A likely unfavorable Ray Dalio biography written by a Wall Street Journal reporter will be hitting the shelves next fall.
- The book by Rob Copeland was announced Wednesday by publisher St. Martin’s Press.
- The Fund: Ray Dalio, Bridgewater Associates and the Unraveling of a Wall Street Legend promises to be an “unauthorized, unvarnished” look at the life of investor Dalio.
- Copeland uses hundreds of interviews to create a view of both Dalio and his investing firm Bridgewater Associates.
Why it’s news
Copeland’s book promises to give readers a look behind the curtain at the world of wealth and power on Wall Street.
The journalist includes stories of government officials like former FBI director Jim Comey seeking the approval of Dalio along with anecdotal stories from Bridgewater associates showing what it’s truly like to work at the unusual investing firm.
This isn’t the first time Copeland has written an unfavorable story about Dalio. Previously, Copeland reported on a female Bridgewater employee who alleged that she was being paid less than her male counterparts.
Dalio discounted this story as “misinformation.”
In 2020, Copeland wrote a profile of the renowned investor, painting him as a tyrannical executive refusing to cede control of his firm.
“Dalio for years has stuck to a narrative that all Bridgewater employees are judged on an equal playing field, and that any difference in rank or authority was due only to a rigorous system that susses out merit. The truth is more complex,” Copeland said in a statement through St. Martins.
Backing up a bit
On September 30, Ray Dalio transferred all of his voting rights to the board of directors at Bridgewater Associates and stepped down as co-chief investment officer.
The move is an important step in Dalio’s goal of creating a legacy. Now the next generation of investors have control of the company he built.
Dalio announced the transition in a Twitter post. He stated that the company would be controlled by co-CIOs Bob Prince and Greg Jensen and co-CEOs Nir Bar Dea and Mark Bertonlini. The executives will be overseen by a board of directors.
Bridgewater Associates has $150 billion in assets. Dalio will remain on the board with the title of founder and CIO mentor.