The Fund

I could not put this book down. Page after page revealed new sordid, absurd, or downright comical details about Ray Dalio, his vaunted Principles, and Bridgewater. It's hard to believe that a company managed to survive this level of turmoil for over a decade.What's fascinating to me is that Ray Dalio figured out two things: how to make money (only occasionally, it appears), and how to convince people into thinking he could make them money. He's clearly a master of the latter, commanding attention, admiration, and respect all over the world despite providing middling results to his clients.What's equally clear is that being good at the above does not mean he understands HOW to systematise and scale the process, even though he spent a decade and a half attempting to do so. These are clearly separable skills, as this book makes obvious.While I admire the effort to advance "science-based self improvement" (as one character puts it), it's sad to see the toll it's taken and the immense collateral damage.

I found this book almost unputdownable. If you are looking for insights into the world of hedge funds and high finance, this is not the book. But if you are interested in organizational behavior, performance management, eccentric founders and the like, this is an interesting and thought-provoking read.

Rob had done an outstanding job in providing a truly critical perspective into the machinery behind one of the largest funds. Ray is brilliant in his job (that's why BW is BW), and like most such movers and shakers, had his own pet projects and principles. Rob's narrative is catchy, he connects the dots very effortlessly. I would have loved to read some more about the actual investment decisions, which is completely missed out - the book focuses on all other aspects of BW, avoiding the core which made it big. It's a definite recommendation for anyone in the investing community with a macro view.

An Orwellian DystopiaLet me start with a disclaimer. I believe Billionaires like Bezos and Gates make a positive contribution to mankind when compared to any number of well-meaning left liberals who “speak truth to power”.This is a gripping tale of an egoistic billionaire, Ray Dalio, who believes to have solved some of the most complex inter personal issues that mankind faces.i.e being honest with each other and leading meaningful lives. To justify his pet theory, he comes up with “principles which involves a feedback loop based on a score card, rankings and direct conversations. He makes up rules on the fly and invests significant resources of his company, Bridgewater, in pursuits which had nothing to do with the core objectives of the hedge fund that he founded.Rob Copeland’s narrative is racy, his prose beautiful and voice neutral. This is definitely not a hit job. The situations described in the book are very believable and is a reflection of how most people behave when they have power.The story also shows that humans are very amenable to social conditioning and how we are influenced by people around us, sometimes to the point of insane irrationality. Outsiders visiting Bridgewater are quick to see the vacuousness of Dalio’s ranking systems and call out the emperor to be naked. However, those within the company strive to live by the principles.Dalio tests the most ardent of his followers and alternates between exalting them to the pulpit and within a few months dumping them as being ineffective.In spite of the seemingly dark subject, the book has its funny moments. Overall, this is an excellent work which would give the most thrilling works of fiction run for the money.

I am surprised that someone could trade years of their life (assuming the author spent that much time) researching and writing a spiteful tale about another person without presenting a balanced narrative. This book is a chapter after chapter of ray dalio bashing without attempting even to provide the other side of the story. It is a ludicrous attempt to malign someone who has had a successful public persona. The book could have been better appreciated if a balanced approach to writing was attempted. I feel bad trading my time and money for this book and would caution others from doing the same. You won’t feel any better from reading this half baked spiteful effort

Rob Copeland takes us deep into the founding, success and eventual disintegration of Bridgewater Associates, the largest Wall Street hedge fund. Founded by Ray Dahlio and guided by "The Principles", this company/cult held sway in the world financial markets despite a culture of suspicion, loyalty checks and , eventually, internal trials presided over by James Comey, future Director of the FBI. As my review title says, if this was written as fiction, the ability to suspend disbelief would be far beyond any publisher. How well educated employees found themselves enmeshed in a culture of deception, suspicion, petty and not so petty public humiliations and the constant threat of losing their exceptionally well paid jobs. Rob Copeland does an extraordinary job of making the esoteric world of the hedge fund and the Wall Street players who control it both comprehensible and engaging for the average reader. Meticulously researched and beautifully written, this book is both engaging and horrifying and a cautionary tale. Highly recommended.

According to New York Times reporter Rob Copeland there’s two sides to Ray Dalio. One side is that of a wildly successful hedge fund manager that we all know well. Another side is that of a big, egotistical bully.In “The Fund” Copeland lifts the lid on Bridgewater Associates. From its humble beginnings in a two-bedroom apartment the firm has grown to manage billions of dollars for pension funds and sovereign wealth funds. It is a macro investor, trying to predict global economic trends. Despite all its success Copeland writes that the inner workings of the firm is a failure. You get the sense that Dalio put his Principles above all else, even above what his firm is supposed to do and that is to make money.In spite of the revelations in this book I still view Dalio as a visionary, one who was willing to engage with China. In this political climate where U.S. lawmakers are anti-China everything that type of engagement is sorely needed.

This is one the best books I have read in 20 years. I was totally gripped, from one page to the next. I was genuinely shocked at what I was reading, at how someone with such power and wealth was simply an extraordinary narcissist, with little feeling for others. Vanity beyond belief. My view of Dalio has completely changed and I now turn the channel over when his mug comes into view. Anyway, the author clearly has a lot of talent and I can’t wait for his next book! Well done!!

Everyone who have over years read Dalio’s investor notes or watched interviews with him should be aware of Ray’s shallow intellect and his recent desperate attempts to establish some sort of legacy. That’s not unusual.But this books shows Dalio as much more then that - a sociopath modeled on Stalin or Mao with their love of publicly humiliating people, forcing them to admit wrongs, making show trials into instrument of control and enjoying cult of his personality.What is surprising is that people at Bridgewater had been taking part in this tragedy for so long.

Excellent.Well done Rob.The book flowed and hard to put down.Keep up the great insightful work into the ever popular world of investing.