Tuesday, 5 May 2015
Last updated 3 hours ago
Jan 31 2014 | 12:41pm ET
Bridgewater Associates founder Ray Dalio took his gospel of radical transparency to the mainstream this week, with an appearance on "CBS This Morning."
The hedge fund billionaire sought to explain his "principles" and their controversial application at Bridgewater.
"What we do is we step back and we get to basically the fundamentals of how people think differently," Dalio told Charlie Rose. "What people are good or bad at. What they're like. We get at what they're like. And then what to do about that. It's like going into an intellectual Navy SEALs. That's what the experience is like, and the key question is, can you get over the ego barrier? Can you just find out what's true?"
Pressed on his own ego or lack thereof, Dalio acknowledged that, as Rose put it, wanting "to be the biggest and best hedge fund" and saying "I have defined the economic machine, which is the way the economies of the world work," could be thought of "as motivated by ego."
Dalio, however, prefers to think of it as altruism.
"Somebody in my position could say, 'OK, no,'" he's not going to share his insights, Dalio said. "But I'm saying that I'm 64 years old. I don't want to have fears… of being open. In other words, I'm not going to let a fear stand in the way of something that I believe is valuable."
Dalio also touched on the growing income gap, warning that it is only going to get worse.
"It's mostly a function of technology in a global workplace," he said. "In other words, technology is having an effect on that productivity that means you don't need people the same way that you did before."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…