FAST FIVE: "I Didn't Want To Hold On Until I Died" – Ray Dalio (Finally) Gives Up Control Of World's Largest Hedge Fund
“I Didn't Want To Hold On Until I Died” – Ray Dalio (Finally) Gives Up Control Of World's Largest Hedge Fund The billionaire founder of the world's largest hedge fund is (finally) stepping down as co-CIO.
Having initiated his succession plan in 2010, 73-year-old Ray Dalio “This was the natural progression of events; as soon as we were ready, we went ahead,” said Dalio, who will keep his seat on the board with a new title: founder and CIO mentor.
“I didn't want to hold on until I died.” Bloomberg reports that succession means he can devote more time to his philanthropy and to passing on the lessons he's learned as a lifelong student of the economy.
In what sounds like relief (but could be simply out of context), co-Chief Executive Officer Nir Bar Dea said in an interview: “Ray no longer has the final word…That's a big change.” Nir Bar Dea Presumably, Dalio will just incorrectly time when “cash is trash.