Insider Finance - Business - Wall Street: Dalio exits Bridgewater

The latest in finance.
View in browser


Good morning! This is Kaja Whitehouse reporting to you from New York City. The focus of today's newsletter will be roughly 50 miles north in the coastal Connecticut town of Westport, where billionaire hedge-fund founder Ray Dalio has finally ceded control of his hedge fund empire, Bridgewater Associates. 

We will also discuss how Merrill Lynch is taking a page from dating apps to match customers with financial advisors, the latest succession intrigue at asset management giant Blackrock, and the biggest career mistakes of this year's rising stars of Wall Street.

But first, let's take a deeper look at how and why Dalio's parting with the firm he founded 47 years ago.

If this was forwarded to you, sign up here. Download Insider's app here.

Ray Dalio on the Forum stage during day two of Web Summit 2018.1. Ray Dalio took to Twitter on Tuesday to say he's finally handed over the reins of his asset management firm to the "next generation." Bridgewater will now be run by Co-CEOs Nir Bar Dea and Mark Bertolini. The firm's investments will be left to Dalio's former Co-CIOs, Bob Prince and Greg Jensen. 

The transition has been more than a decade in the making — and has hit some bumps along the way, including a contentious legal battle with his first co-CEO, Eileen Murphy, which was settled in 2020. Dalio, 73, appears to be going out on a high note, however. The firm he founded in 1975 now manages over $150 billion in assets for large investors, including pension funds. And its flagship fund is up close to 35% in what has been a rollercoaster year for investors, according to Bloomberg.

It's unclear what Dalio will do next, but he is also famous for his management philosophy of "radical transparency." The philosophy, which is outlined in his book "Principles," has made him a best-selling author despite some claims that it contributed to an atmosphere of "fear and intimidation" at Bridgewater.  

In other news:

Elon Musk

2. Elon Musk's deal to buy Twitter is back on — and that's bad for Wall Street. Banks that have agreed to help Musk raise money by selling roughly billions of dollars to institutional investors in the form of high-yield bonds and leverage loans are now facing a much more challenging market. They stand to be on the hook for hundreds of millions in losses, according to Bloomberg.

3. Starting out in any career is tough. That's why we quizzed the 25 financial professionals who made it to Insider's 2022 list of "Wall Street Rising Stars" about their biggest career mistakes. The answers run the gamut, from better networking to embracing change, but many merely said they wish they had asked more questions and leaned more heavily on senior colleagues early on

4. Finding a financial advisor can be tedious, and Merrill Lynch knows this. That's why the brokerage firm is taking a page from dating apps in the hope of making the process a little less painful, reports Insider's Hayley Cuccinello.

5. Investment giant BlackRock is shuffling management in a move that will put a key advisor to Larry Fink into a client-facing role at a pivotal moment for the company, reports Insider's Rebecca Ungarino.

6. The days when your grandmother wanted to invest in crypto may be over, but that doesn't mean retail investors are done with digital assets. Insider's Asia Martin brings you 5 crypto fintechs aimed at helping wealth managers introduce a little crypto craziness into their client's portfolios.

7. Dan Och and other founding partners of Sculptor Capital Management have  discussed a potential sale of the hedge fund, previously known as Och-Ziff, he revealed in a regulatory filing Tuesday.

8. Business school applications are down, and while there are many factors at play, the skyhigh cost of an MBA is high up on the list, according to WSJ.

9. The founder of Atomic Vaults, a fintech startup, provides what she calls "a somewhat farcical day in the life of a hedge fund manager." Her LinkedIn profile says she previously worked at Citi and Point72, but she says the account is "loosely based" on the experiences of others.

10. Finally, if you are interested in becoming a social media influencer à la Kim Kardashian, see here Insider's 6 takeaways from her $1.26 million fine for failing to disclose a the payment she received for a 2021 Instagram post promoting a fledgling cryptocurrency.

Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.

Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

Older messages

Our October cover star: Actor Diane Guerrero

Tuesday, October 4, 2022

Hi! I'm Caralynn Lippo, a senior entertainment editor for Insider's Life division. INSIDER INSIDER Diane Guerrero is Insider's National Hispanic Heritage Month cover star PHOTO CREDIT:

I’m a 22-year-old Amazon delivery driver. The cameras in my truck keep me on high alert, but it’s my dream job and the flexible hours are great.

Tuesday, October 4, 2022

Ulises Perez works as an Amazon delivery driver in Salt Lake City. He delivers hundreds of packages and spends over 40 hours on the road every week. View in browser Business Insider Business Insider

Wall Street: Credit Suisse's turmoil

Tuesday, October 4, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Good morning! This is Lisa Ryan, reporting from New York. In case you missed the memo yesterday, Aaron Weinman

I compared Walmart and Target, and found the two superstores are offering completely different types of convenience

Monday, October 3, 2022

Target is a home and clothing store that also stocks groceries. Walmart is a grocery store focused on stocking a huge range of products at low prices. View in browser Business Insider Business Insider

Wall Street: M&A, lending plummet

Monday, October 3, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hi. I'm Aaron Weinman. Today will be my final dispatch as the author of 10 Things on Wall Street. I'm

Xi is out of options

Thursday, December 1, 2022

Plus: Inside celebrity divorces, and interior design secrets. View in browser Subscribe Only fascinating stories Nicholas Carlson, December 1, 2022 Hello, Insiders. Earlier this week, Merriam-Webster

Wall Street: SBF takes blame, denies fraud

Thursday, December 1, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hello! Dan DeFrancesco checking in on this brisk NYC morning. Today we've got stories on more layoffs in

[New post] UK productivity puzzle – a production network perspective

Thursday, December 1, 2022

BankUnderground posted: " Marko Melolinna Input/output networks are important in propagating shocks in an economy. For understanding the aggregate effects of shocks, it is useful to know which

Fat bags of cash

Wednesday, November 30, 2022

Bloomberg Evening Briefing View in browser Bloomberg Proposals to rein in corporate America's galaxy-sized profits may be easy for C-suite executives sitting on fat bags of cash to dismiss, but

🥗 Klarna’s on a crash diet

Wednesday, November 30, 2022

Klarna's determined to put its losses behind it | Covid played havoc with Chinese business | TOGETHER WITH Hi Reader, here's what you need to know for December 1st in 3:07 minutes. 🌳 Let's

Issue #171: All I want for Christmas is to not get scammed

Wednesday, November 30, 2022

plus DJ Khaled's new toilets + cats with jobs ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Secret 9/11 memo

Wednesday, November 30, 2022

Plus: Musk's accidental firings, and the truth about clothing sizes. View in browser Subscribe Only fascinating stories Nicholas Carlson, November 30, 2022 Hello, Insiders. I'm just going to

Wall Street: The new-age consultants

Wednesday, November 30, 2022

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Happy hump day! It's Dan DeFrancesco checking in from the proud owners of second place of Group B in the

FinTech Weekly Issue #392 - Is It Just The Beginning?

Wednesday, November 30, 2022

Issue #392 - Is It Just The Beginning? 2022-12-01 It was a tough week for fintech and the crypto space. The consequences of the collapse of FTX begin to become evident, and it could be just the

China’s Covid crisis

Tuesday, November 29, 2022

Bloomberg Evening Briefing View in browser Bloomberg China said it would bolster vaccinations of senior citizens, a move regarded by health experts as crucial to reopening an economy that's been