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Ray Dalio on Bridgewater succession planning strategy


The following is a transcript of the video.

Ray Dalio: A lot of learning comes from having the same mistake over and over again until you learn it.

Richard Feloni: I notice that you had said that in 2016, when you had to move your chosen successor, Greg Jensen, out of a co-CEO role to be just co-CIO, that that was the biggest regret that you had had at Bridgewater.

And what I found interesting about that is that essentially the problem there, and correct me if I’m wrong, was that he had two jobs, running both the management and the investment side of things. But what I found interesting is that a decade prior to that you said that you had found that same problem for yourself in 2008. That you had two full-time jobs and that you couldn’t do both. How did you not see that you were kind of passing on the same thing that you had gone through?

Dalio: First of all, I would say a lot of learning comes from having the same mistake over and over again, and until you learn it. So, in my particular case, you know, the company grew up under me, and there I was, and I was handling too many things, and I was getting by, and I was figuring out how to get those things by, but not adequately. And then I figured, OK, now that’s my situation, my dilemma, and I should pass along both my dilemma and my circumstances to him, and we should try to figure out how to deal with that together.

But, in other words, I can’t not pass it along, and yet we don’t have a solution yet, and so we will try to deal with that together.

And that’s the path that we went down, and we found out that we couldn’t do that together because it was just too much for him, too much for me.

So I guess I would say, you know, you form a theory, and the theory doesn’t work, and then you try again, and you form another theory, and that’s part of the learning process.



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