You are here

You don't have to be kind in appraisals, but be accurate

Chairman of world's biggest hedge fund to publish much-awaited book about his hard lessons

"Being so wrong - and especially so publicly wrong - was incredibly humbling and cost me just about everything. I saw that I had been an arrogant jerk who was totally confident in a totally incorrect view. I was so broke, I couldn't muster enough money to pay for an airplane ticket to Texas to visit a prospective client." - Ray Dalio, founder of Bridgewater Associates.

IN 1993, Ray Dalio, the chairman of what is today the largest hedge fund in the world, Bridgewater Associates, received a memo signed by his top three lieutenants that was startlingly honest in its assessment of him.

It was a performance review of sorts, and not in a good way. After...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to