Ray Dalio has always been a somewhat divisive figure in finance. He’s been a remarkably successful fund manager who rose from nothing to head an enormously powerful and innovative group.

But like many successful businessmen, Dalio seemed unable to rest on that success. He developed “the rules” as a template for his success, and within Bridgewater insisted that they form part of everyone’s mindset. He supplemented this with public shamings of a style that can only be likened to the “struggle sessions” of the Cultiral Revolution, with the target being required to confess their wrongdoings and promise improvement – often as a direct precursor to being demoted or fired. But of course the “rules” were infinitely malleable to match Dalio’s own needs of the moment, making them a tool of control rather than any kind of proper guide to conduct.

A lot of this was public knowledge, but forgiven by investors and collaborator because of the returns that Bridgewater generated. That’s a recurring theme in finance, for example as recounted in No One Would Listen, and encourages a culture of impunity when accompanied by profits.

4/5. Finished Sunday 10 November, 2024.

(Originally published on Goodreads.)