Hedge fund titan Ray Dalio criticizes the book “The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend” at the Fortune Global Forum in Abu Dhabi.
Ray Dalio, the billionaire founder of Bridgewater Associates, has once again voiced his disdain for the book “The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend.” Dalio labeled the biography as “fiction, created as fact” during his appearance at the Fortune Global Forum in Abu Dhabi. This comes after Dalio previously vowed not to give the book any more attention. The hedge fund titan accused the author, New York Times reporter Rob Copeland, of mixing truth with fiction and having a personal vendetta against Bridgewater Associates.
Dalio’s Accusations Against the Author
Dalio has consistently criticized Rob Copeland, the author of “The Fund,” for compiling tales from former employees who were dismissed from Bridgewater. He claims that Copeland sought out negative rumors and distorted them into false narratives. Dalio believes that the author has a personal vendetta against him and the hedge fund. Despite his vow not to give the book more attention, Dalio continued to express his concerns about the book at the Fortune Global Forum. He highlighted over 400 instances where fact-checkers found key points in the book to be “made up” by Copeland.
Dalio’s Criticism of American Media
During his appearance at the Fortune Global Forum, Dalio also criticized American media as a whole. He claimed that in the name of journalistic freedom, reporters can make up things and intentionally lie in the United States. Dalio expressed his concern about the mixing of fact and fiction within the media system, stating that it is a problem that goes beyond his own case.
The Response from the Author
Rob Copeland responded to Dalio’s criticism on LinkedIn, stating that if he had made false statements about Dalio, the billionaire would have threatened to sue him. Copeland stood by the accuracy of his book and dismissed Dalio’s accusations as hilariously false.
Controversial Anecdotes in the Book
“The Fund” includes several controversial anecdotes about Dalio and Bridgewater. One notable story is the “piss case,” where Dalio reportedly conducted an investigation into a puddle of urine found in the men’s bathroom at Bridgewater’s headquarters. The anecdote, which Dalio’s spokesperson called exaggerated and false, highlights the culture of “radical transparency” at the hedge fund.
Dalio’s Attempts to Suppress the Book
Before the release of “The Fund,” Dalio reportedly hired a team of high-priced lawyers to threaten the publisher and suppress the book’s publication. Despite his efforts, the biography was released and has garnered attention, with plans for it to be adapted into a scripted series by Amazon Studios.
Conclusion: Ray Dalio’s ongoing criticism of “The Fund” reflects his frustration with what he perceives as a mix of truth and fiction in the book. While he vowed not to give it more attention, Dalio’s comments at the Fortune Global Forum show that the biography continues to be a source of contention for him. The clash between Dalio and the author highlights the challenges of reporting on powerful individuals and the potential consequences of exposing their stories. As the book gains attention and potential adaptations, the controversy surrounding it is likely to persist.
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