Ray Dalio joins the list of successful investors who try to turn thier??successful??investing style into a philosophy about society, life and everything in between.??
???Bridgewater really is Ray,??? one former employee told me. ???The key decisions they have made???where they have really made their money???is Ray. Most of what really matters is Ray, with help from Greg and Bob. You could run the firm with forty or fifty people instead of a thousand, and it would be basically the same.???
As long as Dalio remains healthy, the fact that he plays a key role in directing Bridgewater???s investments isn???t an issue. (Based on past experience, it is a big advantage.) But, from a business and marketing perspective, the suggestion that Bridgewater???s success continues to hinge on Dalio is a problematic one. As the former employee explained, ???It???s hard to market that model???one guy and his brilliant track record. If you want to sell your firm to institutional clients, it???s critical to appear to be ???rule-driven.??? That takes a lot of smarts. Most people want to take the credit. To say ???I just run this machine??? detracts from your own individual brilliance. But that is very smart business.???