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>> 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.
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.
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.
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.
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.