Everybody knows about Bridgewater's infamous culture, and I know a bunch of people who were at Bridgewater who say the stories were mostly true. But that was all before Ray left. Anybody have insight on what culture is like there now? Has it changed?
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Based on the most helpful WSO content, there isn't specific information in the dataset about Bridgewater's culture post-Ray Dalio's departure. However, the firm's culture has historically been characterized by its radical transparency and unique principles-driven approach, which were deeply tied to Dalio's leadership. While it's reasonable to assume that leadership changes could influence the culture, there isn't concrete evidence or updates in the provided context to confirm how or if it has evolved since his exit.
If you're looking for more recent insights, you might consider checking out updated discussions or threads on WSO or similar forums where professionals share their experiences.
Sources: How to Diligence Firm Culture / Determine Fit (Post-MBA / After 2-Year Program), , Striking Out on Tinder? | The Daily Peel | 9/3/21, Bridgewater vs. D.E. Shaw, Dalio's all weather Portfolio - Value Investing version
My sense — speaking with former (and some current) employees — is that the culture has improved notably since Ray left. Ray had a command-and-control style that matched his platonic "everything is a machine that needs to be intelligently designed" worldview, which contradicted his professed love for evolution, an inherently bottom-up, organic process. The investment process has since decentralized. I believe nearly 60% of employees (or perhaps just investment staff) are now partners. The opening of an NYC office has loosened the cult of personality that Ray cultivated — the so-called "cult in the woods." The dot collector program was abandoned years ago after being recognized as counterproductive and bureaucratic. The firm has also evolved its extroverted "it's your duty to speak up" culture to create more space for introverted employees, and appears more diverse than in years past, more so on gender than race.
That said, some things haven't changed. The firm retains its penchant for intellectual rigor over common sense and creativity — its flat-footed response to COVID being a notable example — and a tendency toward intellectual aggrandizement (framing everything as an imbalance or paradigm shift). Senior investment ranks haven't turned over much in the past decade despite uneven performance, though last January's layoffs were notable. My understanding is that Nir Bar Dea has been a stabilizing presence, and Ben Melkman a positive addition on the investment side.
On balance, it looks like NBD is striking a reasonable balance — retaining what's distinctively good about Bridgewater while moving beyond a founder-driven cult of personality. Performance was strong last year, driven by risk premia and convergence trades, which reflect the firm's structural biases. So far, the evolution seems to be paying off.
Yeah, Ray Dalio is Yertle the Turtle.
No pun intended, as Yertle the Turtle was written by Dr. Seuss, a Dartmouth College alum, and Ray loved to recruit from Dartmouth College.
Ray=Harvard grad. Greg=Dartmouth grad. Both schools well-represented at BW. Somehow, Bob Prince's alma mater (Oklahoma) isn't.
Agreed, got the same sentiment when speaking to some during a recent interview.
They remain focused on not making money.
Who needs alpha when transparency IS alpha!
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