Original title: Ray Dalio Bridgewater Fund 50th Anniversary Dialogue: From the Basement to Wall Street, Pain and Reflection Create an Investment Legend

Compiled by TechFlow

Guest: Ray Dalio, Founder of Bridgewater Associates

Moderator: Jim Haskel, Customer Service Supervisor

Podcast Source: Bridgewater Associates

Ray Dalio Reflects on Bridgewater's 50-Year Anniversary

Air Date: August 1, 2025

A few weeks after officially leaving Bridgewater Associates, Ray Dalio returned to the public eye with a reflective dialogue at the 50th anniversary celebration in late July 2025, marking his elegant transition from helmsman to successor.

This legendary figure in the investment world reviewed his half-century journey from starting out in a basement in 1975 to dominating the world's largest hedge fund, emphasizing how the philosophy of "pain plus reflection equals progress" has created diversified investments and a unique culture.

Despite having sold his remaining stake and stepped down from the board, Dalio has shared his early setbacks (such as the lessons learned from the 1982 debt crisis) and key turning points (such as foreseeing the 2008 financial crisis) as a mentor, reminding future generations to cherish meaningful relationships and humility amid uncertainty.

This conversation is not only a vivid footnote to Bridgewater’s history, but also Dalio’s farewell message to the future of investment.

TechFlow organized and compiled the entire conversation, and the full text is as follows.

Summary of key points

In this podcast, Bridgewater co-founder Ray Dalio joins Head of Client Services Jim Haskel to reflect on the firm's past, present, and future. The conversation is part of Bridgewater's 50th anniversary celebration at its new New York City office. While much has changed over the past half century, Bridgewater's core values have remained constant: a community of people united by a shared pursuit of meaningful work and deep relationships; a team focused on deeply understanding the world and translating that understanding into unique insights that create real value and impact for clients.

Summary of highlights

• Pain plus reflection equals progress.
• Don't wait until a problem occurs to take action.
• If you are unsure, don't take large-scale action.
• Making money is secondary, the most important thing is to do the best you can.
• These truly meaningful aspects shouldn’t be overlooked when discussing performance and investment decisions. Meaningful relationships are crucial, and these choices require us to make them with our hearts.
• The idea behind the five-step cycle is this: You make progress, but you’ll encounter problems and mistakes. The key is to reflect on and diagnose these problems, find the root cause, and make changes to reach new heights.
• Everyone has the opportunity to succeed, as long as they can recognize their weaknesses and understand how reality works.
• 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 the thing you worry about and solve it.
• We need to test decision rules more systematically and verify their effectiveness through backtesting, being very clear about what the decision rule is and looking at how it performs over time.
• Bridgewater's core philosophy is about ideas-first, meaningful work and relationships, achieved through radical transparency and radical authenticity.
• The key to success is finding exceptional people who can not only perform exceptionally well but also help you leverage your skills and outperform you in certain areas.
• Transparency helps us stay aligned and drives us to give our all.
• “I’ve learned humility from my experiences and I’ve learned to be afraid of making mistakes.”
• “First, I learned humility and began to question my own judgment and realize the possibility of error. Second, I realized the power of diversification and how, by investing in 15 non-correlated income streams, I could significantly reduce risk without reducing returns. Finally, I realized the importance of building an environment centered around ideas.”

Ray Dalio's Personal Career Development

Jim Haskel :

Think back to 50 years ago, we were in New York City, just in a different location. You mentioned some key moments, and looking back on them, how do you feel about where we are today and the work you put into getting there?

Ray Dalio :

These 50 years have been a truly meaningful journey. When I began, I pursued meaningful work and meaningful relationships. I could not have anticipated the wonderful journey it would become, nor the challenges it would present. Looking back on these 50 years, I feel like Bridgewater is my extended family. The handover process has given me the feeling of a father watching his children grow and thrive, and that has been incredibly fulfilling.

Jim Haskel :

Fifty years ago, you graduated from Harvard Business School. The oil market was volatile at the time, and you chose to enter the commodities brokerage industry, a truly remarkable decision at the time. You mentioned that this decision opened up many opportunities that might have been difficult to access in your younger years. Can you discuss the sense of responsibility behind this decision?

Ray Dalio :

I started investing in the markets at a young age and later entered the commodities futures market because of its low margin requirements. I figured that if I was right, I could earn more with lower margin. When I graduated from Harvard Business School in 1973, I was hired as a commodities director at a brokerage firm. From some perspectives, this might not have been a wise choice, but they hired me anyway. However, the stock market tanked, nearly bankrupting the firm, while the commodities and futures markets were incredibly hot. Ultimately, I was laid off in 1975.

Yes, it was in a two-bedroom apartment. My roommate in the other room had moved out, so I moved in. I had a friend who played rugby, and he became my assistant, helping me with some of the chores. There was also another woman who helped out with some of the stuff. Eventually, I needed more space, so I moved into the basement of the brownstone. It was literally a boiler room, with a boiler in it. We worked in the basement, and that was the beginning of Bridgewater.

1975-1985: Founding and Early Exploration of Bridgewater

Jim Haskel :

I bet most people don’t know that Bridgewater didn’t manage any client money for its first 10 years, from 1975 to 1985. What were we doing then?

Ray Dalio :

During that time, our primary focus was providing hedging advice to companies and helping them manage their risk exposures. That's when Bob joined the team. Global markets were volatile, and many companies faced various risk exposures and needed professional guidance to address these challenges. Because I had previously led institutional hedging, these companies sought our services. So, I provided them with advice while trading on my own account. We communicated with clients via telegram, and the head of the World Bank received our advice. Eventually, the World Bank awarded us our first $5 million account, marking the beginning of Bridgewater. Bob joined in 1986, and we became a leading global bond manager. (Bob Prince, Co-Chairman and Chief Investment Officer of Bridgewater Associates and a member of the Bridgewater Associates Board of Directors)

Jim Haskel :

This was a significant turning point, but I want to talk about the early days first. The client service model you mentioned was quite unique: you put yourself in your clients' shoes to understand their needs, constraints, and opportunities, even considering how you would respond if you were in their shoes. This approach was not common in the money management industry at the time, was it?

Ray Dalio :

This approach is actually an extension of interpersonal relationships. We always think about what we would do if we were the client. This way of thinking has a profound impact on our work, and you are absolutely right.

In our client relationships, we focused on daily observation. For example, clients needed our advice almost daily and wanted to know the latest market developments. Back then, I was in my basement, communicating with clients via telegram. I would dictate the messages, and my assistant would type and send them. This way, we established close connections with our clients, understanding their needs while also managing their investment accounts to a certain extent. This work was incredibly satisfying, and it still is when I think about it. However, it became clear that this approach wasn't sustainable in the long term, as I couldn't handle everything myself. Therefore, we developed the concept of client advisors to help clients better manage their assets.

Jim Haskel :

Let's talk about a period you often refer to, before Bridgewater transitioned to a money management firm. From 1979 to 1982, you gained some fame for predicting that Paul Volcker's interest rate hikes would lead to a recession. However, you were proven wrong. Can you talk about that period and what lessons you learned from it?

Ray Dalio :

In 1979 and 1980, I calculated that U.S. banks were lending more money to the country than it could repay, at interest rates, and so on. I realized we were headed for a debt default. In August 1982, Mexico defaulted on its debt. Over the next decade, many other countries followed suit. I believed we were headed for a debt crisis, and I was dead wrong.

In August 1982, Mexico defaulted on its debt. I was right about the debt, but I was wrong about the market impact. I expected the market to fall, but it rose sharply . As a result, I lost money for myself and my clients. I had to lay off employees, and eventually I was the only one left. I wondered, what should I do? Should I put on a tie and take the train into the city, or what should I do? It was one of the most important learning experiences of my life. It taught me that pain plus reflection equals progress .

I learned several important lessons that shaped my future. First, I developed humility, began to question my judgment, and recognized the possibility of error. Second, I recognized the power of diversification, and how, by investing in 15 uncorrelated income streams, I could significantly reduce risk without reducing returns. Finally, I realized the importance of fostering an environment centered around ideas. These lessons became the foundation of Bridgewater, and from that low point on, we reshaped the firm's direction. Despite subsequent ups and downs, Bridgewater's overall performance has been remarkably consistent. These experiences have profoundly influenced our portfolio design and the way we approach the firm.

Jim Haskel :

The cycle diagram you mentioned in your book is a reflection of this idea, right?

Ray Dalio :

Yes, I believe in evolution, not just for businesses but for personal growth as well. It's a five-step cycle: You make progress, but you'll encounter problems and mistakes. The key is to reflect on and diagnose these problems, identify the root causes, and make changes to reach new heights. This cycle is a repetitive process. For example, by 1994, we had developed a methodology for learning from mistakes. Even then, I came to appreciate mistakes because they are the best learning opportunities.

Jim Haskel :

While people have heard these stories, they may not truly appreciate how the concept of "15 uncorrelated revenue streams," shaped by the 1982 experience, profoundly impacted clients. Furthermore, the concept of "dumb shit" has become a key foundation for internal training at Bridgewater to help employees maintain humility. Do you believe these profound insights are only gained through setbacks?

Ray Dalio :

I think it does. While there are other factors involved, experiencing setbacks is a key one. Everyone has the potential to succeed, as long as they recognize their weaknesses and understand how reality works. When you begin to appreciate the diversity of your team members and are able to build a high standard of teamwork, you can create results like Bridgewater.

1985-1995: Transformation and the formation of investment philosophy

Jim Haskel :

Back in 1985, I wanted to ask you, did you already know you wanted to be in investment management at that time, or did you only realize you wanted to be an investment manager after the World Bank provided you with funding?

Ray Dalio :

Since I was 12, I've been fascinated by and excelled at the investment market. I've always known I wanted to work in this field. This desire became even more clear when I worked with the World Bank, and then I took advice from others and began my journey into asset management.

Jim Haskel :

Bridgewater's first major breakthrough in money management came in 1987, when the stock market crashed dramatically, and you capitalized on it. Can you share your experience with that event?

Ray Dalio :

I remember it vividly. The market was clearly frothy and fragile. I remember the morning of the crash, a storm in London, and every sign of significant market volatility. We decided to short the market, which proved to be a good move. However, the market didn't react as expected over the next year, which made me realize that we needed to test our decision rules more systematically and validate them through backtesting. In other words, we needed to be very clear about our decision rules and see how they performed over time. This was very helpful.

Jim Haskel :

The next significant development was your introduction of the concept of "alpha-beta separation" in 1990 and 1991, which profoundly impacted both investment strategy and Bridgewater's business strategy. Could you explain the origins and significance of this concept?

Ray Dalio :

In the investment world of the time, managers typically invested within a mandated range of stocks or bonds and attempted to add value within that range. The traditional investment benchmark was usually a stock, and people typically optimized their investment performance by timing their investments.

However, alpha, which refers to returns exceeding a benchmark, can originate from sources other than the stock market. I realized that alpha could be derived from various sectors and, through a "transplantation" approach, superimposed on the benchmark, leading to more efficient portfolio design. This approach provides us with a significant competitive advantage, as we are able to integrate alpha from multiple sectors to construct a more diversified portfolio, thereby achieving higher-quality excess returns.

We recommend to clients that if they allow us to construct their portfolios in this manner, they can retain their exposure to the S&P 500 or other benchmark while also enjoying the added benefit of alpha. Specifically, we replicate or hold the client's chosen benchmark and then overlay a diversified alpha strategy onto it by operating separately from the alpha. This innovative approach was largely informed by my deep understanding of futures and derivatives, which helped me realize that benchmark and alpha can be completely separated. This separation provides us with a significant competitive advantage.

Jim Haskel :

This meant that we initially focused on pure alpha investing, but by 1991 we had built a comprehensive, diversified alpha portfolio. However, we could select components of this portfolio based on client needs. For example, if a client wanted us to focus on currency coverage, we could start with currency investments and gradually expand the application of alpha through our client service model.

Ray Dalio :

Yes, clients can choose their beta benchmark, and we'll design an alpha strategy for them. We then combine the two to construct a more optimized portfolio. This approach gives us a significant competitive advantage.

Jim Haskel :

So, we can go into currency overlays, global bond markets, and even emerging market debt. In fact, we can apply our alpha strategy to any sector. I haven't seen any other firm do this, and this differentiation makes us very different.

Jim Haskel:

Speaking of team building, Bob joined the firm in 1986, before these businesses were even established. But Bob, Giselle Wagner, and Dan Bernstein all joined Bridgewater. How did you attract these talented individuals to Bridgewater? At the time, Bridgewater didn't have the clout of some established brands.

Ray Dalio :

Everyone has a story. Bob was working at First Oklahoma Bank at the time, and it was a very interesting experience. He wrote me a letter. I had a $290 subscription newsletter at the time. Bob subscribed to it and later paid $18,000 for my consulting services. He was only 27 at the time, but he was already a very talented person.

We started talking about the markets, and as our conversation deepened, things blossomed. We were thinking, what's your life's purpose? You could work at an established bank like First Oklahoma Bank, or join us and pursue our entrepreneurial spirit. We both loved the markets, so he decided to join Bridgewater.

Let me first explain why we've achieved such success. These are Bridgewater's core values: idea-driven, meaningful work and relationships, enabled by radical transparency and radical authenticity. This culture is like an intellectual Navy SEAL team, where we hold each other to high standards, strive for excellence, and maintain a high level of rigor.

Through these money management businesses, we have significant advantages with relatively low risk. Furthermore, we are independent of the performance of other managers, and we consistently embody our clients' perspectives. For example, today, clients read our daily observations, and we are able to communicate with them in a high-quality manner. This successful model is driven by a combination of factors, and I believe it will continue to drive Bridgewater's future growth.

1995-2005: Rapid growth and internal debate

Jim Haskel :

Greg officially joined Bridgewater in 1996, but before that, in 1995, he was an intern. Esquire magazine contacted you and said, "Ray, we'd love to interview you in Wilton." You readily agreed. However, when the interview was scheduled, you were unavailable due to other commitments, so you decided to have intern Greg Jensen do the interview in your place. As a result, Esquire featured our intern in its 1995 cover story. What was that experience like for you?

Ray Dalio :

Greg was an intern at the time, but he was incredibly smart and understood things well. I don't recall many experienced people in the company at the time. It was a great interview, and he shared a lot.

Jim Haskel :

Here's another story, dating back to the 1980s. Back then, you wrote the Bridgewater Daily Observer. But one day, you had to go on a business trip, so you contacted Bob and said, "Bob, I'm going on a business trip and can't write the Daily Observer." Bob had just joined Bridgewater, so you said, "Then you'll be writing the Daily Observer." Bob was nervous and said, "I usually read the Daily Observer, not write it." But he eventually decided to give it a try. Later, you reviewed his article for quality, and it was very good.

From there, you said to him, "Bob, from now on, you're going to be writing the Daily Observer." And that was his responsibility for the next 30 years, right?

Ray Dalio :

The key to success is finding exceptional people who can not only perform exceptionally well but also help you leverage your skills and outperform you in certain areas.

Jim Haskel :

Following this period, a major debate began within Bridgewater regarding the firm's future. As I mentioned, the 1990s saw incredible growth and success for Bridgewater, despite a painful drawdown between 1999 and 2001. Overall, this decade truly laid the foundation for Bridgewater. The debate centered on the question of whether Bridgewater should maintain its current size and remain a boutique firm, or whether it should go all-in and develop Bridgewater into a large, institutional-focused firm. So, who was on which side?

Ray Dalio :

Our former CFO was on the boutique side, and I was on the all-in side.

The debate centered around culture and quality. The key question was whether we could maintain quality as we scaled from our current level to the next. I believe quality is paramount. When we looked at all our needs—back-office, legal, compliance, and finance—we realized they could be better met with greater resources. So, we chose to go all in. I think that was also the challenge: how to achieve that.

This is also closely tied to culture. I connect it to radical transparency. First, we started with investment principles that could be backtested. Then, we documented the criteria for every decision and made them visible to everyone. We shared everything, including our mistakes. This transparency helped us stay aligned and drove us to give our all. A shared sense of purpose is a crucial strength—either you have it or you don't. Ultimately, this approach was incredibly successful.

Jim Haskel :

What aspects of Bridgewater's transition from a boutique firm to an institutional firm have you found more difficult than expected?

Ray Dalio :

The most difficult part was the technical side. We faced many challenges. Initially, my approach to technology was to build a system quickly, believing it would adapt to changing requirements. However, this approach led to technical chaos and issues because we lacked comprehensive documentation. As personnel and technical support shifted, we realized we were trapped in a technical dilemma. This was our biggest challenge. Other aspects went relatively smoothly, such as bringing in talented individuals to address issues. This was also the process of forming the client advisory team. You may remember that when I or others were unable to participate in person, we would conduct simulations. I would play the role of the client, and you would play the role of the client advisor, and I would conduct rigorous questioning.

Jim Haskel :

I was a strategist at the time, and you were “testing” my abilities. We also had a strategy team, and client advisors underwent similar training.

Ray Dalio :

The strategist's role is to replicate my role, or Bob's, Greg's, and so on. This way, we achieve growth alignment. In other words, I can't handle everything myself, but through great people, we leverage and find solutions to problems.

2005-2015: Responding to the global financial crisis and consolidating its position

Jim Haskel :

Let's fast forward to another significant moment, a turning point for Bridgewater. Around 2006, warning signs began to appear in the mortgage market, indicating an overheating market with an increasing number of speculative homes emerging. These signs were reflected in the daily monitoring reports. If you review these reports, you'll see that research began to point to dangers and a bubble in the market.

Ray Dalio :

Without studying the Great Depression, we wouldn't understand the nature of these risks. For example, they can mitigate them by lowering interest rates and injecting money. But what happens when interest rates hit zero? The last time this happened was in 1933, during a debt crisis. Without studying the March 1933 drop in interest rates, we wouldn't understand this dynamic. The response was quantitative easing. Without understanding this mechanism, we wouldn't have predicted the cyclical downturn of 2008. In 2009, we moved almost to neutral.

Jim Haskel :

I want to continue to explore this. By the way, if you look back at the Daily Watch reports, starting in 2001, you'll see that there was a view that the market was "pulling on a string." You think there might be an environment here that we might not be able to escape.

(TechFlow Note: "Pulling on a string" in the market usually refers to a strategy or behavior that means influencing or driving larger changes through small, gradual efforts. This strategy can be used in investment, marketing, or other business activities, emphasizing the use of subtle adjustments or actions to guide market trends or consumer behavior.)

Ray Dalio :

2008 was the crash, but in 2009 I really didn’t know what was going to happen.

Jim Haskel :

You kept saying internally that the higher the debt, the more sensitive it is to interest rates. So, you have to cut rates further, but there's a limit to how much you can do. That's the problem, right? So, let's go back to 2007. I remember back then, a lot of people came to us.

Ray Dalio :

Banks and brokers were in serious trouble. Yes, we experienced these events, and our predictions turned out to be correct. Then we helped others, like the head of Standard & Poor's. He needed to issue a rating, and we reviewed his ratings and pointed out issues, like his ratings not meeting market standards. So, many people started asking us for help. I think this might be what you're referring to.

Jim Haskel :

Let's go back to 2007 and early 2008. Looking back, how confident were you at that time that we had a handle on the market and understood the magnitude of the problem? Even if others were just beginning to understand it, or hadn't yet, how confident were you in your judgment?

Ray Dalio :

My experience has taught me humility and a fear of being wrong. At the time, the situation seemed to be in line with our predictions, and similar situations had occurred before, so it all seemed reasonable. But the key is how much confidence and resources you invest in it. So when you ask me about my confidence level, my habit is to first develop a forecast template for how things might develop, and then track the actual situation based on that template. The situation did indeed meet that template, but you still need to observe how the market reacts. I would say I have about 70% confidence.

Jim Haskel :

As things started to unfold as you predicted, did you worry that, even if your predictions were correct, the entire financial system might collapse and Bridgewater wouldn't be able to continue operating in the event of a systemic collapse? How worried were you about that?

Ray Dalio :

I do worry about the potential for extremes, but I primarily feel I'm providing real value to my clients because they're losing money elsewhere, while we're making money for them. It's like being in a battle; you focus on the fight itself, and then think about the future after it's over.

Ray Dalio :

I remember a meeting where everyone wanted to celebrate our success and say we were doing great. I remember saying, "Stop it! Otherwise, you'll become lazy and worry you'll miss something important." I have a principle: If you worry, you don't need to worry; if you don't worry, you do need to worry. Because if you worry, you focus on what you're worried about and address it. That way, you'll be safe.

Jim Haskel :

Next came 2013, because in 2013, Europe seemed at risk of collapse.

Ray Dalio :

It all started in 2010. My views on Europe in 2009 and 2010 were the same as they had been when I went to Washington in 2007. I went there in 2007, and I remember a Financial Times article describing how I went there with a pile of documents to explain the situation. But they threw them in the trash, and the same thing happened before the European crisis in 2009 and 2010. I was lucky because Mario Draghi was willing to sit down and have some discussions with us, but they still didn't believe it. They believed the market would adjust and correct itself, that the market was right, and so on. They didn't understand a very important principle: supply and demand issues can't be ignored, and we shouldn't wait until problems arise before taking action. So it all started in 2009 and 2010, and we worked through these issues step by step. I was lucky to be able to help them think about how to respond, such as how to monetize in Europe, which was facing the constraints of the German Constitutional Court at the time.

Jim Haskel :

These countries, especially Spain, Italy, and Greece, have very little fiscal freedom because all power is centralized. That's what you mentioned. So how do you recommend they deal with that?

Ray Dalio :

Because the German Constitutional Court blocked that, if you could get everything proportional, then you could do quantitative easing and other measures. That's what they did. I want to emphasize that a lot of people at Bridgewater were involved in those discussions. It was a great team working together on these issues.

2015-2025: Challenges and Legacy

Jim Haskel :

By the mid-2010s, you were a very well-known figure, and Bridgewater was a very well-known firm.

Ray Dalio :

That's the problem. I remember it was around a certain year, and we wanted to keep a low profile. But as we became the largest hedge fund, people started to think we were a strange place, even a "cult." Stories about "cults" started circulating. So I was in a dilemma: How should I deal with this? I decided to publish "Principles." Actually, it wasn't originally a book, it was a manual. I published it online, and it got three million downloads. Then people started talking about Bridgewater's culture and its unique way of doing things. Then, as we became the largest hedge fund, things became more public. We had to confront the question of what "public" meant, because it was unavoidable.

Jim Haskel :

Fast forward to late 2019. The COVID-19 pandemic began to spread in China and gradually became widespread. Our previous experience with something similar might have been the 1918 influenza pandemic, but we didn't have much of a sample of epidemics, nor were we very good at managing them. Looking back, how did you and your team handle these issues at the time? What are your reflections?

Ray Dalio :

My approach has always been to ask: Has a similar event occurred in history? How did it work? But this time, we didn't have a large enough sample size, so the pandemic came as a surprise to us. So, we decided to take some protective measures, such as choosing options to protect our investments. While others might have recommended going long, we realized this was a unique situation. We responded to the pandemic in this way. My principle is: if you're unsure, don't take large actions. So we reduced our positions or protected them with options.

But I want to mention something else. Culture has been crucial to Bridgewater's development. There are certain decisions that are incredibly important throughout this process. I want to highlight things like when a team member gets sick or a family member dies, or when we attend weddings and funerals. We participate in these events together as a team. I remember many moments like this as a team, whether we attended funerals together, celebrated weddings together, or welcomed new babies together. These are incredibly important things.

I hope to convey that these behaviors are essential to the pursuit of meaningful work and building meaningful relationships. I trust you all still live these values. I simply want to emphasize that these aspects of true meaning shouldn't be overlooked in discussions about performance and investment decisions. Especially in difficult times, meaningful relationships are even more crucial, and these choices require us to make them with our hearts.

There are some principles that need to be clearly written down, such as how we should respond when someone or their spouse has cancer and needs personal space. Writing down these principles can help us think deeply, which is also a very important thing.

Another important thing is China. I went to China in 1984 out of curiosity and interest. This is not just a business to make money. Making money is secondary. The most important thing is to do the best possible thing.

Out of curiosity, I went to China and helped them build markets and develop relationships. These dimensions can now be passed down. This is also happening in other countries, like Indonesia, which has a new sovereign wealth fund that needs help. We need to think about how to build these relationships. So before I move on to your question, I want to emphasize this point.

Looking Ahead: Bridgewater's Generational Success and Continuity of Principles

Jim Haskel :

Last question. As we celebrate Bridgewater's 50th anniversary, the next 50 years will be driven by those present here and the team on screen. I'd like to ask, what key principles do you think we need to internalize to increase our likelihood of short-term and long-term success and help Bridgewater continue its journey forward?

Ray Dalio :

All of these principles are detailed in my book, Principles: Life and Work. They're incredibly informative, but I also want to emphasize that you need to apply them in your own way. In other words, it's like a generational inheritance. I approach this from a parent's perspective: now you're the next generation, and I hope you achieve your goals in your own way. Just as your parents wanted you to succeed, they wanted you to succeed independently while also maintaining a strong relationship with you. That's my wish, too. You'll learn through practice and experience, like facing setbacks and reflecting on these principles. These are the best principles I can impart on how to create an ideal competence-first environment. How you implement them is entirely up to you.

Few companies survive for 50 years, let alone maintain their leading position in their industry. This is a testament to the effectiveness of our principles and approach.

Jim Haskel :

I want to tell you again, I don't know if I'll ever have this opportunity to speak with you again. This is so special to me. I hope you enjoy all that you've done and continue to stay connected through the Daily Observer, the podcast, and more. We all love you so much, and you will always be the founder and guiding light of Bridgewater. Ray, congratulations on all you've accomplished.

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