Original Article Title: Ray Dalio Reflects on Bridgewater's 50-Year Anniversary
Original Source: Bridgewater Associates

Compilation and Translation: DeepTech TechFlow

Guest: Ray Dalio, Founder of Bridgewater Associates

Host: Jim Haskell, Customer Service Director

Podcast Source: Bridgewater Associates

Release Date: August 1, 2025

Several weeks after formally retiring from Bridgewater Associates, Ray Dalio, at the end of July 2025, returned to the public eye with a reflective conversation at the 50th-anniversary celebration, marking his graceful transition from a leader to a steward.

This legendary figure in the investment world looked back on the half-century journey from a basement start in 1975 to leading the world's largest hedge fund, emphasizing how the philosophy of "pain plus reflection equals progress" has shaped diversified investments and a unique culture.

Despite having sold his remaining stake and stepped down from the board, Dalio, in a mentoring posture, shared early setbacks (such as the 1982 debt crisis lesson) and key turning points (such as anticipating the 2008 financial storm), reminding the younger generation to cherish meaningful relationships and humility in uncertainty.

The conversation not only serves as a vivid footnote in Bridgewater's history but also as Dalio's farewell bequest to the future of investment.

DeepTech TechFlow has compiled and translated the entire conversation, as presented below.

Key Highlights

In this podcast episode, Bridgewater's co-founder Ray Dalio, together with Customer Service Director Jim Haskell, discussed the company's past, present, and future. This conversation was part of Bridgewater's 50th-anniversary celebration held in their new office in New York. Over the past half-century, despite many changes, Bridgewater has always adhered to its core values: a group of people coming together for the common pursuit of meaningful work and building deep relationships; a team focused on deepening its understanding of the world and translating this understanding into unique insights to create real value and impact for clients.

Key Insights Summary

· Pain plus reflection equals progress.

· Don't wait for a problem to occur before taking action.

· If unsure, refrain from taking large-scale action.

· Making money is secondary; the most important thing is to strive for excellence.

· When discussing performance and investment decisions, one should not overlook aspects that reflect true significance. Meaningful relationships are particularly important, and these choices require us to make decisions with care.

· The concept of a five-step cycle: You make progress but encounter issues and mistakes. The key is to reflect and diagnose these problems, identify the root causes, make changes, and thus reach new heights.

· Everyone has the opportunity to succeed as long as they can recognize their weaknesses and understand how reality operates.

· If you are worried, then there is no need to worry; if you are not worried, then you should be worried. Because if you are worried, you will focus on the things you are worried about and address them.

· We need to systematically test decision rules and validate their effectiveness through backtesting. It is crucial to be very clear about what the decision rules are and to review their performance over a period of time.

· Bridgewater's core philosophy is the primacy of principles, significant work and relationships, achieved through radical transparency and radical truth.

· The key to success lies in finding exceptional talent who can not only excel at tasks but also help you leverage, excelling even more than you in certain areas.

· Transparency helps us stay consistent and propels us to give our all.

· "I have learned humility from my own experience and have also learned to fear making mistakes."

· "First, I learned humility, began to question my judgment, and realized the possibility of error. Second, I recognized the power of diversified investing, where investing in 15 unrelated income streams can significantly reduce risk without reducing returns. Finally, I realized that building an environment centered on principles is crucial."

Ray Dalio's Personal Career Development

Jim Haskel: Looking back 50 years ago, we were also in New York City, just at a different location. You mentioned some critical moments earlier. Looking back now, what are your feelings about where we are today and the efforts you have put into this?

Ray Dalio: These 50 years have been a meaningful journey of life. When I first started, I pursued meaningful work and meaningful relationships. I had no idea that this journey would be so wonderful nor did I anticipate the many challenges. Looking back at these 50 years, I feel like Bridgewater is my extended family. The process of transitioning has given me a sense of a father watching the children grow and thrive, which makes me immensely fulfilled.

Jim Haskel: 50 years ago, you had just graduated from Harvard Business School. At that time, the oil market was very volatile, and you chose to enter the commodity brokerage industry, which was a very unique decision at the time. You mentioned that this decision brought you many opportunities that may have been hard to come by at a younger age. Could you talk about the sense of responsibility behind this decision?

Ray Dalio: I began investing in the markets from a young age and later entered the commodity futures market because of its low margin requirements. I believed that if my judgment was correct, I could earn more returns with lower margins. When I graduated from Harvard Business School in 1973, I was hired by a brokerage firm as a commodity director. From one perspective, this may not have been a wise choice, but they still hired me. However, as the stock market languished, the company nearly went bankrupt, while the commodity and futures markets were exceptionally hot. Eventually, I was fired in 1975.

Yes, at that time, I was in a two-bedroom apartment. My roommate who lived in the other room moved out, so I stayed on. I had a friend who played football, and he was sort of my assistant at the time, helping me with some tasks. There was also a lady who provided assistance in some ways. Later on, I needed more space, so I moved into the basement of the brownstone building where I lived. It was literally a boiler room with a boiler inside. We worked in the basement, and that was the beginning of Bridgewater.

1975-1985: Establishment and Early Explorations of Bridgewater

Jim Haskel: I dare say that most people may not know that in the first 10 years after Bridgewater was founded, from 1975 to 1985, the company did not manage any client funds. What were we doing during that time?

Ray Dalio: During that time, our main work was providing companies with advice on hedging and helping them manage risk exposure. Bob joined the team at that time. The global markets were turbulent, and many companies faced various risk exposures, needing expert guidance to address these challenges. As I had previously been in charge of institutional hedge business, these companies wanted to receive this service from us. So, I traded on my own account while providing advice to them. At that time, we communicated with clients via telegrams, and even the World Bank received our advice. Eventually, the World Bank gave us the first $5 million account, which became the starting point for Bridgewater. Subsequently, Bob joined in 1986, and we became a leading global bond management company. (Bob Prince, co-CIO of Bridgewater Associates and a member of Bridgewater's board of directors.)

Jim Haskel: This is a significant turning point, but I'd like to first talk about the early days. The customer service model you mentioned is very unique. You would put yourself in customers' shoes to understand their needs, constraints, and opportunities, even thinking about how you would respond if you were them. This approach wasn't common in the fund management industry at that time, right?

Ray Dalio: This approach is actually an extension of interpersonal relationships. We have always been thinking, "If I were the customer, what would I do?" This mindset has had a profound impact on our work, as you rightly pointed out.

In our client relationships, we focus on daily observation. For instance, customers almost needed our advice every day, wanting to know the latest market trends. At that time, I was in the basement, communicating with clients via telegraph. I would dictate the telegraph message, and then have an assistant type and send it out. Through this method, we built close connections with clients, understood their needs, and to some extent, managed their investment accounts. This work brought me great satisfaction, and looking back, it still does. However, obviously, this approach could not be sustained in the long term because I couldn't personally handle everything. Thus, we introduced the concept of client advisors to help clients better manage their assets.

Jim Haskel: Before Bridgewater transformed into a fund management company, let's talk about a period you often refer to. From 1979 to 1982, you gained some fame for predicting that Paul Volcker's rate hikes might lead to an economic downturn. However, it turned out you were wrong. Could you talk about that time period and what you learned from it?

Ray Dalio: In 1979 and 1980, I calculated that the loans U.S. banks had made to countries exceeded what those countries could repay, among other factors like interest rates. I realized we were heading toward a debt crisis. In August 1982, Mexico defaulted on its debt. Over the next decade, many other countries defaulted too. At that time, I thought we would experience a debt crisis, but I was way off.

In August 1982, Mexico defaulted on its debt, and my debt assessment was correct, but I was wrong about the market impact. I thought the market would decline, but it actually surged. As a result, I lost money for both myself and my clients. I had to lay off employees, leaving only myself in the end. I was thinking, "What should I do? Should I put on a tie, take a train into the city, or what should I do?" That was one of the most important learning experiences of my life. It made me realize the principle of ‘pain plus reflection equals progress.’

I learned several key lessons that would shape the future from my time there. First, I learned humility, starting to question my own judgments and realizing the possibility of error. Second, I recognized the power of diversification, understanding that by investing in 15 uncorrelated income streams, one could significantly reduce risk without sacrificing returns. Finally, I understood the importance of building an environment centered around principles. These lessons became the foundation of Bridgewater, and from that low point, we rebuilt the company's direction. Despite some setbacks along the way, Bridgewater's overall performance has remained very stable. These experiences deeply influenced our portfolio design and the development of the company.

Jim Haskel: The cycle diagram you mentioned in your book is a reflection of this principle, right?

Ray Dalio: Exactly, I believe that evolution applies not only to businesses but also to personal growth. It is a five-step cycle: you make progress, encounter problems and mistakes, the key is to reflect and diagnose these issues, identify the root causes and make changes, thereby reaching new heights. This cycle is a continuous process. For example, in 1994, we had already established a methodology of learning from mistakes. Even so, I began to appreciate mistakes because they were the best learning opportunities.

Jim Haskel: While people have heard these stories, they may not fully realize how the concept of "15 uncorrelated income streams" proposed in the 1982 experience has had a profound impact on clients. At the same time, the concept of "dumb shit" has also become a vital foundation in Bridgewater's internal training to help employees remain humble. Do you think these profound understandings must be gained through experiencing setbacks?

Ray Dalio: I do think so, although there are other factors as well, experiencing setbacks is indeed a key one. Everyone has the opportunity to succeed as long as they can recognize their weaknesses and understand how reality works. When you start to appreciate the diversity of different members within a team and can build a high standard team to collaborate effectively, you can create results like those of Bridgewater.

1985-1995: Transformation and the Formation of Investment Principles

Jim Haskel: Going back to 1985. I wanted to ask you, did you already have a clear idea at that time that you wanted to enter the investment management industry? Or did you only realize you were an investment manager after the World Bank provided you with funding?

Ray Dalio: Actually, since the age of 12, I have been deeply interested in the investment market and have performed well. I always knew I wanted to pursue this field. When I worked with the World Bank, this idea became even clearer, and later, after hearing others' advice, I embarked on the journey of asset management.

Jim Has​kel: Bridgewater's first major breakthrough in fund management occurred in 1987, the year the stock market experienced a severe crash, and you successfully seized that opportunity. Could you share your experience in this event?

Ray Dalio: I remember it very clearly. At that time, there was a clear market bubble, along with fragility. I remember the morning of the crash day when a storm hit London, various signs indicated that the market would experience severe volatility. We decided to short the market as a result, and it turned out to be the right choice. However, in the following year, the market did not exhibit the expected volatility, which made me realize that we needed to systematically test decision rules and validate their effectiveness through backtesting. In other words, it is crucial to be very clear about what the decision rules are and examine their performance over a period of time. This was very helpful for us.

Jim Has​kel: The next significant events were in 1990 and 1991 when you introduced the concept of 'Alpha and Beta Separation,' which had a profound impact on investment strategies and Bridgewater's business strategy. Could you introduce the origin and significance of this concept?

Ray Dalio: In the investment world at that time, managers typically invested based on the authorization scope of stocks or bonds and tried to add value within those ranges. The traditional investment benchmark was usually stocks, and people usually optimized stock performance by selecting timing.

However, Alpha refers to returns that surpass the benchmark, which can come from other areas beyond just the stock market. I realized that Alpha could be sourced from different areas and could be overlaid onto the benchmark through 'porting,' enabling more efficient portfolio design. This approach gave us a significant competitive advantage because we could integrate Alpha from multiple areas, constructing a more diversified portfolio, thereby achieving superior excess returns.

We would advise clients that if they allowed us to construct a portfolio in this manner, they could retain the S&P 500 index or other benchmarks while also benefiting from additional Alpha returns. Specifically, we would replicate or hold the benchmark chosen by the client and then overlay diverse Alpha strategies on top of the benchmark through Alpha separation operations. This innovative approach was largely due to my in-depth understanding of futures and derivatives, which made me realize that benchmarks and Alpha could be completely separated. This separation design provided us with a significant competitive advantage.

Jim Haskel: This means that initially we focused on pure Alpha investment, and by 1991, we had built a comprehensive diversified Alpha portfolio. However, we can select parts of it based on client needs. For example, if a client wants us to focus on currency hedging, we can start with currency investments and gradually expand the application of Alpha through our client servicing model.

Ray Dalio: Yes, clients can choose their Beta benchmark, and then we will design Alpha strategies for them. Next, we combine the two to create a more optimized investment portfolio. This approach has given us a significant competitive advantage.

Jim Haskel: Therefore, we can enter currency hedging, global bond markets, or even emerging market debt business. In fact, we can apply our Alpha strategies in any area. I have not seen any other company do this to this extent, and this differentiation makes us stand out.

Jim Haskel: Speaking of team building, in 1986, Bob joined the company, even before these businesses were established. But Bob, Giselle Wagner, and Dan Bernstein later joined Bridgewater. How did you attract these outstanding talents to Bridgewater? After all, at that time, Bridgewater did not have the same level of influence as some renowned brands.

Ray Dalio: Everyone has their story. Bob was working at First Oklahoma Bank at the time, which was a very interesting experience. He wrote me a letter when I had a subscription newsletter that cost $290. Bob subscribed to this newsletter, then paid $18,000 for my consulting service. At that time, he was only 27 years old but already a very talented individual.

We started discussing the market, engaged in deeper conversations, and things evolved from there. At the time, we were thinking: What are your life goals? You could choose to work at a well-established bank like First Oklahoma Bank, or join us in pursuing an entrepreneurial spirit together. We both loved the market, so he decided to join Bridgewater.

I want to first explain why we were able to achieve such success. These are Bridgewater's core principles: Ideas meritocracy, meaningful work and relationships, achieved through radical transparency and radical truth. This culture is like a knowledge-based "Navy SEAL team" where we hold each other rigorously accountable, pursue excellence, and maintain a high level of precision.

Through these asset management practices, our advantage is very significant, while the risk is relatively low. Additionally, we are uncorrelated with the performance of other managers, and we always approach problems from the client's perspective. For example, today clients will read our daily observation report, and we can communicate with them in a high-quality manner. This successful model is determined by multiple factors working together, and I believe it will continue to drive Bridgewater's future growth.

1995-2005: Rapid Growth and Internal Debate

Jim Haskel: In 1996, Greg officially joined Bridgewater. But in 1995, he was still an intern. At that time, Esquire magazine contacted you and said, "Ray, we would love to interview you at Wilton." You readily agreed. However, during the interview arrangement, you didn't have time due to other commitments, so you decided to have intern Greg Jensen represent you for the interview. As a result, Esquire magazine featured our intern on the cover story in 1995. How was this experience for you?

Ray Dalio: Greg was an intern at the time, but he was very bright and could understand things very well. I don't recall how many experienced people were in the company at that time. The interview was excellent, and he shared a lot.

Jim Haskel: There's another story dating back to the '80s. At that time, you used to write the "Bridgewater Daily Observation" every day. But one day, you needed to travel, so you contacted Bob and said, "Bob, I'm going on a trip and can't write the daily observation." Bob had just joined Bridgewater at the time, and you told him, "Then you'll be responsible for writing the daily observation." Bob was very nervous and said, "I usually read the daily observation, not write it." But he eventually decided to try writing the daily observation. Later, you evaluated his work, and it turned out very well.

From then on, you said to him, "Bob, from now on, you will be responsible for writing the daily observation." That task accompanied him for the next 30 years, right?

Ray Dalio: The key to success is finding excellent talent who can not only excel at the task at hand but also help you achieve leverage and perform better than you in certain areas.

Jim Haskel: After this period, an intense internal debate began at Bridgewater about the company's future development. As I mentioned, in the '90s, Bridgewater experienced incredible growth and success, despite a painful drawdown from 1999 to 2001. However, overall, this decade truly laid the foundation for Bridgewater. The debate's topic was whether Bridgewater should maintain its current size, continue as a boutique firm, or go all-in to develop Bridgewater into an institutionalized large company. So, who was on which side?

Ray Dalio: Our former CFO stood on the boutique firm side, while I supported going all-in.

The debate mainly revolved around culture and quality. The key question was: Can we maintain quality as we expand from our current level to a higher level? I believe quality is crucial. When we look at all the requirements, such as back-end requirements, legal requirements, compliance requirements, and financial requirements, we find that these requirements can be better met with larger resources. Therefore, we chose to go all-in. I think this is also a challenge: how can we achieve this goal?

This is also closely related to culture. I associate it with "radical transparency." First, we start from investment principles that can be backtested. Then, we record decision criteria at every decision point and make these criteria visible to everyone. We show everything, including our mistakes. This transparency helps us stay consistent and drives us to go all-in. A sense of shared mission is an extremely powerful force, either you have it or you don't. In the end, this approach has been very successful.

Jim Haskel: As Bridgewater transitioned from a boutique firm to an institutionalized company, what aspects do you find more challenging than expected?

Ray Dalio: The most challenging part was the technology aspect. We faced a lot of challenges. Initially, my view on technology was to rapidly build systems, believing they could adapt to evolving requirements. However, this approach led to technological messiness as we lacked proper documentation support. With personnel and technological changes, we realized we had fallen into a technological trap. This was our biggest obstacle. Other aspects went relatively smoothly, such as addressing issues through the introduction of top talent. This also marked the formation of the client advisory team. You may recall that when I or others couldn't personally participate, we conducted simulations. I would play the role of the client, and you would play the role of the client advisor, and I would rigorously question you.

Jim Haskel: At the time, I was a strategist, and you were "testing" my capabilities. We also had a strategy team, and client advisors underwent similar training.

Ray Dalio: The strategist's responsibility was to replicate my role, or Bob's, Greg's roles, and so on. Through this process, we achieved growth adjustments. In other words, I couldn't handle all tasks personally, but through exceptional talent, we leveraged and found ways to solve problems.

2005-2015: Responding to the Global Financial Crisis and Consolidating Position

Jim Haskel: Let's fast forward to another key moment, which was a significant turning point for Bridgewater. Around 2006, the mortgage market began showing warning signs of overheating, with an increasing number of speculative homes emerging. These signs were reflected in our daily observations reports. If you look back at these reports, you'll see that our research started pointing out the dangers and bubbles in the market.

Ray Dalio: Without studying the "Great Depression," we wouldn't be able to understand the nature of these risks. For example, they could mitigate risks by lowering interest rates and injecting funds. But what happens when interest rates hit zero? The last time such a scenario occurred was in 1933 during a debt crisis. Without studying the situation when interest rates hit zero in March 1933, we wouldn't understand this dynamic. The measures taken at that time were quantitative easing. Without an understanding of this mechanism, we wouldn't have been able to predict the cyclical downturn of 2008. By 2009, we were almost moving towards neutrality.

Jim Haskel: I'd like to continue exploring this issue. By the way, if you review the daily observation reports, starting from 2001, you'll find that there was a viewpoint in the market then called "pulling on a string." Do you think there may be an environment here that we may not be able to escape?

(TechFlow Note: "Pulling on a string" in the market typically refers to a strategy or behavior that involves using small, incremental efforts to influence or drive larger change. This strategy can be applied to investment, marketing, or other business activities, emphasizing guiding market trends or consumer behavior through subtle adjustments or actions.)

Ray Dalio: 2008 was a collapse, but in 2009, I really didn't know what would happen.

Jim Haskel: You were constantly emphasizing internally at that time that the higher the debt, the more sensitive to interest rates. So further rate cuts were necessary, but the space was limited. That was the issue, right? So, let's go back to 2007. I remember back then, a lot of people came to see us.

Ray Dalio: Banks and brokers were in serious trouble. Yes, we went through these events, and then our predictions were correct. Then, we assisted others, such as the head of Standard & Poor's. He needed to provide ratings, and we reviewed his ratings and pointed out issues, such as his ratings not matching market signals, and so on. So many people began seeking our help. I think that may be what you're referring to.

Jim Haskel: Let's go back to 2007 and early 2008. Looking back, how confident were you that we had a grasp of the market's condition and understood the severity of the issue? Even as others were just beginning to realize or had not yet understood, how confident were you in your own judgment?

Ray Dalio: I learned humility from my own experience and also learned to fear being wrong. At that time, the situation did indeed seem to align with our predictions, and similar situations had occurred before, so everything seemed reasonable. But the key is how much confidence and resources you would put into it. So when you ask me about the level of confidence, my habit is to first create a prediction template, assess how things might unfold, and then track the actual situation based on this template. The situation at that time did align with this template, but you still needed to observe how the market would react, I would say I had about 70% confidence.

Jim Haskel: As things started to unfold according to your predictions, were you worried that even if your prediction was correct, the entire financial system might collapse, and Bridgewater wouldn't be able to continue operating in a system collapse scenario? How worried were you about this?

Ray Dalio: I did indeed worry about the dreadfulness of this extreme scenario. But primarily, I felt I was providing real value to our clients because they were losing money elsewhere while we were making money for them. It's like in a battle, you focus on the battle itself, and then think about the future after the battle is over.

I remember a meeting where everyone wanted to celebrate our success, saying we were doing great. I remember saying at that time: Stop, or you will become complacent, worrying that you might miss something important. I have a principle: If you worry, you don't need to worry; if you don't worry, you need to worry. Because if you worry, you will focus on what you are worried about and address it. This way, you can be unharmed.

Jim Haskel: Next is 2013, as in 2013, Europe seemed to be facing the risk of collapse.

Ray Dalio: In fact, it all started in 2010. In 2009 and 2010, my view of Europe was the same as it was in 2007. I went to Washington in 2007, and I remember there was an article in the Financial Times describing me bringing a stack of documents to explain the situation. But they threw the documents in the trash, as they did before the European crisis erupted in 2009 and 2010. I was fortunate because at that time, Mario Draghi was willing to sit down and have some discussions with us, but they still didn't believe. They believed the market would self-adjust and correct, that the market was right, and so on. They didn't understand a very important principle, which is that supply-demand issue cannot be ignored, and action should not be postponed until the problem arises. So, it actually started in 2009 and 2010, and then we gradually dealt with these issues. I was fortunate to help them think about how to respond, such as how to monetize in Europe, dealing with the restrictions of the German Constitutional Court, and so on.

Jim Haskel: These countries, especially Spain, Italy, and Greece, have almost no fiscal flexibility because all power is centralized. That's what you mentioned. So how do you suggest they deal with this situation?

Ray Dalio: Because the German Constitutional Court blocked that, if adjustments could be made proportionally in all respects, then you could implement quantitative easing and other measures. That's what they later took action on. I want to emphasize that many Bridgewater people were involved in these discussions. It's a great team, and they discussed these issues together.

2015-2025: Challenges and Legacy

Jim Haskel: By the mid-2010s, you were already a very well-known figure, and Bridgewater had also become a very well-known company.

Ray Dalio: That's the problem. I remember it was around a certain year when we wanted to keep a low profile. But when we became the largest hedge fund, people started to think it was a strange place, even a "cult." Stories about a "cult" started to spread. So I found myself in a dilemma: How should I handle this issue? I decided to publish the book "Principles." In fact, it wasn't originally a book but a manual. I posted it online, and it was downloaded 3 million times. Then people started talking about Bridgewater's culture and this unique way of operating. Then as we became the largest hedge fund, this situation became more public. We had to face the question of what "publicity" meant because it was unavoidable.

Jim Haskel: So let's fast forward to the end of 2019. The COVID-19 pandemic begins to spread in China and gradually expands. A similar situation we experienced before might be the 1918 flu, but we didn't have much data on pandemics and didn't manage it well. Looking back, how did you and your team handle these issues? What are your reflections on this?

Ray Dalio: My approach has always been: Has a similar event occurred in history? How did it work? But this time, there wasn't enough sample size, so the arrival of the pandemic was unexpected for us. So we decided to take some protective measures, such as using options to protect our investments because others might suggest going long, but we realized this situation was very unique. We responded to the pandemic in this way. My principle is: If unsure, do not take large-scale action. So we reduced positions or used options to protect positions.

However, I would also like to mention some other things; culture is crucial in Bridgewater's development. In this process, some decisions are very important. I want to emphasize, for example, when team members fall ill or when a family member passes away, or when they attend events such as weddings and funerals. As a team, we will participate in these events together. I remember many such moments in our team, such as attending funerals together, celebrating weddings, or welcoming the arrival of a newborn. These things are very important.

I hope to convey this point: in the pursuit of meaningful work and building meaningful relationships, these behaviors are indispensable. I believe you are still practicing these values. I just want to emphasize that when discussing performance and investment decisions, these aspects that embody true meaning should not be overlooked, especially in difficult times when meaningful relationships become particularly important, these choices require us to make decisions thoughtfully.

Some principles need to be clearly documented, such as how should we respond when someone or their spouse is diagnosed with cancer and needs personal space? Documenting these principles can help us think deeply, and this is also a very important thing.

Another important thing is China. I went to China in 1984 purely out of curiosity and interest; this was not just a money-making business , making money was secondary, the most important thing was to do the best possible.

Out of curiosity, I went to China and helped them build a market, develop relationships. These dimensions can now continue to be passed on. This situation also occurs in other countries, such as Indonesia, where they have a new sovereign wealth fund that needs help. We need to think about how to build these relationships. So before you continue with your questions, I want to emphasize this point.

Looking Ahead: Bridgewater's Inter-generational Inheritance and Principle Continuation

Jim Haskel: The final question. As we celebrate Bridgewater's 50th anniversary, the next 50 years will be driven by the people in this room and the team on the screen. What key principles do you think we need to internalize to increase the likelihood of short-term and long-term success, helping Bridgewater to continue to advance?

Ray Dalio: All principles are in my book, "Principles: Life and Work," this book details these contents. These principles are very rich, but I also want to emphasize that you need to practice them in your way. In other words, it is like inter-generational inheritance. I would look at this issue from the perspective of parents; now you are the next generation, I hope you can achieve your goals in your own way. Just as your parents want you to succeed, they want you to succeed independently while also maintaining a good relationship with you. This is also my wish. You need to learn through practice and experience, such as facing setbacks and reflecting on these principles. How to build an ideal capability-driven environment, these are the best principles I can impart. As for how to execute, it is entirely up to you.

It is rare for a company to last 50 years, let alone to maintain its industry-leading position. This demonstrates that our principles and methods are indeed effective.

Jim Haskel: I want to tell you again, I don't know if I will have the opportunity to talk to you like this again, this is very special to me. I hope you enjoy all that you have put into this, and continue to stay in touch with us through daily observation reports, podcasts, and other means. We all hold you in great esteem, you will always be the founder and guiding light of Bridgewater. Ray, congratulations on all your achievements.

Original Link

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia