Posted without comment (to be honest, I’m still reading it – it’s rather long) – the Life and Business principles of Ray Dalio, founder of Bridgewater Associates.
“Bridgewater Associates.. based in Westport, Connecticut, and founded and led by a person who is equal parts investing savant and shaman… Bridgewater might best be described as an alternative alternative asset-management company. It’s the creation of Ray Dalio, who was memorably described in a great New Yorker profileby John Cassidy thusly: “He looked a bit like an aging member of a British progressive-rock group.” … in recent years Dalio and Bridgewater have ridden new investment flows and superior performance to become America’s largest hedge fund, with about $145 billion in assets.Bridgewater, which has 1,300 employees, isn’t for ex-jocks or day traders. Rather, it tends to attract—and look for—self-styled intellectuals and deep thinkers who like constructing arguments as much as they enjoy constructing portfolios…
The interviews themselves have become legendary. “Really weird” and “very confrontational” were two phrases used by students to describe the on-campus interview. A candidate is likely to be put in a room with about seven people. Instead of being grilled about stock trades or economic issues, students will be asked to debate controversial topics likeRoe v. Wade or gun control for an hour. “They wanted you to compete with each other,” said a Harvard undergraduate. “Unsurprisingly, quite a few members of the Yale debate team end up working there,” says the recent Yale graduate.
… Dalio doles out life advice and investment returns in equal measure. He runs the firm according to the doctrine of what he calls “radical transparency.” Employees are consistently challenged to defend their views. Personal criticism of colleagues is encouraged, even compulsory. Meetings are taped. Dalio has laid out his principles of management in a 123-page, 210-point manifesto. To succeed at Bridgewater, you have to buy into the system. And it’s clearly not for everyone. Check out the lengthycomment thread about Bridgewater at the jobs site One Day One Job. Among the posts from anonymous former workers: “Once you accept the offer and go through the “orientation” process you will be judged and criticized nonstop. I only made it there for 4 months before my wife convinced me that money isn’t worth it.””