Hedge fund titan Ray Dalio continues to criticize the explosive biography about him and his firm, Bridgewater Associates, calling it “fiction, created as fact” during his appearance at the Fortune Global Forum in Abu Dhabi.
Ray Dalio, the billionaire founder of Bridgewater Associates, has once again expressed his disdain for the recently released book, “The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend.” During his appearance at the Fortune Global Forum in Abu Dhabi, Dalio labeled the book as nothing more than “fiction, created as fact.” This comes after Dalio previously vowed not to give the biography any more attention. The book, written by New York Times reporter Rob Copeland, has been a subject of controversy, with Dalio accusing Copeland of having a personal vendetta against him and Bridgewater.
Dalio’s Allegations of Fiction and Vendetta
Dalio, speaking at the Fortune Global Forum, criticized Copeland for mixing truth with fiction in the book. He accused the author of seeking out negative rumors and distorting them into false narratives. According to Dalio, a fact-checker found over 400 instances in the book where key points were “made up” by Copeland. The billionaire hedge fund manager also claimed that Copeland would fabricate conversations between two people, even when both parties denied the conversation ever took place. Dalio firmly believes that the book is a result of Copeland’s personal vendetta against him and Bridgewater, stemming from Copeland’s failed attempt to secure a job at the firm.
Dalio’s Critique of American Media
During his speech at the Fortune Global Forum, Dalio went beyond his critique of Copeland and criticized the American media as a whole. He expressed his frustration with the freedom journalists have to make up stories and intentionally lie in the name of journalistic freedom. Dalio believes that the mixing of fact and fiction in the media is a systemic issue that needs to be addressed.
On-the-Record Quotes and Controversial Anecdotes
Although Dalio dismissed the book as fiction, he did not comment on the many on-the-record quotes from several of Bridgewater’s most senior executives that are included in the book. These quotes provide an insider’s perspective on the firm and its management. One particularly controversial anecdote in the book involves an incident known as the “piss case,” where Dalio allegedly conducted an investigation into a puddle of urine in the men’s bathroom at Bridgewater’s headquarters. A spokesperson for Bridgewater has called this anecdote “exaggerated to a ridiculous degree and totally false.”
Legal Threats and Hollywood Interest
Prior to the release of “The Fund,” Dalio reportedly hired a team of high-priced lawyers to threaten the publisher and keep the book’s uglier anecdotes under wraps. Despite his efforts, the book was released and has gained attention in Hollywood. Amazon Studios recently acquired the rights to the book, with plans to develop it into a scripted series.
Conclusion:
Ray Dalio’s criticism of “The Fund” continues, with the hedge fund titan dismissing the book as fiction and accusing the author of having a personal vendetta against him and Bridgewater. While Dalio’s claims of fabrication and distortion may raise questions about the book’s credibility, the inclusion of on-the-record quotes from Bridgewater executives adds weight to some of the claims made in the biography. As the controversy surrounding the book persists, it remains to be seen how it will impact Dalio’s reputation and the perception of Bridgewater Associates in the financial world.
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