Woah fight at the top of Bridgewater Associates this is a must read piece from WSJ and check back for our analysis soon. Below is an excerpt on a superb reporting job inside the world’s largest (yet extremely secretive) hedge fund.
Bridgewater founder Ray Dalio and his presumed heir apparent, Greg Jensen, have called for votes on each other’s conduct.
The 66-year-old Mr. Dalio is asking the firm’s management and stakeholders committees if they believe Mr. Jensen, 42, has “integrity.” The term is defined in a 123-page treatise written by Mr. Dalio as never saying something about a person that you wouldn’t tell the person directly.
Carlson Capital's Black Diamond Arbitrage Partners fund added 1.3% net fees in the first quarter of 2021, according to a copy of the firm's March 2021 investor update, which ValueWalk has been able to review. Q1 2021 hedge fund letters, conferences and more At the end of the quarter, merger arbitrage investments represented 89% of Read More
Mr. Jensen, one of two co-chief executives at Bridgewater, has asked the same group to decide if Mr. Dalio is fulfilling the succession plan he began in 2011.
Bridgewater is known as much for its idiosyncratic culture as its investment prowess, and Mr. Dalio has long espoused that conflict is essential and helps the firm perform at its best. Employees are told to air disputes openly and then try to resolve them, which sometimes escalates into a vote.
The tumult between Messrs. Dalio and Jensen is an extreme example even for Bridgewater. They have never confronted each other so intensely before, according to current and former employees. The votes are expected soon.
The dispute between Messrs. Dalio and Jensen will be voted on by about a dozen top employees and stakeholders in the investment firm. Those people are reviewing video recordings of meetings, transcripts and other material to prepare for the votes, according to people familiar with the matter.
Voters have been told to keep quiet. After the Journal asked Bridgewater about the dispute, the firm warned employees in an email that it would find anyone responsible for leaking information, people familiar with the matter say.
The vote results and each person’s individual votes will be made available to the rest of Bridgewater. “All employees see what would be hidden in most companies,” Mr. Dalio said.