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00:00:01
>> A major management shake up at the world's largest hedge fund. Billionaire investor Ray Dalio founder of Westport, Connecticut based Bridgewater Associates, announcing he's stepping down as co-CEO. Along with fellow co-CEO, John Rubenstein, a former Steve Jobs lieutenant at Apple, who's been at Bridgewater for just ten months.
00:00:23
While Dalio will stay on co-chief investment officer and co-chairman, Rubenstein, once lotted for creating Apple's iPod, is completely out, deemed not a good fit for the firm's famously brutal culture. Reuters' hedge fund correspondent, Lawrence Delevingne, says the firm is unlike any other.>> So Bridgewater has literally produced more billions of dollars for its investors than any other hedge fund in the history of the world.
00:00:51
It also has this unique culture of what they call radical truth where intellectual conflict is encouraged to create what they call a meritocracy of ideas. Where any junior person can challenge even the most senior person as long as the idea is good. They literally record everything in the building.
00:01:10
So if I were to have a conversation with a boss about someone else, that person could essentially read the transcript of that recording. The idea is no secrets, no politics, just the truth.>> One of the many ex-employees perhaps unable to handle that truth, FBI Director James Comey who left the firm in 2012 after serving as its general council for two years.
00:01:33
His farewell letter reportedly saying Bridgewater's culture was quote inconsistent with the kind of joy that animates me. 67 year old Dalio in a nod to his own mortality, noting that any company run by someone over 60 that's not in transition is either quote naive or disingenuous. But adding he'd like to remain a professional investor at Bridgewater until the day he dies.