Today a book about Ray Dalio and Bridgewater was published.
While we don’t want to give this book more attention than it deserves, we feel compelled to state, unequivocally, that the overall narrative in this book is ridiculous and couldn’t be any further from the truth. The exaggerated depiction attempts to take aim at who we are by painting a distorted and inaccurate picture through a series of strung-together stories. The result is a false and misleading portrayal of our company, culture, and community.
The real Bridgewater is a company whose overriding objective is excellence, achieved through constant improvement. Our unique philosophy has guided us since our founding in 1975 and is reflected in our first Philosophy Statement from 1997. We’ve always held close to those values, even as we have evolved as a firm. When we completed the transition from Ray to the current leadership team in 2022, we updated our philosophy statement to better reflect our values today — Bridgewater’s Idea Meritocracy. We are continually improving as an organization; that is what is required to be successful. We do not shy away from criticism when it is valid and honest. When we make mistakes, we acknowledge them, hold each other accountable, and evolve. That is a core component of our culture. Our people, clients, and shareholders demand it, and our mission of understanding markets and economies requires it.
The true story of Bridgewater is embodied in our near 50-year history of industry leading investment performance and client service, and even more so, embodied in our 1,200+ employees (of which one-third have called Bridgewater their home for a decade or longer), operating in a culture where the best ideas win out, regardless of position or level within the organization. This is all in service of our exceptional clients, of which nearly 70% have been with us for ten years or longer.
While we are disappointed by this book’s false and misleading depiction of our past, we could not be more energized about our future. As we envision Bridgewater’s next 50 years, we do so, building on the legacy and successes of our past as we seek to create something even better than we had before. Bridgewater is now overseen by its Operating Board of Directors and a dynamic and diverse leadership team. We are focused on innovating and delivering for our clients and remain steadfastly committed to our shared values.
For further transparency, here is the email that CEO Nir Bar Dea sent to Bridgewater employees on November 7, 2023.