Ray Dalio
Born 1949 · Age 76
Founder of Bridgewater Associates (1975). Influential hedge-fund manager, author of Principles, major philanthropist, popularized risk parity and an 'idea meritocracy' corporate culture.
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Life & Career Timeline
Born in Jackson Heights, Queens, New York
Raymond Thomas Dalio born in Jackson Heights, Queens; son of Marino Dallolio (jazz musician) and Ann (homemaker).
Family moved to Manhasset, Long Island
At age 8 Dalio's family moved from Jackson Heights to Manhasset in Nassau County, Long Island.
Began caddying and first investment
Worked as a golf caddy; saved $300 and bought shares of Northeast Airlines at age 12, tripling his investment after a buyout — formative investing experience.
Learned Transcendental Meditation
Became a practitioner of Transcendental Meditation, which he later credited as important to his concentration and creative thinking.
Clerk on the New York Stock Exchange (summer)
Worked as a clerk on the NYSE in the summer between college and graduate school; observed major market events (end of Bretton Woods era).
Graduated C.W. Post College (BS in Finance)
Received a bachelor's degree in finance from C.W. Post College (Long Island University); graduated near top of class.
MBA from Harvard Business School
Received an MBA from Harvard Business School (1973).
Early Wall Street roles; Dominick & Dominick
Worked on the floor of the NYSE and at Dominick & Dominick LLC in commodities roles after Harvard.
Joined Shearson Hayden Stone as futures trader/broker
Worked at Shearson Hayden Stone advising agricultural clients on hedging with futures; worked under Sandy Weill's firm.
Fired from Shearson after altercation
Terminated from Shearson Hayden Stone after punching his boss at a New Year's Eve party; nonetheless retained some clients who followed him.
Founded Bridgewater Associates
Re-launched and formally founded Bridgewater Associates from his two‑bedroom Manhattan apartment; started as a wealth-advisory/trading firm.
Traded from converted barn in Wilton, Connecticut
Moved trading operations to a converted barn in Wilton, CT after leaving the Wall Street floor; early step in establishing Bridgewater's base.
Began publishing 'Daily Observations' research
Bridgewater started distributing its paid subscription research report 'Daily Observations' to clients, sharing macro views.
McDonald's becomes a Bridgewater client (advisory)
Advised McDonald's and suppliers on hedging and supply arrangements (e.g., poultry), helping secure product launches; early major corporate client.
Opened an office in Westport, Connecticut
Bridgewater moved offices to Westport/Greenwich area as Ray and his wife wanted to start a family; company expansion milestone.
Assumed role: Co-Chief Investment Officer of Bridgewater (start)
Became co-chief investment officer of Bridgewater Associates (has held a co-CIO role since the mid-1980s).
World Bank employee retirement fund hires Bridgewater ($5M)
Bridgewater won a $5 million account from the World Bank's employee retirement system — a major institutional client acquisition.
Profited from 1987 stock market crash
Managed positions that produced profitable results during the October 1987 crash, raising Ray Dalio's public profile.
Kodak pension fund becomes a client
Eastman Kodak's retirement system signed on as a Bridgewater client (expanding institutional client base).
Launched 'Pure Alpha' flagship strategy
Introduced Bridgewater's flagship Pure Alpha strategy focused on generating 'alpha' (risk‑adjusted excess returns).
Launched 'All Weather' fund (risk-parity)
Introduced the All Weather fund that pioneered the risk‑parity approach aiming for steady, low-risk returns across environments.
Bridgewater becomes world's largest hedge fund
Bridgewater Associates rose to be recognized as the world's largest hedge fund by assets under management.
Identified U.S. deleveraging risk; shifted allocations
Bridgewater analysts flagged that US total debt service was outpacing income and positioned into Treasuries, gold and the yen.
Predicted the 2008 financial crisis
Publicly warned about the housing/credit bubble and systemic banking risks ahead of the 2008 crisis.
Published 'How the Economic Machine Works' essay
Published an influential essay explaining macroeconomic cycles and deleveraging — widely circulated among investors and policymakers.
Pure Alpha posts 45% return; Bridgewater earns ~$15B
Pure Alpha rose ~45% in 2010, reportedly producing roughly $15 billion in profits that year—major performance milestone.
Bridgewater workforce exceeds 1,000 employees
Firm expanded to well over 1,000 employees as it scaled operations and global client coverage.
Sold ~20% of Bridgewater to employees
Dalio sold roughly 20% of the firm to employees as an internal ownership transition (not an IPO).
Acquired research submersibles / OceanX initiatives
Owned research vessel Alucia (since ~2011) and later OceanXplorer with deep-sea submersibles; used for research and media (Shark Week, NatGeo, giant squid footage).
Founded Pure Alpha Major Markets; $42.5B seeded
Launched Pure Alpha Major Markets, capitalized initially with roughly $42.5 billion from existing clients.
Self-published 'Principles' (earlier internal essay expanded)
Released a 100+ / 123-page volume 'Principles' outlining his investment and management philosophy (self-published initially).
Dalio family philanthropic giving reported at scale
Cumulatively, the Dalio family and foundation donated and committed substantial sums (reported >$5 billion donated overall by the family; >$1B grants by the foundation as part of ongoing philanthropy).
Joined the Giving Pledge
pledged to give away more than half of his fortune during his lifetime (joined Giving Pledge with wife Barbara).
Relinquished CEO title; became 'Mentor'
Officially stepped down as CEO and took the role of 'Mentor' while remaining co-CIO and senior leader.
Named to Time 100 / Bloomberg Markets recognition
Included in Time magazine's '100 Most Influential People in the World' (2012) and named by Bloomberg Markets among 50 Most Influential (2011, 2012).
TRS of Texas buys non-voting Bridgewater stake ($250M)
Teacher Retirement System of Texas purchased a non-voting stake in Bridgewater Intermediate Holdings LP for $250M.
Bridgewater AUM about $150B; 1,400 employees
By 2013 Bridgewater managed roughly $150 billion in assets and had about 1,400 employees — one of the largest hedge funds globally.
Reported compensation of ~$1.1B for year
In 2014 Dalio reportedly earned about $1.1 billion including fees, cash comp, and awards.
Acquired and converted research vessel for OceanX (drill ship purchase)
Purchased a used drill ship at reduced cost and converted it into a large research/TV vessel (OceanXplorer) for ocean exploration.
Bridgewater begins operations/expansion in China
Bridgewater initiated operations in China after regulatory changes permitted foreign investment managers to raise money and trade directly in China.
Alucia (OceanX ship) used to record live giant squid footage
OceanX's research ship Alucia was used to capture the first-ever footage of a live giant squid in 2017.
Announced stepping down as co-CEO (effective Apr 15, 2017)
Dalio announced he would step down from the co-CEO role as part of a leadership reorganization effective April 15, 2017.
Published 'Principles: Life & Work' (Simon & Schuster)
Simon & Schuster published 'Principles: Life & Work' (2017); became a New York Times #1 bestseller and Amazon's #1 business book of 2017.
OceanX & Bloomberg Philanthropies commit $185M to ocean protection
OceanX (Dalio family initiative) and Bloomberg Philanthropies committed $185 million over four years for ocean exploration and protection.
Reported personal compensation ~$2B for 2018
After Bridgewater posted a strong year (reported 14.6% return), Dalio was estimated to have personally received about $2 billion for 2018.
Pledged $100M to Connecticut public schools (matching offer)
Announced a $100 million pledge/match to improve Connecticut public education and job opportunities for disadvantaged youth.
Public call for reforming capitalism; called inequality a national emergency
Public commentary and essays urging reforms to capitalism and warning about wealth inequality as a national emergency.
Stepped down as Bridgewater CIO (summer 2020)
Transitioned away from day‑to‑day CIO responsibilities in mid/late 2020 while remaining active as mentor and senior investor.
Personal tragedy: oldest son Devon died in car crash
Dalio's oldest son, Devon, died in an automobile accident in 2020 at age 42 — a significant personal loss.
Dalio Foundation gave $10M to China for coronavirus recovery
Dalio Foundation donated $10 million to support coronavirus recovery efforts in China (Feb 2020).
Dalio Foundation gave $4M to Connecticut (COVID-related aid)
Donated $4 million to the state of Connecticut to support healthcare and nutrition during the COVID-19 pandemic.
Dalio Center for Health Justice launched with $50M gift
NewYork-Presbyterian launched the Dalio Center for Health Justice with a $50 million gift from the Dalio Foundation.
Stepped down as Bridgewater Chairman (end of 2021)
Transitioned out of the formal chairman role at Bridgewater at the end of 2021; continued as mentor and board member.
Published 'Principles for Dealing with the Changing World Order' (book)
Released his book analyzing long-term national cycles and geopolitical-economic dynamics (published 2021).
Produced 'PrinciplesYou' online assessment
Launched a free online personality/self-assessment tool called PrinciplesYou to extend his principles to broader audiences.
Bloomberg reported net worth ~$15.7B (Jan 2022)
Bloomberg Billionaires Index reported an estimated net worth of $15.7 billion in January 2022 (ranking differences vs Forbes).
Forbes estimated net worth of $20B (billionaires list)
Forbes listed Dalio with an estimated net worth of $20 billion (Jan 21, 2022) and high placement on billionaire rankings.
Completed transition from formal leadership roles at Bridgewater
By Oct 2022 Dalio had largely stepped away from formal investment chief roles and remained on the board and as a mentor.
Lawyers threaten multibillion-dollar lawsuit over tell-all book/publisher
Dalio's lawyers threatened legal action (reportedly multibillion-dollar suit) against a publisher alleging inaccurate portrayals of Dalio and Bridgewater.
New York Times investigative report raises controversy
A Nov 2023 NYT piece questioned some of Bridgewater's public claims about its investment methodology and the role of Dalio's personal influence.
Forbes ranking and net worth estimate
Forbes ranked Dalio #124 on the Richest People in the World list
Published 'How Countries Go Broke: The Big Cycle' (NYT bestseller)
Published a major book on debt cycles, national solvency, and 'Overall Big Cycle' including AI and other forces; NYT bestseller.
Sold his last shares in Bridgewater Associates
Reportedly sold his remaining direct stake in Bridgewater Associates (final exit from ownership stakes in 2025).
Key Achievement Ages
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