Raymond Dalio (born August 8, 1949) is an American billionaire investor, hedge fund manager, and philanthropist.[3] Dalio is the founder of investment firm Bridgewater Associates, one of the world's largest hedge funds.[4] As of January 2018, he is one of the world's 100 wealthiest people, according to Bloomberg.[5]
Early life and education[edit]
Raymond Dalio was born in the Jackson Heights neighborhood of New York City'sQueens borough.[6] He is the son of a jazz musician, Marino Dallolio (1911-2002), who "played the clarinet and saxophone at Manhattan jazz clubs such as the Copacabana,” and Ann, a homemaker.[6][7][8]He is of Italian descent.[8]
Dalio began investing at age 12 when he bought shares of Northeast Airlines for $300 and tripled his investment after the airline merged with another company.[9] Dalio received a bachelor's degree in finance from Long Island University (CW Post) and an MBA from Harvard Business School.[9]
Investment career[edit]
After completing his education, Dalio worked on the floor of the New York Stock Exchangeand traded commodity futures.[9] He later worked as the Director of Commodities atDominick & Dominick LLC.[10] In 1974, he became a futures trader and broker at Shearson Hayden Stone.[9] In 1975, he founded investment management firm, Bridgewater Associates, out of his apartment.[11] The firm opened an office in Westport, Connecticut in 1981, and in 2005, the firm became the largest hedge fund in the world.[11] The firm had $160 billion in assets under management, as of October 2017.[12]
Dalio has said that he could continue improving his returns by solidifying recurring lessons into "principles."[11]
Dalio was co-CEO of Bridgewater for 10 months before he announced in March 2017 that he would step down as part of a company-wide shake-up by April 15.[13] The company had been in a seven-year management and equity transition to find a replacement.[14] Jon Rubinstein, co-CEO of the fund, was announced to step down with Dalio, but would retain an advisory role.[13]
In 2007, Bridgewater predicted the global financial crisis,[15] and in 2008 Dalio published an essay, "How the Economic Machine Works; A Template for Understanding What is Happening Now",[16] which explained his model for the economic crisis.
In 2011, he self-published a 123-page volume called "Principles", which outlined his logic and personal philosophy for investments and corporate management based on a lifetime of observation, analysis and practical application through his hedge fund.[17][18]
In 2012, Dalio appeared on the annual Time 100 list of the 100 most influential people in the world.[19] In 2011 and 2012 he was listed by Bloomberg Markets as one of the 50 Most Influential people. Institutional Investor's Alpha ranked him No. 2 on their 2012 Rich List.[20][21]
Personal life[edit]
Dalio resides with his wife Barbara (married in 1976/77)[6] in Greenwich, Connecticut, and is known to practice the Transcendental Meditation technique.[9][22][23] They have four sons.[7] Their son Paul Dalio is a film director.[24] Their second son, Matthew A. "Matt" Dalio is founder and chairman of the China Care Foundation, a non-profit that seeks to help Chinese orphans, and CEO of Endless Mobile, a computer operating system company.[25][26]
Wealth and philanthropy[edit]
According to Forbes Magazine, Dalio's net worth was $17.4 billion as of April 2018.[27]
In April 2011, he and his wife Barbara joined Bill Gates and Warren Buffett's Giving Pledge, vowing to donate more than half his fortune to charitable causes within his lifetime.[28]Through the Dalio Foundation, he has directed millions in donations to the David Lynch Foundation, which promotes and sponsors research on Transcendental Meditation.[29]
The Dalio Foundation has also contributed to the National Philanthropic Trust, to support polio eradication projects, as well as the New York-Presbyterian Hospital.[30] The Foundation has also supported the Fund for Teachers, an initiative that supports professional learning fellowships for teachers.[31]
The Dalio Foundation was part of a group of foundations supporting the 2018 launch ofTED's Audacious Project, an initiative to fund social entrepreneurs working to solve global issues.[32]
Publications and works[edit]
- Dalio, Ray. How the Economic Machine Works; A Template for Understanding What is Happening Now. (2007)[33]
- Dalio, Ray. Principles. (2017)[34]
- Best Business Books of 2017, CNBC.[35]
https://en.wikipedia.org/wiki/Ray_Dalio
