparkle not just any old one of those remember that everyone has opinions and they are often bad and on the more intense side of things use public hangings to deter bad behavior these principles form the foundation of company culture and operations at bridgewater and indeed the firm has come to be known for employing a number of unconventional practices based on these learnings one of these ideas is radical transparency which means that everything at the company is internally public and i mean everything every email call and meeting is recorded and made available to any employee another fundamental concept underlying bridgewater is the idea meritocracy the belief that not every personal opinion is worth the same value sounds pretty harsh but dalio believes the idea meritocracy actually removes opinions and emotions from group decision making so it's not about egos and it's perhaps these unconventional practices that have helped bridgewater stand out in the hyper-competitive world of hedge funds the company's pure alpha fund for example kept profits flowing through the 2008 financial crisis even achieving eye-popping annual growth in the immediate years that followed and the hedge fund company has come to manage the money for governments central banks pensions and foundations from around the world but if you're looking at all this and thinking that bridgewater might not be a very fun place to work well you're not alone dalio and his company's management have come under heavy scrutiny for the corporate culture at bridgewater turnover is high roughly a third of employees are said to leave bridgewater within their first two years at the firm some employees have reportedly been pushed to tears by practices such as those public hangings we discussed earlier where a worker's worst mistakes are broadcasted through the office other reports have included allegations of inappropriate sexual behavior drug use and partying at bridgewater's corporate retreats dalio has disputed these claims of inappropriate behavior calling them sensationalistic and defending the company's controversial way of running things needless to say he has developed a pretty mixed reputation but to dalio's credit he has applied his work ethic and financial gain to champion a number of philanthropic causes dalio is one of the many successful business people to join warren buffett's giving pledge whereby he has promised to give away at least half of his net worth and his own charitable organization the dalio foundation raises funds to support a number of causes including economic equality and education dalio is also known for being particularly fascinated with the ocean and he and his son mark dalio founded ocean x an exploration initiative that seeks to further our understanding of and protect the ocean in dalia's own words i find ocean exploration a lot more exciting and a lot more important than space exploration with these initiatives and many successes of his career some have come to cling on to every word and principle of dalios even those who are more critical of the hedge fund manager are attentive to his thoughts on the markets and different asset classes after all dalia has shown in the past to have an uncanny ability to anticipate the future of financial markets especially ahead of global catastrophes making it hard to ignore his observations so love him or paid him he stands alongside other investing greats and will go down in history as the man with the peculiar yet successful approach to mastering the markets as he puts it evolve or die this expression applies to all areas of life be it the individual countries companies or economies the key to this is to fail learn and improve quickly as you might have picked up dalio is a pretty widely quoted guy when it comes to investing here's one i particularly like if you don't mind being wrong on the way to being right you'll learn a lot this is a quote i actually heard listening to how psychology can affect your investment decisions a series on noaa that i think helps explain why dalio puts so much merit into meditating and stealing his mind noah is today's sponsor and if you don't know they are a news procurement app that professionally narrates articles from the likes of bloomberg the economist and harvard business review allowing you to listen to insightful pieces on finance economics and a wide array of other topics this makes it really easy to expand your 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