The fortune of the star investor is estimated at 19 billion euros.
(Photo: Reuters)
new York Ray Dalio is one of the most well-known investors on Wall Street. In 1975 he founded the hedge fund Bridgewater, which over the years has grown to become the largest hedge fund in the world. The 73-year-old has now given up control of his company, as the company from Westport, Connecticut, announced on Tuesday.
The step was prepared for a long time. Dalio, who most recently served as co-investment director and co-chairman, had restructured the board and transferred his shares and voting rights to the new leadership team. In the future, he will still sit on the board of directors as a simple member and be a mentor for his investment bosses.
However, that doesn’t stop the star investor from continuing to share his investment views. The recent turbulence on the markets led to a significant rethink at Dalio.
For years he has been propagating that he thinks cash is a bad investment. “Cash is trash” was his mantra. Two weeks ago he emphasized this again at a conference of the financial news “Marketwatch”.
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The turnaround came on Monday. The facts have changed, said Dalio via Twitter. In view of the rise in interest rates, he is now neutral towards cash. It’s neither particularly good nor particularly bad.
Dalio, whose fortune is estimated at just over $19 billion, has been involved in charitable work for years through his family’s foundation, Dalio Philanthropies. Longtime employees Mark Bertolini and Nir Bar Dea will lead Bridgewater. Co-investment principals are Greg Jensen and Bob Prince.
More: Ray Dalio lowers all short positions in Dax values below the reporting threshold