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Rob Copeland
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The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend Kindle Edition

by Rob Copeland (Author) Format: Kindle Edition
Editors' pick Best Books of the Year 2023
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The unauthorized, unvarnished story of famed Wall Street hedge-fund manager Ray Dalio. An instant New York Times bestseller!

Ray Dalio does not want you to read this book.

When the billionaire founder of Bridgewater Associates, the largest hedge fund on the planet, announced in 2022 that he was stepping down from the company he started out of his apartment nearly 50 years ago, the news made headlines around the world. Dalio cultivated an aura of international admiration and fame thanks to his company’s eye-popping success, coupled with a mystique he encouraged with frequent media appearances, celebrity hobnobbing, and his bestselling book, Principles. In The Fund, award-winning New York Times journalist Rob Copeland punctures this carefully-constructed narrative of the benevolent business titan, exposing his much-promoted “principles” as one of the great feats of hubris in modern memory—in practice, they encouraged a toxic culture of paranoia and backstabbing.

The Fund is a page-turning, stranger-than-fiction journey into a rarefied world of wealth and power. It offers an unflinching look at the pain so often caused by the “radical transparency” Dalio has described as a core tenet of his recipe for business success and a meaningful life. Drawing on hundreds of interviews with those inside and around the firm, Copeland takes readers into the room as former FBI director Jim Comey kisses Dalio's ring, recent Pennsylvania Senate candidate David McCormick drinks the Kool-Aid, and a rotating cast of memorable characters grapple with their personal psychological and moral limits—all under the watchful eye of their charismatic leader.

This is a cautionary tale for anyone convinced that the ability to make lots of money has anything at all to do with unlocking the principles of human nature.

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  1. Print length
    335 pages
  2. Language
    English
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  4. Publisher
    St. Martin's Press
  5. Publication date
    November 7, 2023
  6. File size
    5376 KB
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  1. Amazon editors say...

    The eye-popping story behind the billionaire hedge-fund CEO who wrote the mega-bestseller business book, 'Principles.'
    Lindsay Powers, Amazon Editor

  2. Popular highlight

    Once wealthy, however, people were less consumed by the hunt for the next score. They were more focused on staying rich than getting richer, and their strategy focused on steady, long-term growth and the minimization of the risk of big losses.
    406 Kindle readers highlighted this

  3. Popular highlight

    Their biggest investment priority was to avoid the possibility of ruin. A person who could project understanding of that priority and the knowledge of how to achieve it could make a lot of money.
    333 Kindle readers highlighted this

  4. Popular highlight

    Dalio discovered that he was better off placing a large number of small bets, so if one went wrong, it wouldn’t drag down the overall portfolio.
    307 Kindle readers highlighted this
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From the Publisher

The Fund Rob Copeland
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Editorial Reviews

Review

“This is a terrific dagger of a book packed with cringey detail...one of the better books ever written about Wall Street.…The Fund is the perfect rage-read.”
―New York Times Book Review

“At last, the era of the billionaire philosopher-king has a defining book. The Fund is a taut, nonfiction thriller."
―Bryan Burrough, author of Barbarians at the Gate

“A classic American story about the most famous man on Wall Street―or the person he seems to be. The Fund manages to both shock and entertain at the same time.”
―Philipp Meyer, bestselling author of American Rust and The Son

"The most explosive, mind-blowing business book I've ever read―and the most fun, too."
―Bradley Hope, co-author of the New York Times bestseller Billion Dollar Whale and Pulitzer Prize finalist

“Devastating…full of delectably awful anecdotes.”
―Bethany McLean, bestselling author of The Smartest Guys in the Room

“It’s a great book…everyone should read it!”
―Kara Swisher, co-host of the podcast Pivot

“Writing with droll aplomb, Copeland takes a torch to Dalio’s reputation as a Wall Street savant…the result is a hugely entertaining depiction of unbridled wealth colliding with unhinged folly.”
―Publishers Weekly

"A closely observed investigation...Copeland's history of the firm benefits from deep sourcing, drawing on new on-the-record interviews, internal documents, and multiple leaked e-mails...[offering] a vivid snapshot of Dalio's psyche."
―The New Yorker

“An unsettling exposé of a leading investment fund.…A vivid portrait of soul-killing micromanagement in a ruthless corporate setting.”
―Kirkus

"A jaw-dropping narrative...Financial reporter Rob Copeland has written a book that blows apart the mystique of Bridgewater and the man at its center. The Fund manages the improbable task of living up to its strapline of 'unravelling' a Wall Street legend."
―Financial Times

“Weird.”
―Fortune

"Copeland's gripping book exposes the cult-like culture at Ray Dalio's Bridgewater Associates."
―Spear's

"An epic page-turner...reads like the slimmest of thrillers."
―The Messenger

“A hedge fund horror story.”
―The Australian

"A page-turning portrait of a bully and bullshit artist―and, more fundamentally, a damning indictment of the elite compulsion to conflate wealth with genius."
―The Lever

About the Author

Rob Copeland is a finance reporter for the New York Times. He was previously the longtime hedge-fund beat reporter at the Wall Street Journal, and has also covered Silicon Valley and the hidden worlds of the wealthy and powerful. His front-page investigations into Bridgewater Associates won a New York Press Club award; he was also awarded an honorable mention twice by the Society of American Business Writers (SABEW) and was named a News Media Alliance "Rising Star" (formerly Top 30 Under 30). He has appeared on ABC’s "Good Morning America," NPR and other major news networks.

Product details

  • ASIN ‏ : ‎ B0BST4LN26
  • Publisher ‏ : ‎ St. Martin's Press (November 7, 2023)
  • Publication date ‏ : ‎ November 7, 2023
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 5376 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ On Kindle Scribe
  • Print length ‏ : ‎ 335 pages
  • Customer Reviews:

About the author

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Rob Copeland

Rob Copeland

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Rob Copeland is the author of the upcoming nonfiction thriller "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend." He joined the New York Times as a finance reporter in late 2022, after nearly a decade as an award-winning investigative reporter at the Wall Street Journal.

Customer reviews

4.3 out of 5 stars
1,099 global ratings

Customers say

Customers find the book engaging and enjoyable to read. They also describe the content as amazing, with entertainment on each page. Readers also mention the story as fantastic, horrifying, and a cautionary tale. They find the research very well researched and informative.

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ReadabilityContentStoryResearch qualityEnjoyment
27 customers mention "Readability"27 positive0 negative

Customers find the book engaging, enjoyable, and worth a read. They also praise the first-rate reporting and writing, saying the author is a wonderful writer and an excellent reporter. Readers also mention that the book is well paced and fun.

"...Meticulously researched and beautifully written, this book is both engaging and horrifying and a cautionary tale. Highly recommended." Read more

"...The book does not make Dalio look good. At all.Writing is fair and the book flows." Read more

"...With that said, the book is very well paced and if you read it as a fun bit of juicy gossip it's hard to put down...." Read more

"...Again, the book is interesting and well written, but readers should remember Ray has had a positive impact on a lot of people so this book should..." Read more

23 customers mention "Content"17 positive6 negative

Customers find the content of the book amazing and entertaining.

"...That said, the book is fascinating and illustrates what I myself have personally experienced: that when someone or something looks too good to be..." Read more

"...Again, the book is interesting and well written, but readers should remember Ray has had a positive impact on a lot of people so this book should..." Read more

"It's a very fun read, but far too biased...." Read more

"...But it’s a fantastic read and shines a light on Dalio and Bridgewater that I never would have thought possible...." Read more

19 customers mention "Story"19 positive0 negative

Customers find the story fantastic, horrifying, and a cautionary tale. They also find the book thrilling, insightful, and dynamic. Readers also describe the story as shocking, full of contradictions, and devastating.

"...researched and beautifully written, this book is both engaging and horrifying and a cautionary tale. Highly recommended." Read more

"...Then, the stories are so outlandish, they definitely entertain.The book does not make Dalio look good. At all...." Read more

"...But several events were told very accurately and brought out a lot of the absurdism at Bridgewater...." Read more

"This is an amazing read - entertaining, well researched, and devastating in how it exposes the emperor has no clothes...." Read more

11 customers mention "Research quality"11 positive0 negative

Customers find the book very well researched, thorough, and full of relevant background info. They also say the author presents a very credible case and does so in an entertaining fashion.

"...Meticulously researched and beautifully written, this book is both engaging and horrifying and a cautionary tale. Highly recommended." Read more

"...Intelligent, minds his own business, doesn't get frazzled by narcissistic people, doesn't care about gossip, polite, empathetic, laughs at..." Read more

"...The author presents a very credible case and does so in a highly entertaining fashion...." Read more

"...As I was reading it, I found it very well researched and very informative, in addition to being written in an engaging and enjoyable style...." Read more

9 customers mention "Enjoyment"9 positive0 negative

Customers find the book entertaining and informative. They also say it's polite, empathetic, and laughs at ridiculous stuff.

"...people, doesn't care about gossip, polite, empathetic, laughs at ridiculous stuff instead of getting annoyed by it......" Read more

"...The author presents a very credible case and does so in a highly entertaining fashion...." Read more

"This is an amazing read - entertaining, well researched, and devastating in how it exposes the emperor has no clothes...." Read more

"While the gossip is interesting, could have been half as long." Read more

Top reviews from the United States

BOOKCHC
5.0 out of 5 stars If This Were a Work of |Fiction, It Would Never Have Been Published!
Reviewed in the United States on February 4, 2024
Verified Purchase
Rob Copeland takes us deep into the founding, success and eventual disintegration of Bridgewater Associates, the largest Wall Street hedge fund. Founded by Ray Dahlio and guided by "The Principles", this company/cult held sway in the world financial markets despite a culture of suspicion, loyalty checks and , eventually, internal trials presided over by James Comey, future Director of the FBI. As my review title says, if this was written as fiction, the ability to suspend disbelief would be far beyond any publisher. How well educated employees found themselves enmeshed in a culture of deception, suspicion, petty and not so petty public humiliations and the constant threat of losing their exceptionally well paid jobs. Rob Copeland does an extraordinary job of making the esoteric world of the hedge fund and the Wall Street players who control it both comprehensible and engaging for the average reader. Meticulously researched and beautifully written, this book is both engaging and horrifying and a cautionary tale. Highly recommended.
13 people found this helpful
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L. Lopatin
4.0 out of 5 stars Hard book to review
Reviewed in the United States on May 30, 2024
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On one end, man does this book take guts to write. The author certainly has brass of steel.

Then, the stories are so outlandish, they definitely entertain.

The book does not make Dalio look good. At all.

Writing is fair and the book flows.
One person found this helpful
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evanascent
5.0 out of 5 stars Amazing read; entertainment to be found on each and every page
Reviewed in the United States on March 10, 2024
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Wow, this is one of the best books I've read in a while. I bought it knowing absolutely nothing about Bridgewater or Ray Dalio, although the names were somewhat familiar. Nonetheless, I figured that a book wouldn't have been written about them unless there was something truly interesting to write about. That said, the book is fascinating and illustrates what I myself have personally experienced: that when someone or something looks too good to be true on the outside, it almost certainly is. The people who are actually involved are probably subjected to all sorts of degradation and insanity that one would never begin to guess at, unless one has experienced something similar (which I have). I'm relieved to say that when I recently checked out the Principles book by Ray Dalio because it was on sale (shortly before finding and buying this book), I quickly determined it to be the fluff piece it really is (which I haven't always been able to discern; comes with experience!). Because of books like this one, I'm more and more skeptical of business leaders and billionaires who claim to have a secret system to leading the perfect life. Read this book instead!
5 people found this helpful
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NMO
5.0 out of 5 stars As a former Bridgewater employee...
Reviewed in the United States on December 29, 2023
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...this is surprisingly really good and I can personally vouch for the accuracy of many of the stories told in this book because I actually saw them first-hand, through Bridgewater's tapes, or during the interview process and training.

Background: I used to work for Bridgewater for several years out of college as an Investment Associate, but gradually lost interest when the tasks became repetitive and the "meritocracy" is basically a sham.

When I bought this, I did it not expecting much. I remember Copeland's articles in the WSJ while I worked at Bridgewater and how he seemed to have a negative bias against Dalio.

I thought it might be something where he shares his own subjective views or even just a gossip book. At the least, I thought it might be entertaining.

But several events were told very accurately and brought out a lot of the absurdism at Bridgewater. Many of the stories I wasn't around for, though I know almost all the people in them, so I'll reserve judgment on those.

He also captured the personalities and natures of many of the people at the firm well.

He's right about Greg Jensen being big into "The Principles" and angling to be the guy to take over, while also not trusting Dalio much toward the end. What I will say, though, is that Jensen is definitely a sharp guy who deserves to be a CIO.

He's right about Bob Prince being universally well-liked in Bridgewater. He's not caught up in The Principles, finds a lot of humor/absurdity in Ray, and stays out of the gossip and drama since he's not involved in managing much. He's carved out his own corner in economic research. He's kind of like the perfect personality for Bridgewater with Ray at the center of it. Intelligent, minds his own business, doesn't get frazzled by narcissistic people, doesn't care about gossip, polite, empathetic, laughs at ridiculous stuff instead of getting annoyed by it...

While Copeland mostly got Karen Karniol-Tambour right in the book, she was kind of underemphasized despite the fact she's now co-CIO.

Karen is the biggest Dalio brown-noser at the company, uses all of his lingo, and agrees with everything he says on markets and economies. She has very little ability to think originally, creatively, and come up with her own ideas. The rare times she gets agitated by Dalio is when he says/does things that don't align with her strong political biases.

Karen's case also shows how bad the "Dots" are as a tool for meritocracy. Dalio gave her high marks because she repeats everything he says and her entire schtick is about impressing him (which most everyone else sees). But because Dalio is among the most "believable" and everyone can see the marks, almost everyone else just toes the line.

Since Dalio controls/controlled almost everything at the firm and is responsible for everyone's paycheck, he doesn't seem to realize how that affects how people rate each other and the opinions that people openly air.

Copeland also captures the fact that Dalio does have clear narcissistic and sociopathic traits, and how nobody is really interested in crossing him. It really is the sycophants who are mostly rewarded at Bridgewater, not the merit of their ideas, and it always seemed like Dalio is too arrogant to realize that.

The obsession with finding people's weaknesses and vulnerabilities at Bridgewater is also weird because at most companies they hire based on your strengths. It reminds me of how narcissists want this information because they can weaponize it against you, and this is what happens to people when they cross Dalio and his flying monkeys with "trials," upbraidings, and other ridiculous stuff.

That said, Dalio isn't all bad. He's a very strong big-picture thinker, he's intelligent, and I consider him one of the most influential people in my life. I find "The Principles" mostly insightful and well-articulated. But I also tend to avoid people with narcissistic personalities, especially if they have power over you. Copeland is also right about Dalio's trade history being spotty. That's not really his strength, and Bob and Greg are much better at that task.

So, with all of Dalio's self-promotion and idolatry, it's useful to have a check against that with this book.
134 people found this helpful
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Noah Wunsch
3.0 out of 5 stars Very fun as gossip, very flawed as nonfiction
Reviewed in the United States on November 26, 2023
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It's a very fun read, but far too biased. The author does everything in his power to not try to dissect what is WORKING about the culture of Bridgewater so that it has become the biggest hedge fund in the world, but rather chooses to focus on all of the things that he believes to be wrong. It would be far more interesting looking at the company culture at Bridgewater and questioning how a system that so many at large (myself included) believe to be "incorrect" and even a bit "crazy," WORKS. How is it that they have accomplished what they have and continue to? With that said, the book is very well paced and if you read it as a fun bit of juicy gossip it's hard to put down. But all-in-all it's a pretty shallow read.
34 people found this helpful
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Jim M
4.0 out of 5 stars Animal Farm meets Wizard of Oz …
Reviewed in the United States on March 3, 2024
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Here’s a pitch…

Let’s cross Orwell’s “Animal Farm” with Baum’s “The Wizard of Oz” and have the Wizard/Napoleon character be a sociopathic narcissist with Asperger’s.

I know a good number of people who’ve worked at Bridgewater, a few who still do, and others who were offered jobs there and said “No, thanks.” Some were better for the experience, some have PTSD, and a few have Stockholm syndrome.

Is it/was it a cult? You be the judge.
2 people found this helpful
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Top reviews from other countries

Darren Cooper
5.0 out of 5 stars Brilliant book, full of suspense throughout
Reviewed in the United Kingdom on January 27, 2024
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This is one the best books I have read in 20 years. I was totally gripped, from one page to the next. I was genuinely shocked at what I was reading, at how someone with such power and wealth was simply an extraordinary narcissist, with little feeling for others. Vanity beyond belief. My view of Dalio has completely changed and I now turn the channel over when his mug comes into view. Anyway, the author clearly has a lot of talent and I can’t wait for his next book! Well done!!
4 people found this helpful
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Robert Jakubowski
5.0 out of 5 stars Micro-Stalin and his show trials
Reviewed in Poland on January 6, 2024
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Everyone who have over years read Dalio’s investor notes or watched interviews with him should be aware of Ray’s shallow intellect and his recent desperate attempts to establish some sort of legacy. That’s not unusual.

But this books shows Dalio as much more then that - a sociopath modeled on Stalin or Mao with their love of publicly humiliating people, forcing them to admit wrongs, making show trials into instrument of control and enjoying cult of his personality.

What is surprising is that people at Bridgewater had been taking part in this tragedy for so long.
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Navaneethan Santhanam
5.0 out of 5 stars Eye-opening
Reviewed in India on December 25, 2023
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I could not put this book down. Page after page revealed new sordid, absurd, or downright comical details about Ray Dalio, his vaunted Principles, and Bridgewater. It's hard to believe that a company managed to survive this level of turmoil for over a decade.

What's fascinating to me is that Ray Dalio figured out two things: how to make money (only occasionally, it appears), and how to convince people into thinking he could make them money. He's clearly a master of the latter, commanding attention, admiration, and respect all over the world despite providing middling results to his clients.

What's equally clear is that being good at the above does not mean he understands HOW to systematise and scale the process, even though he spent a decade and a half attempting to do so. These are clearly separable skills, as this book makes obvious.

While I admire the effort to advance "science-based self improvement" (as one character puts it), it's sad to see the toll it's taken and the immense collateral damage.
2 people found this helpful
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Amazon51
5.0 out of 5 stars Thrilling book for anyone who likes stories from the big financial world 😊
Reviewed in Germany on December 18, 2023
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Excellent story how it came to become the owner of the world‘s biggest hedge fund! 😊🎁
3 people found this helpful
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Lachlan P. McLean
5.0 out of 5 stars eye opening
Reviewed in Australia on April 9, 2024
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Excellent.
Well done Rob.
The book flowed and hard to put down.
Keep up the great insightful work into the ever popular world of investing.
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